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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vietnam ICT Market Growth
The robust economic growth of Vietnam, the emergence of new information technology startups, and the integration of AI and automated machine learning are some of the prominent Vietnam ICT market dynamics and trends. Automated machine learning has emerged as a crucial driver under which repetitive tasks such as data cleansing can be automated to reduce the burden on the technical team in any organisation.
There is a significant expansion of IoT devices in several end-use sectors such as telecom due to the rising demand for 5G networks. The rise of 5G standalone (5G SA) networks has led to wider coverage and low latency, which enhances the user experience. Furthermore, due to the favourable business environment and the geopolitical location of the country, there has been a surge in domestic and foreign investments in the ICT sector, which can boost the growth of the ICT sector. Additionally, the government is providing favourable conditions for the development of the ICT industry especially by funding new startups in the market. Upcoming technology parks and incubators are also expected to significantly fuel the demand of Vietnam ICT market.
Vietnam ICT Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 10.07 billion.
The Vietnam ICT market is estimated to grow at a CAGR of 12.60% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 29.31 billion by 2032.
The market is being driven due to robust economic growth of Vietnam, the emergence of new information technology startups, and the integration of AI and machine learning.
The key trends aiding the market include the expansion of IoT devices in several end-use sectors, a surge in domestic and foreign investments in the ICT sector, and a rising focus on cybersecurity.
Regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
Based on type, market segmentations include hardware, software, IT and infrastructure services, and telecommunication services.
Various industry verticals are BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others.
The major players in the market are IBM Corp., Microsoft Corp., Cisco Systems Inc., Google LLC, AT&T Inc., Qualcomm Technologies, Inc., Oracle Corp., Fujitsu Ltd., HP Inc., and Fortinet Inc., among others.
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