Vietnam Artificial Intelligence Market has experienced notable development and is expected to maintain its upward trajectory. Forecasts for the Vietnam Artificial Intelligence Market suggest that its value will rise from USD 470 million in 2022 to USD 1520 million by 2030, showcasing a CAGR of 15.8%.
Artificial Intelligence (AI) presents benefits in Vietnam, including automation, data analysis, and better decision-making. The rise influences the Vietnam Artificial Intelligence Market regarding internet penetration rate, digital transformation, government initiatives, growing data requirements, and the need for advanced solutions. These factors promote AI adoption, fostering innovation, efficiency, and business development across diverse sectors in Vietnam.
The level of internet penetration in Vietnam significantly impacts the Artificial Intelligence (AI) Market. A higher internet penetration rate facilitates data collection, which is crucial for AI/ML algorithm training. Moreover, it enables the use of AI-powered services and solutions, from e-commerce to healthcare. As internet penetration grows, the potential for AI/ML adoption increases, thereby driving technological advancement and offering transformative benefits across various sectors in Vietnam.
According to VNETWORK, in 2023, internet penetration in Vietnam is developing extensively, with almost 77 million users, accounting for approximately 79.1% of the country’s population. Moreover, social media has turned into a significant platform, drawing in over 70 million users and bringing many opportunities and challenges for Vietnamese businesses in the digital environment.
Development of Medical Imaging Through AI
Vietnam is making significant improvements in the development of medical imaging through the integration of AI technology. The country is leveraging AI algorithms to enhance medical imaging processes, such as radiology and diagnostics. Vietnamese healthcare institutions and companies collaborate with AI technology providers to develop and implement advanced AI-based medical imaging solutions. These solutions aim to improve the accuracy and efficiency of diagnoses, reduce the workload of healthcare professionals, and enhance patient outcomes.
For example, in February 2023, VinBrain, a Vietnamese healthcare startup, developed DrAid, the only AI software that automated MRI and X-ray diagnostics in Southeast Asia as it automates the diagnostic process for MRI scans. It’s also one of the first AI systems approved by the FDA to identify signs of collapsed lungs from chest MRIs and X-rays.
Adoption of Public Cloud Services
In Vietnam Artificial Intelligence market, the adoption of public cloud services is on the rise due to their advantageous features like flexibility and cost savings using external IT resources. Moreover, the benefits, such as software-as-a-service (SaaS) and infrastructure-as-a-service (IaaS), offer scalability, cost-efficiency, and flexibility. This adoption addresses business IT needs, fostering modernization and a competitive edge in the Vietnamese landscape.
In August 2022, Techware Asia stated that a significant portion of cloud migration in Vietnam is centered around the public cloud. Organizations utilize public cloud services through deployment models like software-as-a-service (SaaS) and infrastructure-as-a-service (IaaS). Out of the total spending of USD 5.4 billion on cloud services, the majority, 55.5%, was allocated to SaaS cloud deployment, while the remaining funds were divided between IaaS and PaaS solutions.
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Induction of Robotic Process Automation (RPA)
The arrival of Robotic Process Automation (RPA) in Vietnam Artificial Intelligence market signals a noteworthy development. RPA employs software robots to automate repetitive tasks, strengthening efficiency in finance and manufacturing industries. Its integration underscores Vietnam’s technological growth, promising streamlined operations and heightened productivity across diverse sectors within the AI market.
In May 2023, FPT Software Company, a prominent IT service provider in Vietnam, revealed that its primary robotic process automation (RPA) platform, akaBot, has gained recognition as a top global RPA platform. The organization delineated that akaBot has consistently secured a spot in the Leader quadrant for four seasons.
Government Regulations
The Vietnamese government has implemented regulations to govern the use and development of AI. These regulations aim to ensure ethical and responsible use of AI technologies while fostering innovation. They cover data privacy, cybersecurity, algorithm transparency, and accountability. Moreover, the government’s regulations provide a framework for the safe and responsible deployment of AI systems, fostering public trust and confidence in AI applications. By regulating AI, Vietnam aims to harness the benefits of the technology while mitigating potential risks and protecting the rights of individuals and society as a whole.
The Vietnamese government has approved a National Digital Transformation Program 2025 with a vision for 2030. The main aim of this program is to drive digital advancements in the country’s governance, economy, and society while positioning Vietnamese tech companies as global contenders. Considering this, Vietnam is entirely dedicated to its digital transformation and recognizes the crucial role that artificial intelligence will play in attaining these objectives.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on Vietnam Artificial Intelligence Market. During the pandemic, AI technologies were crucial in combating the virus by enabling contact tracing, analyzing data, and assisting in healthcare management. The pandemic highlighted the importance of AI in addressing public health challenges. In the post-COVID-19 scenario, Vietnam artificial intelligence market is expected to witness further growth.
