In an evolving technological state, the Information Technology (IT) industry continues to be the key driving force of global innovations, digital conversion, and economic growth. In 2024, the IT industry will continue its relentless transformation, however, this also is a year of both exciting opportunities and significant challenges. Let’s explore the situation of this industry in some outstanding regions and find out why Vietnam’s IT industry is gradually becoming prominent.
Overview of surrounding countries and continents – bright sign for the technology industry
India
When mentioning this industry, India – the most renowned name – is considered a treasure of the IT industry and is one of the biggest contributors in the global IT context. Especially, while positions in AI, machine learning (ML), cloud engineering, cybersecurity, and full-stack web development are upward trends in India. The increase in AI and ML makes this region become the leading country in AI skills application in the world. The big companies in India have expanded globally their brand and boosted their services in areas such as digital conversion, cloud computing, and AI.
Europe – European Union
The technology context is also constantly advancing in Europe where 2024 IT spending is predicted to reach $1.1 trillion indicating an increase of 9.3% compared to 2023. Especially, Switzerland – one of the pioneers in green technology development and application. the EU’s IT industry is characterized by a robust focus on digital sovereignty, ethical AI, cybersecurity, sustainability, and regulatory compliance.
Australia
Look at other regions and countries such as America or Australia, in general, the IT industry in these countries has seen substantial growth and transformation recently, creating new opportunities and promoting the IT industry’s sustainable growth. According to the data from Gartner, by 2024, technology spending in Australia is expected to be over $133 billion, representing a 7.8% increase from the previous year.
Asia Pacific – Southeast Asia
Aisa Pacific (APAC) is one of the most notable regions in the IT industry in recent times. IT spending in this place is forecasted to increase by 6.4%, which is US$710 billion in 2024. IT services are also in great demand which are expected to gain a 6,5% increase this year with the key drivers being investments in cloud and data.
Especially, in the booming considered tech hinterland, Southeast Asia is quickly establishing itself as a key focal point for the industry. Countries such as Singapore, Vietnam, Indonesia, and Thailand are predicted to be IT key markets in this region. The demand for digital conversion, cloud computing, network security, and AI solutions will increase continually.
Shortages – opportunities for Vietnam’s companies in IT outsourcing
However, although the tech industry is the most dynamic and rapidly evolving sector, labor shortage is significant in this industry. The data shows that 63% of senior tech executives find it difficult to recruit individuals with the required IT expertise. Especially in the EU, countries from this region seem to be facing a considerable labor shortage.
Therefore, outsourcing has been a key tech trend in the IT industry, the tech majors have started to consider Southeast Asia as the next big destination. The places that these tech giants look for take advantage of this region such as highly skilled talents at a relatively competitive cost, in particular for building costly technologies – large language models requiring large expenses and experienced developers.
Most notable is the fast-growing technology scene in Vietnam, supported by a substantial number of IT graduates: each year, over 57,000 individuals join the workforce, supported by more than 400 universities offering courses in science and technology fields including AI, the cloud, and big data. The software companies in Vietnam are famous for reliable and reputable outsourcing services, especially offshore development centers (ODC).
One of them is ITBee Solutions, although just a young company, ITBee has been verifying its position in this industry and is considered a “fast-growing green tree”. ITBee Solutions concentrates on delivering software development services such as web applications, IoT applications, mobile applications, or any customized software, Including, AI and Blockchain technology.
One of the significant services of ITBee Solutions is its offshore development center (ODC). The company is a reliable and reputable provider demonstrated by handling over 45 small and large projects in which collaborations with numerous clients from Germany, Malaysia, Australia, the USA, and Singapore,…
Conclusion
Southeast Asia especially Vietnam’s technology sector will keep expanding, driving forward innovative advancements and promoting digital transformation across various industries, which is a bright sign for global expansion.
Spending for this industry in the long term will continue to grow because of the quick development of technology, which requires enterprises and organizations to invest heavily to compete. To choose the most appropriate partner for your business development plans, ITBee Solutions is one of the most reliable technology farms in Vietnam and is trusted by many domestic and international partners. ITbee always wants to provide the best values and quality Services and commitments to the clients, especially ODC to global ones.
Contact us now for further consultation:
Hotline: (+84) 948 810 812
Email: info@itbeesolutions.com
Website: https://itbeesolutions.vn/
Address: 21 Lê Trung Nghĩa, Phường 12, Quận Tân Bình, Thành phố Hồ Chí Minh
