Platform as a Service - Vietnam

Vietnam

In Vietnam, revenue in the 0 market is projected to reach US$243.90m in 2024.
The Platform as a Service market dominates the market in Vietnam with a projected market volume of 0 in 2024.
Furthermore, revenue in this sector is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 22.59%, leading to a market volume of US$675.40m by 2029.
In a global context, the majority of revenue will be generated the United States, amounting to US$91,020.00m in 2024.
Vietnam's burgeoning tech ecosystem is driving significant interest in Platform as a Service solutions, as businesses increasingly seek scalable and efficient cloud-based infrastructure.

Key regions: United States, Italy, Australia, Netherlands, Japan

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Analyst Opinion

The Platform as a Service market in Vietnam is rapidly expanding within the Public Cloud market, driven by factors such as the country's elevated growth rate and increased adoption of digital technologies. The convenience of online health services and rising health awareness among consumers are also contributing to this growth.

Customer preferences: As Vietnam's economy continues to grow and modernize, there has been a significant increase in demand for cloud-based solutions, especially in the Platform as a Service Market within the Public Cloud Market. This can be attributed to the country's young and tech-savvy population, who are increasingly relying on digital platforms for business and personal use. Additionally, the rise of e-commerce and online businesses has also driven the demand for cloud-based services, as companies look for flexible and scalable solutions to support their operations.

Trends in the market: In Vietnam, the Platform as a Service Market within the Public Cloud Market is experiencing a surge in demand, driven by the increasing adoption of cloud technology by businesses. This trend is expected to continue as more companies shift towards cloud-based solutions, leading to a rise in the number of PaaS providers in the country. This presents significant opportunities for industry stakeholders, such as cloud service providers and software developers, who can capitalize on this trend. However, it also poses challenges, such as fierce competition and the need for continuous innovation to stay relevant in the rapidly evolving PaaS market. As Vietnam's digital economy continues to grow, the PaaS market is expected to play a crucial role in driving this growth, making it a key area of focus for businesses and investors alike.

Local special circumstances: In Vietnam, the growth of the Platform as a Service Market within the Public Cloud Market is driven by the government's push for digital transformation and the increasing adoption of cloud computing by local businesses. The country's young and tech-savvy population, coupled with improving internet infrastructure, also contributes to the market's growth. Additionally, the government's favorable policies and incentives for foreign investments in the ICT sector have attracted major players in the market. However, the lack of data privacy regulations and concerns over cybersecurity remain key challenges for the market's development.

Underlying macroeconomic factors: The Platform as a Service Market within the Public Cloud Market in Vietnam is heavily influenced by macroeconomic factors such as government initiatives to promote digitalization and the country's growing tech-savvy population. Vietnam's strong economic growth and favorable regulatory environment have attracted foreign investment, leading to the development of a robust cloud computing market. Additionally, the increasing demand for cloud-based solutions in various industries, such as e-commerce and finance, is driving the growth of the Platform as a Service Market in Vietnam. Furthermore, the country's young and rapidly expanding population is creating a favorable market for digital services, including cloud-based platforms.

Methodology

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

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 is considered at a country-specific level.