Report Description

Vietnam Artificial Intelligence (AI) Market is anticipated to grow at a high CAGR in the forecast period 2024-2028. The market is being driven by an increase in demand for intelligent systems to boost productivity and efficiency. Faster speech recognition and natural language processing are two examples of how technological developments in the AI sector are helping the market for AI growth.

In contrast to the natural intelligence demonstrated by humans and other non-human animals, artificial intelligence (AI) refers to the capacity of robots to observe, synthesise, and infer knowledge. For instance, this is carried out in tasks like input mapping, speech recognition, computer vision, and cross-language translation.

Growing Healthcare Industry

One of the most significant industries in the greater big data ecosystem is healthcare because of the critical role it plays in a prosperous and productive society. Doctors, nurses, and other healthcare professionals can all benefit from AI's assistance with routine chores. AI in healthcare can enhance general patient outcomes, preventative care, and quality of life, as well as provide more accurate diagnostic and therapeutic approaches. AI can assist with forecasting and observing the emergence of contagious diseases by analysing data from the public sector, the healthcare sector, and other sources. To combat pandemics and epidemics, AI has the potential to be a crucial part of global public health initiatives. Improved hardware and technological capabilities for computational applications have made AI commercially available.The greater extension and accessibility of produced data in the life sciences business has made it possible to use AI for better analytical purposes.

Due to advancements in mobile technology and sensor unit pricing, modern wearables, such as smartwatches and fitness trackers, have the computing power to generate and analyse massive amounts of data at a reasonable cost.

The application of AI to better Vietnam's healthcare is one of the most intriguing advancements. Doctors and other healthcare professionals can enhance patient outcomes by using AI-powered technologies to make more precise diagnosis and administer more efficient treatments. With the help of medical history, VMED's OneAI can now accurately forecast a patient's likelihood of developing chronic conditions like cardiovascular disease, diabetes, atrial fibrillation, heart failure, non-allergic asthma, and chronic obstructive pulmonary disease. Additionally, it can view chest X-ray images to aid in the early diagnosis of breast, lung, and TB cancers. AI is assisting medical personnel in identifying individuals who are at risk for specific disorders, enabling them to take early action and stop more serious issues from emerging. Along with improving patient outcomes, it lessens the workload placed on the industry's sometimes overworked and underfunded healthcare personnel.

Proliferation of Automobile Industry Driving Market

The most prominent application of AI in the expanding automotive sector, which is a substantial source of AI, is in automobiles. AI chips, computer vision, and machine learning are the three primary forms of artificial intelligence employed in self-driving automobiles. Furthermore, the use of AI in the manufacturing of cars will gradually converge with the development of sustainable smart cities. The low-latency communication that 5G connectivity will enable between vehicles and eventually between everything in the world (V2X) opens up a wide range of AI use cases.

AI can help with centralised traffic management, which will enhance the efficiency of travel and reduce the environmental impact of vehicle energy use. Mobility providers will continue to handle fleet management and real-time vehicle routing using AI and infotainment systems will be able to provide ambient commerce thanks to interactions with smart infrastructure. Tesla, for instance, blends cutting-edge artificial intelligence technologies, like autopilot, with client datasets for data analytics to anticipate and gather knowledge about consumer requirements. The features of its automobiles are then improved using this knowledge.

Increasing Internet of Technology (IoT)

IoT has been steadily adopted by the corporate community over the past ten years. Each day, one billion terabytes of data are generated by IoT devices. By 2025, there will likely be 42 billion IoT-connected devices on the planet. The networks grow along with the data. Business benefits of IoT with AI include lowering downtime, increasing operational performance, enabling new and improved goods and services, and improving risk management. IoT with AI offers a strong reaction to intelligent automation. IoT and AI are changing many other industries, including manufacturing, sales and marketing, the automobile and healthcare sectors, and others. Due to this, the worldwide artificial intelligence industry is expected to expand quickly in the future years. The business world has steadily embraced IoT during the past ten years.

A new era of commercial and consumer technology has begun as IoT devices and their data capabilities have been used to create or improve businesses. The next stage has arrived with the release of the potential of IoT devices adopting "artificial intelligence of things," or AIoT.

Adopting and funding the AIoT will allow businesses, economies, and industries to utilise its benefits and achieve competitive advantages. IoT collects the data, which AI then examines to simulate intelligent activity and assist in decision-making with the least amount of human participation.

Agriculture and Manufacturing sector help AI to grow

Agriculture will be greatly impacted by AI. Food security is a key worry in a country with a population that is getting close to 100 million and a middle class that is expanding quickly. AI has the potential to increase agriculture productivity and yield in Vietnam, one of the world's top agricultural producers. Precision farming is the application of technology, such as artificial intelligence (AI), to maximise crop production through accurate monitoring, agricultural management, and analysis. Numerous cooperative ventures, including those with the Viet-Uc Group and AquaEasy, are already assisting thousands of small shrimp farmers in raising productivity. AI-driven solutions are assisting farmers in a variety of ways, such as maximising yields, growing seasons, fertiliser use, and much more. To make judgements about seed planting, fertilisation, pest management, and other agronomic practises, AI includes employing sensors, drones, and other digital tools to collect data on soil conditions, weather, crop development, and other aspects. The objective is to boost crop yields while reducing waste and improving efficiency.

AI has an effect on industry in Vietnam. Electronics, textiles, and footwear manufacturers now have factories all around Vietnam. These industries are benefiting from AI as it increases quality and efficiency. For instance, the collaborative robot (cobot) maker Universal Robots, based in Denmark, recommends Vietnam's manufacturing industry leaders to use its cobots. The AI-powered robots increase production, decrease the demand for human labour, and operate around-the-clock. For instance, they are trained to recognise issues and find solutions fast, minimising downtime and minimising or eliminate mistake. Vietnamese firms can automate risky and repetitive processes, lowering the chance of accidents and freeing up employees to concentrate on higher-value jobs. AI is used in supply chain management and logistics to optimise processes, which lowers waste and boosts productivity.

Recent Development

  • Vietnam AI Grand Challenge is a project that was started in 2019 to promote AI technology development. It helps researchers and startups in the field of artificial intelligence (AI) to develop and market their AI solutions by providing money, assistance, and resources.