Dublin, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The "Vietnam Cloud Based Infrastructure as a Service Market, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The Vietnam cloud based infrastructure as a service market is anticipated to grow at a high CAGR to 2028
Vietnam is witnessing a rapid adoption of cloud technology, and the cloud based infrastructure as a service market in Vietnam is one of the world's fastest growing markets.
With IaaS, companies can outsource the physical storage and computing power for their applications, access standardized technology components, and benefit from advanced scalability and automation capabilities. This allows companies to quickly deploy new applications and services without the cost of hardware and software, thereby increasing their operational efficiency and accelerating innovation without capital expenditure.
In addition to reducing latency and increasing performance, IaaS offers business cost savings advances, making it a popular choice for companies looking to adopt cloud technology. Currently, most of Vietnamese companies adopt IaaS, the market is expected to grow exponentially. With cloud, technology provides more efficient and cost-effective solutions.
Increasing Demand for Cost-Effective Solutions
The Vietnam cloud based infrastructure as a service market is driven by the rising demand for cost-effective solutions. This demand is shaped by several factors that are significant to the market landscape in Vietnam. For businesses in Vietnam, cost-effectiveness is a crucial consideration.
Budget constraints and limited resources make it challenging for organizations, particularly startups, small and medium-sized enterprises (SMEs), and even larger enterprises, to invest in traditional on-premises infrastructure. However, the pay-as-you-go model of IaaS allows businesses to pay only for the resources they consume, reducing upfront capital expenditure and enabling organizations to allocate their funds more efficiently.
Moreover, the scalability and flexibility of IaaS contribute to its cost-effectiveness. The ability to scale infrastructure up or down based on current needs reduces wastage and leads to optimal resource utilization and cost savings. With on-demand availability of computer, storage, and networking resources, businesses can respond quickly to fluctuating workloads and seasonal demands without incurring unnecessary costs.
IaaS also eliminates the need for businesses to manage and maintain their own hardware and software infrastructure, which significantly reduces operational costs associated with infrastructure maintenance, system administration, and IT staff requirements. This allows businesses to focus on their resources and expertise on core competencies, innovation, and value-added activities.
Rising Adoption of Cloud Computing
Cloud computing has become increasingly popular in Vietnam, with the country following the trend of rising cloud usage globally. The benefits of cloud computing, such as cost reduction, scalability, flexibility, and improved collaboration, have contributed to the growth of the Vietnam cloud based infrastructure as a service market, and this trend is expected to continue in the coming years.
For starters, increasing efforts to digitize various sectors are one of the major drivers promoting cloud computing utilization in Vietnam. Companies and organizations in Vietnam are utilizing cloud-based solutions to modernize their business practices by streamlining processes, increasing efficiency, and lowering infrastructure costs. Government programs such as Digital Vietnam and Smart Cities support the use of cloud-based infrastructure in industries such as e-governance, healthcare, education, and finance.
The increased demand for data processing and storage capacity is a crucial factor. To store, handle, and analyze the enormous volume of digital data produced by organizations, consumers, and the Internet of Things (IoT), a strong and scalable infrastructure is necessary. Businesses can offload their data management requirements to cloud IaaS providers, who provide the necessary infrastructure, such as servers, storage, and networking resources, allowing them to focus on their core competencies.
Furthermore, cloud computing has gain popularity in Vietnam as the country's smartphone and internet penetration rates have increased. The availability of low-cost smartphones and data plans has resulted in a huge growth in the number of internet users and users of digital services. Cloud computing allows these users to access programs, data, and services from anywhere, at any time, without the need for a major local infrastructure.
In addition, the COVID-19 outbreak has accelerated Vietnam's utilization of cloud services. When businesses transitioned to remote work and online operations, the cloud emerged as a major facilitator, providing the necessary infrastructure and technologies for collaboration, communication, and remote access to resources. This experience has proved cloud computing's adaptability and endurance, which will increase its use in the post-pandemic period.
In conclusion, factors such as digitalization aspirations, data storage requirements, smartphone penetration, and the repercussions of the COVID-19 pandemic are driving the use of cloud computing in Vietnam. These factors have contributed to the growth of the Vietnam cloud based infrastructure as a service market, which is expected to continue during the forecast period. As businesses and organizations in Vietnam learn about the benefits of cloud computing, the need for cloud infrastructure services is expected to increase, which, in turn, will boost the country's creativity and economic growth during the forecast period.
