Software - Vietnam

  • Vietnam
  • In 2024, the projected revenue in the Software market in Vietnam is expected to reach US$577.80m.
  • The dominant player in this market segment is Enterprise Software , which is projected to have a market volume of US$246.30m in 2024.
  • Looking ahead, the revenue is expected to grow at an annual growth rate (CAGR 2024-2029) of 9.60%, resulting in a market volume of US$913.80m by 2029.
  • When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Software market, with an estimated amount of US$363.40bn in 2024.
  • Vietnam, with its booming IT industry and tech-savvy workforce, is becoming a hotbed for software development outsourcing.

Key regions: United States, Canada, Germany, China, Japan

 
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Analyst Opinion

Vietnam, a country known for its rich culture and history, has been experiencing rapid growth in its software market in recent years.

Customer preferences:
Vietnamese customers are increasingly adopting technology in their daily lives, leading to a surge in demand for software products. The younger generation, in particular, is driving this trend as they are more tech-savvy and open to trying new software applications. Cloud-based software solutions are gaining popularity due to their convenience and cost-effectiveness. Additionally, Vietnamese businesses are increasingly using software to streamline their operations and improve efficiency.

Trends in the market:
The software market in Vietnam is witnessing strong growth, with a focus on software development, IT services, and digital transformation. The country is becoming a hub for software outsourcing, with many multinational companies setting up their development centers in Vietnam due to the availability of a skilled workforce and cost-effectiveness. The Vietnamese government is also promoting the development of the software industry by investing in infrastructure and providing tax incentives to software companies. The gaming industry is another area of growth, with Vietnamese gamers spending a significant amount of money on online games.

Local special circumstances:
Vietnam has a large pool of young, skilled, and cost-effective software developers, making it an attractive destination for software outsourcing. The country's stable political environment and favorable business climate also make it an ideal destination for foreign investment. However, the industry faces challenges such as a shortage of skilled workers in certain areas and the need for more investment in research and development.

Underlying macroeconomic factors:
Vietnam's strong economic growth, stable political environment, and increasing focus on technology and innovation are driving the growth of the software market. The government's focus on promoting the development of the software industry is also contributing to its growth. Additionally, the country's membership in various trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), is expected to boost the software industry by increasing foreign investment and trade.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. 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 is based on the behavior of the relevant market. 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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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