Storage - Vietnam

Vietnam

Revenue in the Storage market is projected to reach US$196.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.03%, resulting in a market volume of US$288.60m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$3.33 in 2024.
In global comparison, most revenue will be generated in the United States (US$20,060m in 2024).

Key regions: Brazil, Indonesia, Europe, United States, Italy

Market

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Analyst Opinion

The Storage market in Vietnam is experiencing significant growth due to increasing customer preferences for cloud-based storage solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Vietnam are increasingly preferring cloud-based storage solutions over traditional physical storage options. This shift is driven by several factors, including the ease of access and convenience offered by cloud storage, as well as the cost savings associated with not having to invest in physical infrastructure. Additionally, the ability to easily scale up or down storage capacity based on business needs is another key driver of customer preference for cloud-based storage solutions.

Trends in the market: One of the key trends in the storage market in Vietnam is the adoption of hybrid cloud storage solutions. This involves a combination of on-premises storage and cloud storage, allowing businesses to leverage the benefits of both options. Hybrid cloud storage provides greater flexibility and security, as well as the ability to optimize storage costs by storing less sensitive data on the cloud and keeping critical data on-premises. Another trend in the market is the increasing demand for data protection and backup solutions. As businesses in Vietnam become more reliant on digital data, the need to protect and backup this data becomes crucial. This has led to the growth of storage solutions that offer data encryption, data replication, and disaster recovery capabilities.

Local special circumstances: Vietnam is experiencing rapid digital transformation, with increasing internet penetration and smartphone adoption rates. This has resulted in a growing volume of digital data being generated by businesses and individuals. As a result, there is a need for robust storage solutions to handle this increasing data load. Furthermore, the government of Vietnam has been actively promoting the development of the digital economy, including initiatives to improve internet infrastructure and encourage the adoption of cloud computing. These efforts have created a favorable environment for the growth of the storage market in the country.

Underlying macroeconomic factors: Vietnam has been experiencing strong economic growth in recent years, with a growing middle class and increasing disposable incomes. This has led to an expansion of the business sector, including the need for storage solutions to manage and store data. Additionally, Vietnam has been attracting foreign direct investment, particularly in the technology sector. This has resulted in the establishment of data centers and the development of cloud-based storage infrastructure, further driving the growth of the storage market. In conclusion, the storage market in Vietnam is witnessing significant growth due to customer preferences for cloud-based storage solutions, emerging trends such as hybrid cloud storage and data protection solutions, local special circumstances including rapid digital transformation and government support for the digital economy, and underlying macroeconomic factors such as strong economic growth and foreign direct investment.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

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 and the Russia-Ukraine war is considered at a country-specific level.