Government Initiatives and Digital Transformation
The Vietnam cloud based infrastructure as a service market is being driven by an increasing demand for cost-effective solutions. There are several factors that contribute to this demand and shape the market landscape in Vietnam.
To begin with, cost-effectiveness is a crucial consideration for businesses in Vietnam, especially for startups, small and medium-sized enterprises (SMBs), and even larger enterprises who are facing budget constraints and limited resources. Traditional on-premises infrastructure requires substantial upfront investments in hardware, software licenses, maintenance, and skilled personnel. In contrast, IaaS offers a pay-as-you-go model, allowing businesses to pay only for the resources they consume.
This eliminates the need for upfront capital expenditure, reducing financial barriers and enabling organizations to allocate their funds more efficiently. The scalability and flexibility of IaaS contribute to its cost-effectiveness. Businesses can easily scale their infrastructure up or down based on their current needs, paying only for the resources they require at any given time.
This eliminates the need to overprovision infrastructure and reduces wastage, leading to optimal resource utilization and cost savings. IaaS providers offer on-demand availability of computer, storage, and networking resources, enabling businesses to respond quickly to fluctuating workloads and seasonal demands without incurring unnecessary costs. Moreover, IaaS eliminates the need for upfront capital expenditure, reducing financial barriers and enabling organizations to allocate their funds more efficiently.
The responsibility for infrastructure management, including hardware provisioning, software updates, security patches, and backups, is shifted to the IaaS provider. This significantly reduces operational costs associated with infrastructure maintenance, system administration, and IT staff requirements. Businesses can focus their resources and expertise on core competencies, innovation, and value-added activities rather than infrastructure management.
Moreover, IaaS empowers businesses to utilize advanced technologies and services without incurring additional expenses. IaaS vendors typically offer a diverse range of value-added services, such as database management systems, artificial intelligence/machine learning tools, analytics platforms, and security services.
By accessing these services through the IaaS platform, businesses can leverage cutting-edge technologies without investing in specialized hardware or software licenses, thereby making it a highly cost-effective option. In summary, the escalating demand for cost-effective solutions is a significant driving factor for the Vietnam cloud based infrastructure as a service market.
The pay-as-you-go model, scalability, flexibility, reduced infrastructure management overheads, and access to advanced services contribute to the cost-effectiveness of IaaS. As companies in Vietnam strive to optimize their IT infrastructure expenses and achieve better cost-efficiency, the adoption of IaaS is expected to continue its upward trend in the coming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.78 Billion |
| Forecasted Market Value (USD) by 2028 | $2.02 Billion |
| Compound Annual Growth Rate | 17.2% |
| Regions Covered | Vietnam |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Vietnam cloud based infrastructure as a service market
- Amazon Data Services Vietnam Pvt Ltd
- Apollo Global Management Vietnam Pvt Ltd
- MICROSOFT VIETNAM CORPORATION PVT LTD
- Dell Vietnam Pvt Ltd
- IBM Vietnam Pvt Ltd
- Netmagic Solutions Pvt Ltd
- Hewlett Packard Enterprise Pvt Ltd
- NTT Communications Pvt Ltd
- Cisco Systems Vietnam Pvt Ltd
- VMWare Software Pvt Ltd
Report Scope:
Vietnam Cloud Based Infrastructure as a Service Market, By Type
- Public
- Private
Vietnam Cloud Based Infrastructure as a Service Market, By Solution
- Network as a Service
- Disaster Recovery as a Service
- Managed Hosting Services
Vietnam Cloud Based Infrastructure as a Service Market, By Organization Type
- Small & Medium Business
- Large Enterprises
Vietnam Cloud Based Infrastructure as a Service Market, By End-User Industry
- IT & Telecom
- BFSI
- Healthcare
- Government
- Education
- Defense
- Others
Vietnam Cloud Based Infrastructure as a Service Market, By Region:
- Central Vietnam
- North Vietnam
- South Vietnam
For more information about this report visit https://www.researchandmarkets.com/r/5yo39g
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