Generative AI - Vietnam

The Generative AI Market in the Artificial Intelligence Market in Vietnam is witnessing remarkable growth, fueled by factors like rising adoption of digital technologies, increasing health consciousness among individuals, and the convenience of online health services. This extraordinary growth rate can be attributed to factors like government initiatives to promote AI in healthcare and the rising demand for efficient and accurate healthcare solutions in the country.

Customer preferences: Consumers in Vietnam are increasingly gravitating towards Generative AI solutions, driven by the rising demand for personalized and engaging digital experiences. This shift is fueled by the country's young and tech-savvy population, as well as the growing adoption of AI in various industries. Moreover, the cultural emphasis on creativity and innovation is driving the development and adoption of advanced Generative AI technologies in Vietnam. This trend is expected to continue as the country's AI market continues to grow and evolve.

Trends in the market: In Vietnam, the Generative AI market within the Artificial Intelligence market is experiencing a surge in demand for chatbots, virtual assistants, and voice recognition technology. This trend is driven by the increasing adoption of smartphones and the rising popularity of e-commerce, which require efficient and personalized customer interactions. Additionally, the government's push towards digital transformation and the availability of a young and tech-savvy workforce are contributing to the growth of the Generative AI market in Vietnam. This trend is expected to continue in the coming years, with implications including improved customer engagement, cost savings for businesses, and increased efficiency in operations.

Local special circumstances: In Vietnam, the Generative AI Market within the Artificial Intelligence Market is gaining traction due to the country's growing tech industry and government support for digital transformation. The market has seen a rise in demand for AI-powered solutions in agriculture, healthcare, and e-commerce. Additionally, Vietnam's strategic location and cultural ties to China have positioned it as a favorable destination for tech companies looking to tap into the Southeast Asian market. The country's unique blend of Western and Eastern influences has also led to the development of innovative AI applications that cater to both local and global markets.

Underlying macroeconomic factors: The Generative AI Market within the Artificial Intelligence Market in Vietnam is influenced by macroeconomic factors such as government initiatives promoting the adoption of AI, investments in research and development, and the country's growing digital economy. Vietnam's strong economic growth, stable political climate, and supportive policies for innovation and technology are creating a conducive environment for the growth of the Generative AI Market. Additionally, the increasing demand for AI-driven solutions in various industries, such as healthcare, finance, and manufacturing, is also driving the growth of the market in Vietnam. These factors make Vietnam a promising market for Generative AI and are expected to contribute to its continued growth in the future.

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.