Facial Recognition - Vietnam

The Facial Recognition market in Vietnam is witnessing subdued growth, influenced by factors like slow adoption of digital technologies, lack of awareness among consumers, and limited availability of online services. Despite this, the Computer Vision market within the Artificial Intelligence industry in Vietnam is still experiencing significant growth, driven by advancements in technology and increasing demand for automation and efficiency.

Customer preferences: The use of facial recognition technology in Vietnam has been steadily rising due to the country's growing focus on technological advancement and modernization. This trend is expected to continue as more businesses and government agencies adopt the technology for security and identification purposes. Additionally, there is a growing demand for facial recognition technology in the healthcare sector for patient identification and tracking, as well as in the retail industry for personalized shopping experiences. This is indicative of a shift towards a more digitally integrated society where convenience and efficiency are highly valued.

Trends in the market: In Vietnam, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand due to the government's initiatives to embrace digitalization and increase security measures. This trend is expected to continue, with significant investments being made in research and development to enhance the accuracy and efficiency of facial recognition technology. Additionally, there is a growing adoption of facial recognition technology in various industries, such as banking, retail, and transportation, which is expected to drive market growth. These developments have significant implications for industry stakeholders, as they present opportunities for collaboration and innovation to meet the increasing demand for facial recognition technology in Vietnam.

Local special circumstances: In Vietnam, the Facial Recognition market is driven by the government's push for digitalization and the country's strong investment in AI technology. This has led to the adoption of facial recognition systems in various sectors, including public security and transportation. Additionally, the cultural acceptance of facial recognition technology has contributed to its rapid growth in the country. Furthermore, Vietnam's favorable regulatory environment has attracted foreign investments and partnerships, fostering the development of the Facial Recognition market.

Underlying macroeconomic factors: The growth of the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in Vietnam is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for AI. Vietnam's rapidly developing economy and focus on technology and innovation make it a promising market for the Facial Recognition Market, with increasing demand for advanced security measures and efficient identification systems. Additionally, the country's rising middle class and growing urban population contribute to the demand for AI-powered solutions in various industries, further driving the growth of the market.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market 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). Data from the Statista Consumer Insights Global survey is weighted for representativeness.