Rising demand for data compliance and emerging trend of adoption of subscription-based services are driving the growth in Vietnam Human Resource Software as a Service Market in the forecast period, 2023-2045.
According to TechSci Research report, “Vietnam Human Resource Software as a Service (SaaS) Market By Region, Forecast & Competition, Opportunities, 2017- 2027”, the Vietnam human resource software as a service market was valued at USD27.49 million in 2021 and is anticipated to grow at a CAGR of 22.81% in the forecast period to reach a value of USD4111.24 million by 2045. The human resource software as a service application is hosted in the cloud using the SaaS model, eliminating the need for local storage. The data is stored in multiple data centers, ensuring that the data is not lost even if one center is lost. The human resource software service improves security and allows the company to share the documents and restrict access to authorized employees. Also, the government is promoting the adoption of platforms to support the national digital transformation and has issued technical criteria to select the cloud computing platforms for e-government/e-governance. Market players are working to comply with the standards set by the leading authorities and are introducing sophisticated software in the market.
However, concerns regarding data security and privacy may restrain the Vietnam human resource software as a service market growth in the forecast period.
Browse over 34 market data Figures spread through 97 Pages and an in-depth TOC on "Vietnam Human Resource Software as a Service Market"
The Vietnam human resource software as a service market is segmented on the basis of business application, type, organization size, deployment, end user, regional distribution, and competitive landscape.
Based on type, the market is fragmented into horizontal SaaS and vertical SaaS. The horizontal SaaS segment led the market by holding a market share of 91.11% of the overall market share in 2021. They are not made for a specific target audience and serve a single function for a variety of industries.
Based on organization size, the market is divided into large enterprises and SMEs. The large enterprises dominated the market in 2021 with a market share of 69.94% and are expected to maintain their dominance through the next five years.
Based on deployment, the market is bifurcated into the cloud and on-premises. The cloud deployment model is expected to witness the fastest incremental growth with a CAGR of 24.94% in the forecast period, 2023-2045, due to enterprises' adoption of cloud-based models over the on-premises model. Ho Chi Minh City is becoming the first smart city and focuses on adopting cloud services, big data, and cloud computing technologies. The growing awareness about the benefits of adopting cloud-based models in enterprises is expected to accelerate the segment demand.
Based on the end user, the market is divided into government enterprises, local enterprises, and FDI enterprises. The FDI enterprises led the market in 2021 with a market share of 46.90% and are expected to grow with a CAGR of 22.32% through the forecast period, 2023-2045. The set-up of new FDI enterprises and the strong foreign direct investment in the country bolster the adoption of human resource software as a service demand.
Major market players operating in the Vietnam human resource software as a service market are:
- WYS Enterprise Solutions Ltd.
- Grove HR Ltd.
- Innotech Vietnam Corporation
- SAP Vietnam Co. Ltd.
- IBM Vietnam Company Ltd.
- Links International
- Oracle Vietnam Pte Ltd
- East Horizon Company Limited
- OOC Technology Solution Joint Stock Company
- Base Enterprise Joint Stock Company
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“Human resource software as a service consisting of a large amount of personal data collected through multiple platforms is prone to cyber-attacks. The market players invest in research and development activities to find innovative solutions and increase software security. The adoption of blockchain technology in human resource software as a service can efficiently improve payment management, validation, verification, authentication, security, and other services significantly. It is also expected to lower the need for human intervention, making the transactions and information storage more trustworthy and secure. The growing adoption of novel technologies by the market players and the continuous evolution in technology is expected to propel Vietnam human resource software as a service market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Human Resource Software as a Service By Business Application (Attendance Management System, Leave Management, Payroll Management, HR Management Systems, Others) By Type (Horizontal SaaS, Vertical SaaS), By Organization Size (Large Enterprises, SMEs), By Deployment (On-premises, Cloud), By End User (FDI Enterprises, Local Enterprises, Government Enterprises), By Region, By Provinces, Competition, Forecast & Opportunities, 2016-2045”, has evaluated the future growth potential of Vietnam human resource software as a service market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam human resource software as a service market.
Mr. Ken Mathews
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