Software as a Service - Vietnam | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$188.20m in 2024.
0.0 dominates the market with a projected market volume of 0.0 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 24.82%, resulting in a market volume of US$570.10m by 2029.
In global comparison, most revenue will be generated United States (US$187.20bn in 2024).

Definition:

Software as a Service (SaaS) refers to the type of public cloud service that delivers software applications over the internet on a subscription basis. Users can access and use the software through web browsers without having to install or maintain it locally. SaaS eliminates the need for purchasing, installing, and updating software, thus offering convenience and automatic updates while allowing users to focus on using the software to meet their requirements. The SaaS market includes the companies that provide these types of cloud-based software resources and services to individuals, businesses, and organizations. A typical example of this type of service is Microsoft Office 365, an SaaS suite of applications (e.g., Word, Excel, and PowerPoint) available for purchase by subscription and accessible via a web browser.

Additional Information:

The Software as a Service (SaaS) market comprises revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players of the SaaS market include companies such as Microsoft (Office 365), Salesforce (Customer 360), Oracle (Cloud applications), and IBM (Cloud).

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Enterprise software, such as SAP ERP, Oracle ERP Cloud, Salesforce CRM, and Microsoft Dynamics365
Productivity software, such as Microsoft 365, Google Workspace, and Adobe Creative Cloud

System infrastructure software, such as Microsoft Windows Operating System and Linux Operating System
On-premises software, such as on-premises versions of Microsoft Office, SAP ERP, and Oracle Database
Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite

The Software as a Service market in Vietnam, within the Public Cloud market, is seeing moderate growth due to factors such as increasing adoption of cloud technologies, rising demand for online services, and the convenience of SaaS solutions. This growth rate is impacted by the country's developing digital infrastructure and growing tech-savvy population.

Customer preferences: As the public cloud market in Vietnam continues to grow, there is a noticeable trend towards the adoption of Software as a Service (SaaS) solutions. This can be attributed to the increasing demand for cost-effective and efficient business tools, as well as the rise of remote work arrangements. Additionally, the younger generation, which makes up a significant portion of the workforce, is more inclined towards digital solutions, further driving the demand for SaaS in the public cloud market.

Trends in the market: In Vietnam, the Software as a Service market within the Public Cloud Market is experiencing a surge in adoption, with businesses increasingly turning to cloud-based solutions for cost efficiency and scalability. This trend is expected to continue, driven by advancements in technology and the increasing demand for remote work solutions. As a result, industry stakeholders can expect to see a rise in investments and partnerships, as well as the emergence of new players in the market. Additionally, this trend has the potential to spur economic growth and drive digital transformation in various industries in Vietnam.

Local special circumstances: In Vietnam, the Software as a Service Market within the Public Cloud Market is influenced by the country's rapidly developing technology sector and growing digital economy. This is further supported by the government's efforts to promote the use of cloud-based services. Additionally, the young and tech-savvy population in the country is driving demand for SaaS solutions, especially in areas such as e-commerce and digital payments. Furthermore, the country's favorable business environment and low labor costs make it an attractive market for international SaaS providers looking to expand their presence in Southeast Asia.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Vietnam is heavily influenced by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Vietnam's economy has been steadily growing, with a strong focus on technology and innovation. This has led to an increase in demand for cloud-based solutions, including SaaS, as businesses look for cost-effective and efficient ways to manage their operations. Additionally, the Vietnamese government has implemented policies to support the adoption of cloud computing, making it an attractive market for SaaS providers. However, factors such as limited IT infrastructure and a relatively low level of digital literacy among businesses may impede market growth.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.