Vietnam Conversational AI Market - By Component (Solutions, Managed Services, Professional Services); By Type (Chatbots, Intelligent Virtual Assistants (IVA)); By Deployment (Cloud, On-Premises); By Technology (Natural Language Processing (NLP), ML & Deep

Vietnam Conversational AI Market - By Component (Solutions, Managed Services, Professional Services); By Type (Chatbots, Intelligent Virtual Assistants (IVA)); By Deployment (Cloud, On-Premises); By Technology (Natural Language Processing (NLP), ML & Deep Learning, Automatic Speech Recognition (ASR)), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Vietnam Conversational AI Market Size almost Quadruples to Touch USD 604.5 Million by 2029

Vietnam conversational AI (artificial intelligence) market is gaining traction because of the rising demand for AI-powered customer support services and rapid adoption of advancements of AI & related technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam conversational AI (artificial intelligence) market size at USD 152.72 million in 2022. During the forecast period between 2023 and 2029, the Vietnam conversational AI market size is projected to grow at an impressive CAGR of 21.81% reaching a value of USD 604.48 million by 2029. The increasing need for customer support services powered by AI is one of the key development reasons for the growth of the conversational AI market in Vietnam. Because of the growing need for AI-powered chatbot solutions, the market has grown. It is also forecast that the conversational AI market would expand due to the quick adoption of omnichannel strategies.

Vietnam Conversational AI Market – Overview

According to the definition by IBM, “Conversational artificial intelligence (AI) refers to technologies, such as chatbots or virtual agents, which users can talk to.” Chatbots and virtual assistants, such as Alexa, Siri, Google Assistant, and Cortana, are some examples of conversational AI. These assistants can provide individualized replies, as they can comprehend natural language and human intent. Conversational AI offers diverse benefits including accuracy, efficiency, contactless customer experience, and reduction in operating cost.

Vietnam Conversational AI Market – By Type

Based on type, the Vietnam conversational AI market is split into chatbots and Intelligent Virtual Assistants (IVA) segments. The chatbots segment accounts for a higher share in the Vietnam conversational AI market by type. Vietnamese businesses are using chatbots to boost customer service and sales in addition to fulfilling marketing objectives. Also, chatbot maintenance is so reasonably priced that it helps them control their overhead cost and maximize their profit. However, Intelligent Virtual Assistants are gaining huge popularity in the Vietnam market and are projected to gain significant traction during the forecast period.

Impact of COVID-19 on the Vietnam Conversational AI Market

The Vietnam conversational AI market witnessed boisterous growth post the COVID-19 outbreak. Conversational AI is frequently seen as one of the key innovations that sped up digital adoption during the early stages of the pandemic, along with telemedicine and remote-work technology. To assist ease strain on overburdened contact centers, chatbots, and virtual agents may be built and deployed quickly. While many onshore and offshore call centers closed down due to work-at-home policies and social distancing, government agencies, healthcare providers, non-profit organizations, and companies in virtually every industry were quick to adopt the conversational AI technology as an efficient method of responding to significant influxes of customer calls, which proliferated the overall market growth.

Competitive Landscape

Major players operating in Vietnam's conversational AI market include Google, Microsoft, Amazon Web Services, Inc., IBM, Oracle, Nuance Communications, Inc., FIS, and SAP SE. These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Conversational AI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Conversational AI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.