Vietnam Software as a Service Market Expected to Grow at 25.48% CAGR through 2028
Bypassing of Internal IT Departments and Increasing
Usage of Artificial Intelligence and Machine Learning is driving the Vietnam Software as a Service Market.
According to
TechSci Research report, “Vietnam Software as a Service Market - By Region, Competition, Forecast & Opportunities, 2028”. The market value of Vietnam
Software as a Service market is likely to continue to grow at a 25.48% CAGR in
the upcoming years with the main supporting factors, for instance, the Adoption
of Subscription-Based Services, Data Backup and Recovery among others. The
market is robust, and as analyzed by trends, it may become necessary for the
corporate industry in the coming days. South Vietnam region amongst the regions
and IT & Telecom out of end users are expected to show the highest growth
through 2028.
In recent years,
several industries have implemented artificial intelligence (AI) and machine
learning to an increasing extent. SaaS has embraced AI and machine learning,
using them in a variety of applications and development techniques. The SaaS
industry is about to undergo a significant change as a result of artificial
intelligence, which will also enhance many of the fundamental aspects of the
SaaS model. Organizations may be able to make better use of their data,
automate and tailor services, boost security, and expand human capacity when
SaaS and AI capabilities are integrated. SaaS powered by artificial
intelligence quickens internal operations and procedures, enabling firms to
answer inquiries quickly, predict with precision, and become more responsive
overall. AI's machine learning (ML) branch, which automates response in client
service reports and apps like AI-powered chat operational procedures with live
chatbots, is employed in SaaS. Additionally, the SaaS onboarding procedure is
automated. Innovations will enable businesses to automate substantial chunks of
internal processes other than customer service or experience alone because ML
is built on an autonomous operating paradigm. The rapid detection and
mitigation of possible risks with integrated self-recovery that automation
offered by artificial intelligence and machine learning enables upgrades SaaS
security.
Based on Application
types, there are various sub-segments for instance, Marketing, Customer
Relationship Management, Business Operations, Finance, Database Management,
Enterprise Resource Planning, and Others. The Customer Relationship Management application
type is dominating in 2022 with a 33.07% share of the SaaS market of Vietnam and
is expected to grow at a CAGR of 25.07% in the upcoming years. Companies must
embrace digital transformation, and timely adoption of technologies like SaaS, Cloud
Computing, Artificial Intelligence (AI), Internet of Things (IoT), etc., is
predicted to have a positive impact on both corporations and countries.
Following Covid-19,
foreign investors and enterprises are shifting their focus toward cloud
services and innovative technologies, and it is anticipated that they will grow
increasingly dependent on technology in the upcoming years. These
resources and the SaaS market in Vietnam are expected to grow and expand in the
near future. Customer relationship management software improves supply chain
and front-office integration. The company's relationships with its clients,
prospects, workers, and suppliers are managed through CRM software.
Based on Deployment
types, there are a total of two sub-segments for instance, Cloud, and On-Premises.
Cloud deployment is dominating in 2022 with a 27.16% share of and is expected
to grow at a CAGR of 27.16% in the upcoming years. Most
corporate/private firms supported work from home during COVID-19 to maintain
job continuity, which led to a surge in cloud-based deployment. In Vietnam,
remote working is predicted to become more popular in the future, which is
anticipated to fuel market growth for the duration of the projection period.
In addition, Ho Chi Minh
City is on track to become the first smart city in Vietnam by concentrating on
cloud computing infrastructure, big data, and cloud services, as well as by
creating an open data ecosystem and SaaS deployment in the cloud. Many sectors
that formerly used on-premises setups are now switching to hybrid IT infrastructure,
which has become a major contributor to the skyrocketing demand for cloud and
IT services in Vietnam. Additionally, the cloud aids IT in addressing new
business demands and bringing flexibility and scalability to its
infrastructure. Additionally, the cloud may be made accessible quickly to
clients in order to satisfy their business needs.
Browse over 33 market data Figures
spread through 95 Pages and an in-depth TOC on the " Vietnam Software as a Service Market".
Key market
players in the Vietnam Software as a Service Market include:
- IBM Vietnam Company Ltd
- Oracle Vietnam Pte Ltd
- SAP Vietnam Co. Ltd
- Cisco Systems Vietnam
- Amazon Web Services Vietnam
- Microsoft Vietnam Company Limited
- FPT Software
- Adobe Inc
- Salesforce Inc
- STS Software Technology JSC (Saigon Technology)
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“The
convenience and cost-saving advantages that this software service offers to a
variety of applications, from financials, human resources, procurement, and
supply-chain processes to commerce, marketing, sales, and service solutions,
are driving a rapid increase in demand for software as a service in Vietnam.
With no worries about data security and the need for new technology, these
services are housed within the firewall capabilities of major businesses.
Because SaaS systems are subscription-based, there is no licence fee, which
results in lower up-front costs, which is driving the Vietnam SaaS industry.”
Therefore, these factors are fuelling the market growth of the “Vietnam Software as a
Service market in the upcoming years said Mr Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Vietnam
Software as a Service Market,
By Business Application (Marketing, Customer Relationship Management, Business
Operations, Finance, Database Management, Enterprise Resource Planning,
Others), By Offering (Horizontal SaaS, Vertical SaaS), By Organization Size
(Large Enterprises, SMEs), By Deployment (Cloud, On-Premises), By End User
(Manufacturing, Healthcare, IT & Telecom, Retail, Education, BFSI, Others),
By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of Vietnam Software as a Service
Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Vietnam
Software as a Service Market.
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