Generative AI - Bangladesh

In Bangladesh, the Generative AI market in the Artificial Intelligence market is experiencing an extraordinary growth rate due to factors such as increasing adoption of digital technologies, growing awareness of health, and the convenience of online health services. This growth is being driven by the rising demand for innovative AI solutions in various industries, including healthcare and finance.

Customer preferences: As the use of artificial intelligence continues to expand in Bangladesh, the Generative AI Market within the Artificial Intelligence Market is witnessing a rise in demand for personalized and interactive customer experiences. With a growing young population and increasing access to technology, consumers are embracing innovative solutions such as chatbots and virtual assistants for everyday tasks. This trend is further fueled by the desire for convenience and efficiency in a fast-paced society. Additionally, the incorporation of cultural and linguistic nuances in AI technology is catering to the diverse preferences of consumers in the country.

Trends in the market: In Bangladesh, the Generative AI market within the Artificial Intelligence Market is witnessing a rise in demand for AI-powered chatbots and virtual assistants. This trend is driven by the increasing adoption of digital technologies in the country's businesses and government sectors. With advancements in natural language processing and machine learning, these AI solutions are becoming more sophisticated and capable of handling complex tasks. This trajectory is significant for industry stakeholders as it presents opportunities for cost savings, improved customer service, and increased efficiency. However, it also raises concerns about job displacement and the need for upskilling the workforce. As the use of Generative AI continues to expand, there may also be implications for data privacy and security, which will require careful consideration and regulation.

Local special circumstances: In Bangladesh, the Generative AI market is expected to experience significant growth due to the country's increasing adoption of technology and government initiatives promoting digital transformation. The market is also driven by the cultural emphasis on education and innovation, leading to a rise in demand for AI-powered solutions in various industries such as healthcare, finance, and agriculture. Additionally, the regulatory environment in Bangladesh is favorable for AI companies, with the government actively promoting the development of the technology sector.

Underlying macroeconomic factors: The growth of the Generative AI market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in AI 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. Additionally, the increasing demand for automation and data-driven decision making across industries is driving the adoption of Generative AI, especially in developing countries with growing economies.

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.