In 2023, the growth of the cloud market slowed down, largely due to the economic downturn leading to pressure to cut and optimize costs.
According to the Vietnam Data Center and Cloud Computing Market Overview Report for 2023, recently published by the Vietnam Cloud Computing and Data Center Club (VNCDC), the demand for cloud services in Vietnam experienced significant growth in 2022, with the market size increasing to VND 9,700 billion, double that of 2021.
However, in 2023, the growth of the Cloud market slowed down, largely due to the economic downturn leading to pressure to cut and optimize costs. Despite the slowdown, the Vietnamese Cloud market is still estimated to have grown by 24.2% in 2023.
In the cloud market, large domestic businesses such as Viettel, VNPT, CMC , and FPT are constantly expanding their investments and seeking new customers, but international cloud service providers still maintain a dominant position, with the market share of cloud services between foreign and domestic companies at 80% and 20% respectively.
Representatives from the Vietnam Internet Association also commented that recently, domestic businesses have been significantly strengthening their research and development efforts to create good cloud products and services; in the context of accelerated digital transformation in the country, domestic data center and cloud computing service providers have a great opportunity to accelerate market share expansion.
BA TAN
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