The relaying of voice, data, text messages, audio, video and other type of communication over a remarkable distance through various electronic means such as wired, wireless, fibre optic cables and so forth is referred to as telecom. In simple terms, it aids in providing communication services like internet access, calls, texting etc across a diverse geographical area. It utilises a composite network infrastructure that ranges from one point to another. A rise in the demand for the mobile data services and support from the government for digital transformation helps in the rapid growth of Vietnam in the telecommunication sector.
According to SPER Market Research, ‘Vietnam Telecom Market Size- By Share, By Demand, By Growth Drivers, By CAGR Status, By Revenue, By Challenges, Opportunities and Future Strategies till 2033’ states that the Vietnam Telecom Market is estimated to reach USD XX billion by 2033 with a CAGR of 1.44%.
Vietnam Telecom Market recorded a growing demand in recent days due to a large increase in the number of populations shifting more towards the adoption of smartphone services. Telecom services play a crucial role in connecting peoples, businesses and communities. The regulatory support to this industry further led to the growth of market with the adoption of 5G network. The government of Vietnam has proposition for issuing 5G wireless services by the end of this year. The demand for establishing Wi-Fi services will further lead to the growth and new opportunities for the growth of the market.
A major challenge faced by the telecom market is rise in online security threats and network attacks. As country moves towards digitization, the reliance on telecommunication network increases which in turn leads to an increase in cyber threats. Cyberattacks and breaching of consumer data causes a loss of trust by the users and thereby makes it difficult to adopt new technologies and services. The investment in cybersecurity and advanced technology is too high, putting strain on the telecom operator finances. All these factors pose hurdles for the growth of telecom market.
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Impact of COVID-19 on Vietnam Telecom Market
The outbreak of COVID-19 pandemic has little or no impact on the Vietnam telecom industry. During the pandemic, the telecom industry recorded a sharp increase in the consumption of the broadband, as the country adjusted to life with COVID-19. The sector observed a rise in movie rentals and purchases. This was due to the reason that more of the people stayed home during the lockdowns. Due to lockdown, sports event was put on hold and these declined the sports viewers. But this was complemented by an increase in News and kids’ viewers.
Vietnam Telecom Market Key Players:
Northern Vietnam followed by Central Vietnam accounts for the largest market share in terms of Vietnam Telecom Market. The region was dominant due to the growing demand of high-speed internet and advanced communication systems. Some of the major players in the Vietnam Telecom Market are Viettel, VNPT (Vietnam Posts and Telecommunications Group), FPT Telecom, MobiFone, and VinaPhone, Saigon Post and Telecommunications Services Corporation, Vinaphone.
Vietnam Telecom Market Segmentation:
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 Services: Based on the Services, Vietnam Telecom Market is segmented as; Voices Services, Data and Messaging Services, OTT and PayTV Services oxes, Bags, Tapes, Protective Packaging, Labels, Mailers, and Others.
By Region: This research also includes data for Eastern Region, Southern Region, Western Region, Northern Region.
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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