Market Insights Technology Software Enterprise Software

Enterprise Resource Planning Software - Vietnam

Vietnam

The Enterprise Resource Planning Software market in Vietnam is expected to experience significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$45.26m in 2024.
Furthermore, it is anticipated that the market will maintain a steady annual growth rate (CAGR 2024-2029) of 8.83%.
As a result, the market volume is projected to reach US$69.11m by 2029.
Additionally, the average Spend per Employee in the Enterprise Resource Planning Software market is forecasted to reach US$0.79 in 2024.
This metric highlights the level of investment made by businesses in relation to their workforce.
In terms of global comparison, United States is expected to generate the highest revenue in the Enterprise Resource Planning Software market.
It is projected to reach US$26,700.00m in 2024.
This figure underscores the dominant position of the United States in this market segment.
Overall, these numbers demonstrate the promising prospects of the Enterprise Resource Planning Software market in Vietnam, with strong revenue growth and a significant presence in the global market.
Vietnamese companies are increasingly adopting cloud-based ERP software to improve efficiency and streamline their business operations.

Key regions: United Kingdom, China, Australia, Canada, United States

Market

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Region comparison

Currency

Analyst Opinion

Vietnam, a country known for its coffee and pho, has been experiencing a steady growth in its Enterprise Resource Planning (ERP) software market in recent years.

Customer preferences: Vietnamese businesses are gradually realizing the importance of ERP software in streamlining their operations and increasing efficiency. Small and medium-sized enterprises (SMEs) are the main customers of ERP software in Vietnam, as they seek to optimize their business processes and reduce costs. However, larger enterprises are also starting to adopt ERP software to improve their supply chain management and financial reporting.

Trends in the market: One of the major trends in the ERP software market in Vietnam is the shift towards cloud-based solutions. Cloud-based ERP software offers several advantages over traditional on-premises solutions, including lower upfront costs, easier scalability, and better accessibility. This trend is expected to continue in the coming years as more Vietnamese businesses adopt cloud-based solutions.Another trend in the market is the increasing demand for mobile ERP solutions. With the widespread use of smartphones and tablets, businesses are looking for ERP software that can be accessed from anywhere, at any time. Mobile ERP solutions allow employees to access critical business information on the go, enabling them to make informed decisions and respond quickly to changing market conditions.

Local special circumstances: Vietnam's rapidly growing economy and rising labor costs are driving businesses to adopt ERP software to increase efficiency and reduce costs. With the government's push towards digitalization, businesses are also looking to adopt new technologies to stay competitive in the market. However, the lack of skilled IT professionals in Vietnam is a major challenge for businesses looking to implement ERP software. This has led to an increase in demand for ERP vendors that offer comprehensive training and support services.

Underlying macroeconomic factors: Vietnam's economy has been growing steadily over the past decade, with a focus on exports and foreign investment. This has led to an increase in the number of businesses operating in the country, particularly in the manufacturing and services sectors. As businesses expand, they are looking for ways to optimize their operations and increase efficiency, which has led to an increase in demand for ERP software.In conclusion, the ERP software market in Vietnam is growing steadily, driven by the need for businesses to optimize their operations and reduce costs. Cloud-based and mobile solutions are gaining popularity, and businesses are looking for ERP vendors that offer comprehensive training and support services. As Vietnam's economy continues to grow, the demand for ERP software is expected to increase, making it an attractive market for ERP vendors.

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.