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Key regions: Netherlands, United States, Japan, Germany, Italy
Vietnam has been a rising star in the IT outsourcing market in the past decade. The country has emerged as a key player in the global IT outsourcing industry, with a strong focus on software development, digital content, and business process outsourcing.
Customer preferences: Vietnam's IT outsourcing market has been driven by several factors, including its young and highly skilled workforce, lower labor costs compared to other countries, and favorable government policies. Additionally, Vietnam's location in Southeast Asia makes it an attractive outsourcing destination for companies in the region and beyond.
Trends in the market: One of the key trends in Vietnam's IT outsourcing market is the shift towards higher value-added services, such as software development and digital content creation. This is driven by the increasing demand for innovative and customized solutions from clients, as well as the growing capabilities of Vietnam's IT workforce. Additionally, there is a trend towards more collaboration between outsourcing providers and clients, with a focus on building long-term partnerships and co-creating solutions. Another trend in Vietnam's IT outsourcing market is the increasing adoption of emerging technologies such as artificial intelligence, blockchain, and the Internet of Things. This is driven by the growing demand for digital transformation across industries, as well as the availability of a skilled workforce and supportive government policies.
Local special circumstances: Vietnam's IT outsourcing market is also shaped by several local factors, including the country's strong educational system and its cultural affinity with Western countries. Vietnam has a large pool of highly educated and tech-savvy young professionals, many of whom have studied or worked abroad and are familiar with Western business practices and culture. This makes it easier for outsourcing providers to work with clients from Western countries and other regions.
Underlying macroeconomic factors: Vietnam's IT outsourcing market is also influenced by broader macroeconomic factors, such as the country's economic growth and political stability. Vietnam has been one of the fastest-growing economies in the world in recent years, with a stable political environment and a government that is supportive of the IT industry. Additionally, Vietnam's membership in the ASEAN Economic Community and other regional trade agreements has helped to open up new markets for its IT outsourcing industry.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)