Application Development Software - Vietnam

Vietnam

The Application Development Software market in Vietnam is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is anticipated to reach US$155.30m by 2024.
Moreover, it is expected to maintain a steady annual growth rate (CAGR 2024-2029) of 11.33%, resulting in a market volume of US$265.60m by 2029.
In terms of global comparison, United States is set to dominate the revenue generation in this market, with an estimated revenue of US$91,950.00m in 2024.
Vietnam's growing tech talent pool and competitive labor costs make it an attractive destination for companies seeking affordable and skilled application development software services.

Key regions: United Kingdom, United States, Australia, France, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Application Development Software in Vietnam has been increasing rapidly in recent years.

Customer preferences: Vietnamese customers are increasingly interested in software that can help them develop mobile applications. They prefer software that is easy to use and can be customized to meet their specific needs. Additionally, Vietnamese customers are also looking for software that is affordable and can be used on multiple platforms.

Trends in the market: One of the major trends in the Vietnamese Application Development Software market is the increasing demand for cloud-based solutions. This trend is driven by the need for flexibility and scalability, as well as the desire to reduce costs. Another trend is the growing popularity of low-code and no-code platforms, which allow users to develop applications without extensive programming knowledge.

Local special circumstances: Vietnam has a rapidly growing tech industry, with a large number of startups and small businesses entering the market. This has created a need for affordable and user-friendly software solutions that can help these companies grow and compete with larger players. Additionally, the Vietnamese government has been investing heavily in the development of the country's technology sector, which has helped to drive demand for Application Development Software.

Underlying macroeconomic factors: Vietnam has experienced strong economic growth in recent years, which has helped to fuel demand for Application Development Software. The country's young and tech-savvy population has also contributed to the growth of the market, as more people are interested in developing their own applications. Additionally, the Vietnamese government's focus on developing the technology sector has created a favorable environment for companies operating in this space.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was 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, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, 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.