Information and Communication Technology (ICT) includes a broad spectrum of technologies and applications that facilitate information gathering, storing, processing, and sharing. IT services, digital platforms, physical infrastructure, software development, and telecommunications networks are all included. ICT is essential for linking people, companies, and organizations. It also makes communication easier, boosts productivity, and stimulates economic growth. The capacity of ICT to connect people, things, and systems across geographic borders is among its most revolutionary features. Email, social networking, video conferencing, cloud computing, and other technologies and services have all been made possible by this connectedness, completely changing the ways in which people interact, communicate, and access information.
According to SPER Market Research, ‘Vietnam ICT Market Size- By Type, By Hardware, By Industry Vertical, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Vietnam ICT Market is estimated to reach USD 18.47 billion by 2033 with a CAGR of 8.52%.
The ICT market is driven by the rising need for broadband infrastructure, mobile services, and internet access. Businesses and consumers alike need dependable, fast connections in order to communicate, access information, and use the internet. The Internet of Things (IoT), big data analytics, cloud computing, and artificial intelligence (AI) are all becoming more and more popular in Vietnam. Companies are adopting these technologies in order to improve client experiences, increase operational efficiency, and obtain a competitive advantage. The industry is expanding as a result of the increased use of digital payment methods and mobile banking brought about by Vietnam's quick digitization. Furthermore, the country's population is adopting smartphones and other smart gadgets at a rising rate, which is driving market expansion.
Although Vietnam has made progress, there are still issues with its infrastructure, such as poor internet coverage in rural regions and the need for additional funding for digital infrastructure, which is difficult to implement widely due to the high initial investment necessary. To guarantee that ICT services are widely accessible, it is imperative that these issues be resolved. The lack of qualified ICT workers is impeding the market's expansion. To satisfy the changing needs of the sector, it is necessary to close the digital skills gap through education and training initiatives.
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Impact of COVID-19 on Vietnam ICT Market
Due to the COVID-19 epidemic, more people chose to work from home and spent more time online viewing films and playing games, which raised demand for data competition and expanded Internet penetration. In order to solve this, Jones Lang LaSalle (JLL) has been inundated with requests to lease buildings or rent land in order to create Tier-3 or Tier-4 data centers in Vietnam, hence generating fresh prospects for expansion within the ICT sector.
Vietnam ICT Market Key Players:
Ho Chi Minh city holds the highest market share as it is also considered the most advanced city in Vietnam Due to its infrastructure. Followed by Hanoi at the second position. Major players in the market are CMC Corporation, Cisco Systems (Vietnam) Co., Ltd., Dell Technologies Vietnam, FPT Corporation, HP Vietnam (HP Inc.), IBM Vietnam, LG Electronics Vietnam Company Limited, Microsoft Vietnam, Samsung Electronics Vietnam Co., Ltd., and Viettel Group, Others.
Vietnam ICT Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Vietnam ICT Market is segmented as; Hardware, Software, IT Services, Telecommunication Services)
By Hardware: Based on the Hardware, Vietnam ICT Market is segmented as; Network Switches, Routers, WLAN
By Industry Vertical: Based on the Industry Vertical, Vietnam ICT Market is segmented as; BFSI, IT and Telecom, E-Commerce, Energy and Utilities, Other Industry Vertical
By End-Users: Based on the End-Users, Vietnam ICT Market is segmented as; Enterprise, Government, Consumers
By Region: This research also includes data for Dong Nai, Hai Phong, Nghe An, Vinh Phuc, Thai Nguyen, Binh Duong, Da Nang, Rest of Vietnam.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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