Market Insights Technology IT Services IT Outsourcing

Web Hosting - Vietnam

Vietnam

Vietnam is expected to experience a significant growth in revenue within the Web Hosting market.
With projections indicating that the country's revenue will reach US$210.90m in 2024, this showcases a promising trend for the industry.
Anticipated growth in the Web Hosting market is further highlighted by an expected annual growth rate (CAGR 2024-2029) of 20.97%, leading to a market volume of US$546.30m by 2029.
When considering the average Spend per Employee in the Web Hosting market, in Vietnam is projected to reach US$3.69 in 2024.
This indicates the value that each employee contributes to the sector's overall revenue and highlights the potential for further growth and development within the country.
In the global context, it is worth noting that United States is expected to generate the highest revenue within the Web Hosting market.
Projections indicate that in 2024, United States will generate a staggering US$58,300.00m in revenue, solidifying its position as a dominant player in the industry.
Vietnam's web hosting market is experiencing rapid growth due to increasing demand for online presence among local businesses.

Key regions: Spain, Brazil, Japan, India, China

Market

Region

Region comparison

Currency

Analyst Opinion

Vietnam, a country in Southeast Asia, has been experiencing a steady growth in the Web Hosting market in recent years.

Customer preferences: Vietnamese customers prefer local web hosting companies that offer affordable prices and reliable services. They also value customer support and technical assistance in their native language. Many customers are small and medium-sized enterprises that require basic hosting services for their websites.

Trends in the market: The Web Hosting market in Vietnam is growing due to the increasing number of internet users and the growth of e-commerce. As more businesses move online, the demand for web hosting services has increased. Additionally, the government's efforts to promote digitalization and e-government services have contributed to the growth of the market. Cloud hosting and managed hosting services are becoming more popular among businesses due to their scalability and cost-effectiveness.

Local special circumstances: Vietnam has a relatively young population, with a median age of 30. This demographic is tech-savvy and relies heavily on the internet for communication, entertainment, and commerce. The government has also been investing in infrastructure to improve internet connectivity and expand access to the internet in rural areas.

Underlying macroeconomic factors: Vietnam has been experiencing rapid economic growth in recent years, with a GDP growth rate of 7% in 2019. This growth has led to an increase in disposable income and consumer spending, which has contributed to the growth of the Web Hosting market. The country's strategic location and favorable business environment have also made it an attractive destination for foreign investment in the technology sector.

Methodology

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.