Business Intelligence Software - Vietnam

In 2024, the projected revenue in the Business Intelligence Software market in Vietnam is expected to reach US$24.05m.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 10.08%, resulting in a market volume of US$38.87m by 2029.
Furthermore, the average Spend per Employee in the Business Intelligence Software market is projected to reach US$0.42 in 2024.
It is worth noting that when compared globally, United States is expected to generate the highest revenue in this market segment, with an estimated amount of US$13.96bn in 2024.
Vietnam is experiencing a surge in demand for Business Intelligence Software, driven by the country's growing economy and increasing focus on data-driven decision making.

Definition:

The Business Intelligence Software market covers software applications that support organizations in analyzing, visualizing, and reporting data. They are also used to present information in a business context and thus support rational business decisions. These applications help to access data, implement queries, create reports, and perform advanced predictive analytics.

Products in the Business Intelligence Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Business Intelligence Software market comprises revenue and revenue growth as the key performance indicators. Only the 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 the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include SAS Institute, SAP, and IBM.

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Reporting & analysis software, such as Zoho Analytics, IBM Cognos Analytics, and Domo
Advanced & predictive analytics, such as Tableau, Amazon Forecast, and Adobe Analytics

AI software platforms, such as OpenAI, Alphabet, and DeepMind
Supply chain and product analytics, such as Azure Machine Learning, Tableau, and Qlik Supply Chain Analytics
Analytic data management and integration, such as SAS, IBM, TIBCO, and DataStax
Analytics and performance management applications, such as Paycor, BambooHR, and Lattice

Business Intelligence Software is a rapidly growing market in Vietnam, with companies increasingly realizing the value of data-driven decision making.

Customer preferences: Vietnamese companies are looking for Business Intelligence Software that can provide them with insights into their operations and customers, allowing them to make informed decisions. They are particularly interested in software that can integrate with their existing systems and provide real-time data visualization.

Trends in the market: One of the major trends in the Vietnamese Business Intelligence Software market is the increasing adoption of cloud-based solutions. This is driven by the need for scalable and flexible solutions that can be accessed from anywhere. Another trend is the growing popularity of self-service analytics, which allows users to create their own reports and dashboards without relying on IT support. Finally, there is a trend towards the use of artificial intelligence and machine learning to provide more advanced insights and predictions.

Local special circumstances: Vietnam is a rapidly developing country with a growing economy and a young, tech-savvy population. This has created a fertile ground for the growth of the Business Intelligence Software market, as companies look to gain a competitive edge in a rapidly changing business environment. However, there are also challenges, such as a lack of skilled data professionals and a fragmented market with many small and medium-sized enterprises.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, driven by a combination of factors including foreign investment, a growing middle class, and a young and educated workforce. This has created a favorable environment for the growth of the Business Intelligence Software market, as companies look to gain insights into their operations and customers in order to stay competitive. Additionally, the Vietnamese government has been actively promoting the development of the technology sector, which has further fueled the growth of the market.

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.

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

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