Saturday , May 25 2024

FPT’s software exports climb to $1B in 2023

FPT’s overseas revenues from IT services topped US$1 billion in 2023 after doubling from 2020.

The tech giant’s revenues came mainly from Japan, the U.S. and the Asia – Pacific, with all three markets growing by over 30%, Japan by 54% thanks to bigger spending on digital transformation.

FPT’s IT services moved up the technology value chain, with 50% of revenues coming from digital transformation.

Growth was also seen in new technologies such as cloud services, which accounted for 40% of revenues from digital transformation services, AI – data analysis (12%) and RPA & Lowcode (10%).

FPT struck four M&A deals, buying tech firms in the U.S. and France such as Intertec International, Cardinal Peak, AOSIS, and Landing AI.

These have helped FPT improve its capabilities in new areas such as SAP, data, cloud, IoT, AI, embedded software, and smart solutions.

Global spending on IT is forecast to reach $5.1 trillion in 2024, up 8% from 2023, with IT services and software, including AI, accounting for 51%.

The company has set up FPT Automotive targeting the automotive software industry and revenues of $1 billion by 2030.

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