Artificial Intelligence - Vietnam

Vietnam

The market size in the Artificial Intelligence market is projected to reach US$753.40m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.63%, resulting in a market volume of US$3,412.00m by 2030.
In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Analyst Opinion

The Artificial Intelligence market in Vietnam is experiencing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness about health, and the convenience of online health services. The market's elevated growth rate is influenced by factors such as advancements in AI robotics, autonomous & sensor technology, computer vision, machine learning, natural language processing, and generative AI.

Customer preferences: With the rise of automation and digitalization, consumers in Vietnam are increasingly embracing AI-powered solutions for various tasks, from managing finances and scheduling appointments to shopping and ordering food. This trend is driven by a growing preference for convenience and efficiency, as well as a shift towards a more tech-savvy and connected lifestyle. This has led to a surge in demand for virtual assistants, smart home devices, and other AI-powered tools that cater to the diverse needs of Vietnamese consumers.

Trends in the market: In Vietnam, the Artificial Intelligence market is experiencing a surge in the adoption of AI-powered chatbots, virtual assistants, and voice recognition technologies. This trend is being driven by the increasing demand for automation and efficiency in industries such as banking, e-commerce, and healthcare. As AI technology becomes more advanced and accessible, it is expected to have a significant impact on business operations and customer experience. However, there are concerns about job displacement and the need for upskilling workers to adapt to this rapidly evolving landscape. Overall, the growth of AI in Vietnam has the potential to revolutionize various industries and drive economic growth.

Local special circumstances: In Vietnam, the Artificial Intelligence market is rapidly developing due to the country's growing tech-savvy population and government support for technology advancements. The market is driven by the demand for AI-powered solutions in sectors such as healthcare, finance, and manufacturing. Additionally, Vietnam's strategic location in Southeast Asia and its strong cultural ties to China make it an ideal market for Chinese tech companies to expand into. However, the country's limited regulatory framework and shortage of skilled AI professionals pose challenges for market growth.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Vietnam is heavily influenced by macroeconomic factors such as government support, technological advancements, and investment in infrastructure. Vietnam's rapidly growing economy, favorable regulatory environment, and increasing investments in AI technology are creating a conducive market for the growth of the AI industry. Furthermore, the rising demand for AI solutions in various sectors, such as healthcare, finance, and manufacturing, is driven by the country's strong economic growth, expanding digitalization, and increasing adoption of automation. These factors are expected to further propel the growth of the Artificial Intelligence market in Vietnam in the coming years.

Methodology

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.