High proliferation of the smart devices and the rise in the number of start-ups is expected to drive the demand for Vietnam artificial intelligence market in the forecast period.
According to TechSci Research report, “Vietnam Artificial Intelligence Market By Component (Hardware, Software, & Services) By Technology (Deep Learning, Machine Learning, Natural Language Processing, Image Processing, Others) By Deployment Mode (Cloud-Based & On-Premises) By End-Verticals (Healthcare, Retail, BSFI, Automotive, Advertising and Media, Manufacturing, IT & Telecom & Others), Company Forecast & Opportunities, 2026”, The Vietnam artificial intelligence market is expected to witness steady growth in the forecast period, 2022-2026. The rise in the demand for the analysis of historical datasets to predict the upcoming trends of the market is expected to influence the growth of the artificial intelligence market. The development of cloud computing technology and the rise in the demand for analysis and interpret large volumes of data is expected to influence the artificial intelligence market growth.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities in Vietnam imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Tech companies implemented the mandated work from home policy to fight against the coronavirus. Companies are also expanding their portfolio and providing extra support to consumers to influence the demand of the artificial intelligence market. The rise in the adoption of artificial intelligence technology in the healthcare sector for the detection of coronavirus and help in the diagnosis of various diseases is fueling the demand for the artificial intelligence market in the forecast period.
However, the rise in concerns about data security and privacy and the unavailability of skilled professionals may hamper the growth of the artificial intelligence market in the next five years.
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Vietnam artificial intelligence market is segmented into component, technology, deployment mode, end-verticals, regional distribution, and company. Based on the technology, the market can be divided into deep learning, machine learning, natural language processing, image processing, and others. The deep learning segment is expected to witness significant growth in the forecast period, 2022-2026. The application of deep learning technology including the complicated data-driven applications in addition to text or speech recognition is influencing the demand for this technology. The rise in the deployment of cloud-based platforms and advanced hardware equipment for efficiently managing the large volumes of data thereby fostering the demand for artificial intelligence market growth. Based on the end-verticals, the market can be divided into healthcare, retail, BFSI, automotive, advertising and media, manufacturing, IT & telecom & others. The healthcare sector is expected to account for a major market share in the next five years owing to its growing use in different applications in the healthcare industry including automated image diagnosis, hospital workflow management, robot-assisted surgery, virtual nursing assistants, among others. Based on the deployment mode, the market can be bifurcated into cloud-based & on-premises. The cloud-based segment is expected to witness growth in the forecast period owing to the multiple benefits offered by cloud technology. High scalability, high accessibility, reduced operational costs, and the easy deployment of cloud-based technology are further accelerating the demand of the artificial intelligence market.
FPT Software, TMA Solutions, TPS Software Corporation, Zalo, MTI Technology, Ekoios Technology, AgileTech Vietnam, Kyanon Digital, Beet Innovators, GRDAI are the leading players operating in Vietnam artificial intelligence market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several artificial intelligence service providers are coming up with their technologically advanced offerings.
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“The rise in the development of the communication infrastructure and the expected roll-out of 5G technology is contributing to providing fast internet services in Vietnam. The growth in the adoption of online gaming by the large youth population that uses interactive graphics and technology to provide a seamless real-time gaming experience to the players is expected to create huge growth potential for the booming gaming industry in Vietnam. The high investments for the adoption of the latest technologies by the online gaming market players and the use of artificial intelligence technology in the organizations for efficient data management are expected to propel the growth of the artificial intelligence market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Artificial Intelligence Market By Component (Hardware, Software, & Services) By Technology (Deep Learning, Machine Learning, Natural Language Processing, Image Processing, Others) By Deployment Mode (Cloud-Based & On-Premises) By End-Verticals (Healthcare, Retail, BSFI, Automotive, Advertising and Media, Manufacturing, IT & Telecom & Others), Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam artificial intelligence market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Vietnam artificial intelligence market.
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