Enterprise Software - Vietnam

Vietnam

The projected revenue in the Enterprise Software market in Vietnam is expected to reach US$246.30m in 2024.
Customer Relationship Management Software dominates this market segment with a projected market volume of US$74.73m in 2024.
It is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 11.02%, resulting in a market volume of US$415.40m by 2029.
Furthermore, the average spend per employee in the Enterprise Software market is projected to reach US$4.30 in 2024.
In terms of global comparison, United States is expected to generate the highest revenue, amounting to US$150.50bn in 2024.
Vietnam is experiencing a surge in demand for enterprise software solutions, driven by the country's rapid digital transformation and growing business sector.

Key regions: France, United Kingdom, Australia, Canada, South Korea

Definition:

The Enterprise Software market covers software applications designed to support essential business activities by large organizations such as enterprise resource planning, customer relationship management, business intelligence, and supply chain management.

Products in the Enterprise 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.

Structure:

The Enterprise Software market contains eight markets that are based on the functionality of the software:

Business Intelligence Software refers to software applications that support organizations to analyze, visualize, and report data.
Content Management Software refers to a wide range of software applications that support organizations to manage their digital content such as documents, images, and videos.
Customer Relationship Management Software refers to software applications that support organizations to manage their interactions with customers, clients, and prospects.
eCommerce Software refers to a wide range of software applications that support organizations to manage their online sales channels.
Enterprise Performance Management Software refers to software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy.
Enterprise Resource Planning Software refers to software applications that support organizations to manage, integrate and optimize important business activities related to resources such as people, finance, capital, materials, and orders.
Supply Chain Management Software refers to software applications that support organizations to manage their supply chain activities such as inventory optimization, supplier and vendor management, and logistic operations.
AI Development Tool Software refers to a specialized category of software designed to facilitate the creation, testing, deployment, and management of artificial intelligence (AI) models and applications.
Other Enterprise Software refers to aggregated revenues for the types of enterprise software that are not specifically mentioned in the other Enterprise Software markets, such as Project Management Software, Product Life Cycle Management Software, and Production and Operation Software.

Additional Information:

The Enterprise Software market comprises revenue and revenue growth as the 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 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 in this market include SAP, Salesforce, Adobe, and Oracle.

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Market

Region

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Currency

Analyst Opinion

Vietnam, a country known for its beautiful landscapes, rich culture, and delicious cuisine, has been experiencing a significant growth in its Enterprise Software market in recent years.

Customer preferences: Vietnamese businesses are increasingly adopting Enterprise Software solutions to enhance their operations and improve their efficiency. With the rise of e-commerce and digitalization, businesses are looking for software solutions that can help them manage their operations, streamline their processes, and increase productivity. Moreover, as the Vietnamese economy grows, businesses are becoming more competitive, which has led to an increased demand for software solutions that can help them stay ahead of their competitors.

Trends in the market: One of the major trends in the Enterprise Software market in Vietnam is the adoption of cloud-based software solutions. Cloud-based solutions offer businesses a cost-effective and flexible way to manage their operations. They also provide businesses with the ability to access their data from anywhere, at any time, which is particularly important for businesses that have multiple locations or remote workers. Another trend in the market is the adoption of mobile-friendly software solutions. With the rise of smartphones and mobile devices, businesses are looking for software solutions that can be accessed and used on-the-go.

Local special circumstances: Vietnam has a large and growing tech industry, which has helped to fuel the growth of the Enterprise Software market. The country is home to a number of tech startups that are developing innovative software solutions to meet the needs of Vietnamese businesses. Additionally, the Vietnamese government has been actively promoting the adoption of digital technologies, which has helped to create a favorable environment for the growth of the Enterprise Software market.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, which has created a favorable environment for the growth of the Enterprise Software market. The country's GDP has been growing at an average rate of around 6% per year, and is expected to continue to grow at a similar rate in the coming years. This growth has led to an increase in disposable income, which has in turn led to an increase in consumer spending on technology products and services.In conclusion, the Enterprise Software market in Vietnam is experiencing significant growth due to a number of factors, including the adoption of cloud-based and mobile-friendly software solutions, the growth of the country's tech industry, the government's promotion of digital technologies, and the country's rapid economic growth. As businesses in Vietnam continue to seek ways to improve their operations and stay competitive, the demand for Enterprise Software solutions is expected to continue to grow.

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.