Market Insights Advertising & Media AR & VR

VR Advertising - Vietnam

Vietnam

In Vietnam, revenue in the VR Advertising market market is projected to reach US$0.6m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 1.39%, leading to a projected market volume of US$0.6m by 2029.
While the projected market volume in Vietnam is US$47.4m in 2024, it is important to note that most revenue is generated the United States.
Vietnam's burgeoning tech ecosystem is increasingly embracing VR advertising, enhancing brand engagement through immersive experiences tailored to its youthful demographic.

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Analyst Opinion

The VR Advertising market in Vietnam is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Vietnam are increasingly interested in immersive and interactive experiences, and VR Advertising offers a unique and engaging way for brands to connect with their target audience. VR Advertising allows customers to fully immerse themselves in a virtual environment, enabling them to interact with products and services in a more personal and memorable way. This appeals to customers who are looking for innovative and exciting ways to engage with brands.

Trends in the market: One of the key trends in the VR Advertising market in Vietnam is the increasing adoption of VR technology by businesses. More and more companies are recognizing the potential of VR Advertising to create impactful and memorable experiences for their customers. This has led to a growing demand for VR Advertising solutions and services in the country. Additionally, there is a trend towards the development of VR Advertising campaigns that are tailored to the local market, taking into consideration the cultural and social nuances of Vietnam.

Local special circumstances: Vietnam is a rapidly growing economy with a young and tech-savvy population. The country has a high smartphone penetration rate and a large number of internet users, which provides a strong foundation for the adoption of VR Advertising. Additionally, Vietnam has a vibrant startup ecosystem, with many local companies specializing in VR technology and advertising. This has created a favorable environment for the growth of the VR Advertising market in the country.

Underlying macroeconomic factors: The Vietnamese economy has been growing steadily in recent years, with a rising middle class and increasing disposable incomes. This has led to an increase in consumer spending, including spending on entertainment and leisure activities. As a result, businesses are looking for innovative ways to capture the attention of consumers and differentiate themselves from competitors. VR Advertising offers a unique and immersive experience that can help businesses stand out in a crowded market, making it an attractive option for brands in Vietnam. In conclusion, the VR Advertising market in Vietnam is experiencing significant growth and development due to customer preferences for immersive and interactive experiences, the increasing adoption of VR technology by businesses, the local special circumstances of a young and tech-savvy population, and the underlying macroeconomic factors of a growing economy and increasing consumer spending. These factors are driving the demand for VR Advertising solutions and services in Vietnam, making it an exciting and promising market for businesses in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR advertising revenue, which includes advertising that is integrated into the virtual world within video games and videos.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).