The market is anticipated to experience further growth in the AI sector in the post-COVID-19 era due to several factors. These include increased digitalization and automation efforts, the government’s focus on AI development, growing investments in AI start-ups, a skilled workforce, and the potential for AI to drive efficiency and innovation across industries. These factors position Vietnam for expansion in the AI market as businesses and organizations seek to leverage AI technologies for recovery and advancement.
Vietnam Artificial Intelligence Market: Report Scope
Markets and Data has recently released a comprehensive report titled “ Vietnam Artificial Intelligence Market Assessment, Opportunities, and Forecast, 2016–2030F.” This in-depth analysis encompasses qualitative and quantitative aspects, thoroughly examining the current state of the Vietnam Artificial Intelligence Market.
The report thoroughly examines various factors, including market trends, challenges, market size, segment distribution, growth patterns, and the influence of COVID-19. It also presents insights into future possibilities and forecasts from 2023 to 2030. Additionally, the publication highlights profiles of key industry players, shedding light on their market position, business approaches, competitive insights, and other pertinent information.
In the fast-paced world of technological breakthroughs, Vietnam is establishing itself as a significant player in leveraging the potential of Artificial Intelligence (AI) to propel advancements across diverse industries. This blog post aims to unveil the present state of Vietnam’s AI market, exploring its growth trajectory, ongoing research initiatives, and the transformative influence on the nation’s technological fabric.
- Insight into Vietnam’s AI Market: Begin by offering a comprehensive look at the current standing of Vietnam’s AI market. Emphasize crucial statistics, market size, and key contributors shaping the burgeoning AI ecosystem.
- Catalysts Driving AI Growth in Vietnam: Examine the factors fueling the rapid expansion of AI in Vietnam, such as increased investment, a burgeoning pool of tech-savvy professionals, and a government committed to fostering an innovation-centric environment.
- AI’s Impact Across Industries: Delve into the profound impact of AI across various sectors. Discuss applications in healthcare, finance, manufacturing, and other industries, illustrating how AI is optimizing processes and enhancing operational efficiency.
- Government Backing and Research Investments: Scrutinize the role of the Vietnamese government in advancing AI research and development. Spotlight on initiatives, policies, or funding programs designed to cultivate a robust AI ecosystem.
- Collaborative Ventures and Alliances: Explore collaborations between academic institutions, research bodies, and industry leaders propelling AI research. Highlight how these partnerships contribute to the development of cutting-edge AI technologies.
- Innovation Hubs and Emerging Startups: Spotlight the pivotal role played by startups and innovation hubs in shaping Vietnam’s AI landscape. Identify noteworthy startups, incubators, and accelerators driving AI innovations.
- Navigating Challenges and Ethical Dimensions: Acknowledge challenges like data privacy, ethical considerations, and the demand for skilled professionals in the AI field. Discuss Vietnam’s strategies for addressing these challenges, ensuring responsible AI deployment.
- Breakthroughs in AI Research: Highlight recent breakthroughs and noteworthy research endeavors in Vietnam’s AI landscape. Showcase how these achievements contribute to the nation’s global standing in AI advancement.
- Anticipating the Future: Provide insights into the anticipated trajectory of Vietnam’s AI market. Discuss upcoming trends, potential growth areas, and how AI is set to shape Vietnam’s technological landscape in the years ahead.
Conclusion:
As Vietnam confidently steps into the era of artificial intelligence, the nation’s dedication to research and innovation positions it at the forefront of global technological progress. With a thriving AI ecosystem, collaborative initiatives, and a commitment to responsible development, Vietnam is poised to continue its remarkable journey towards becoming a hub for AI excellence.
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Artificial Intelligence has been the go-to technology for companies and enterprises in recent years.
The adoption of AI by enterprises all around the world has grown by 270% in the last four years as artificial intelligence can improve the business process and garner more ROIs.Greater ROIs is the main reason why more than 1/3rd of the companies worldwide are using Artificial Intelligence in a full-blown manner.
As it happens with every technology, the increase in usage of AI has led to several misconceptions about the technology.
There are beliefs that there are only a handful of skilled AI researchers and companies.
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Although, these statements aren't right as Artificial Intelligence is widely accepted and implemented by several experts around the world.Thus, to shred all your misbeliefs about AI technology, let us dug down deep and find out the top 7 myths about Artificial Intelligence.
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Information based on Artificial Intelligence, Technology, ML and many more.
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Over the due course of time, what actually has changed is the amount of data and the speed at which machines are processing it for driving useful insights.
Data-driven insights play a vital role in boosting this industry by making decisions based on facts, figures, and user patterns.
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Such algorithms are used for building mathematical models which can be used as training data, allowing systems to make decisions & predictions.AI & ML in Insurance IndustryAI and ML technologies make it easier for insurance providers to use the data at their desired pace and way.
Many organizations in this industry have access to data that is usually structured and stored in databases.
