Natural Language Processing - Austria

The market size in the Natural Language Processing market is projected to reach US$179.60m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 27.54%, resulting in a market volume of US$773.10m by 2030.
In global comparison, the largest market size will be United States (US$9.71bn in 2024).

Definition:
Natural language processing (NLP) is a branch of artificial intelligence that focuses on the interaction between human language and computers. Natural language processing tools analyze, understand, and generate written, oral, and visual formats of human language. The Natural Language Processing (NLP) market has relevance for the healthcare, finance, and e-commerce industries in the areas of sentiment analysis, chatbots, and language translation.

Structure:

The Natural Language Processing (NLP) market has three markets. The Text-Based NLP market covers applications that analyze written forms of language. The Speech-Based NLP market covers applications that interpret and understand spoken language. The Language Translation NLP market covers applications that convey the content and meaning of a text from one language into another language.

Additional Information:

The market comprises two key performance indicators: market sizes, and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Amazon Web Services (AWS), Microsoft Azure Cognitive Services, and Google.

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Natural language processing tools such as chatbots, virtual assistants, and sentiment analysis that enable machines to understand, interpret, and generate human languages.

Non-artificial intelligence applications such as spell checking and grammar correction, which do not involve semantic analysis or machine learning.

The Artificial Intelligence market in Austria is witnessing significant growth, driven by the increasing adoption of digital technologies, growing health awareness, and convenience of online health services. Factors such as the average growth rate and sub-markets like Text-based NLP, Speech-based NLP, and Language translation NLP are impacting this growth.

Customer preferences: Consumers in Austria are increasingly relying on Natural Language Processing (NLP) technology for efficient communication and information retrieval. This trend is driven by the growing demand for personalized and seamless user experiences. As a result, businesses are investing in NLP solutions to enhance customer engagement and improve overall satisfaction. Additionally, the rise in multilingual NLP capabilities caters to the diverse linguistic needs of the Austrian population, further driving the adoption of NLP technology. This shift towards NLP is also influenced by the increasing integration of voice assistants and chatbots in daily activities, such as shopping, banking, and entertainment. These advancements in NLP technology are expected to shape the future of consumer interactions and decision-making processes.

Trends in the market: In Austria, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge in demand for chatbots and virtual assistants. This trend is driven by the increasing use of conversational interfaces in customer service and support, as well as the rise of voice-activated devices. With the growing adoption of these technologies, there is a strong trajectory for further advancements in Natural Language Processing. This has significant implications for industry stakeholders, as it opens up opportunities for more efficient and personalized communication with customers. However, it also raises concerns around data privacy and the need for ethical guidelines in the development of AI-driven NLP solutions.

Local special circumstances: In Austria, the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on innovation and technology. The government's support for research and development in this field has encouraged a thriving startup ecosystem, attracting international players to invest and collaborate. Additionally, the country's multilingual population has created a demand for NLP solutions that can effectively process multiple languages. The regulatory landscape is also favorable, with clear guidelines and regulations in place to ensure ethical and responsible use of AI in various industries.

Underlying macroeconomic factors: The Natural Language Processing Market within the Artificial Intelligence Market in Austria is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable economic conditions and strong investment in AI technologies are experiencing faster market growth compared to regions with economic challenges and limited funding for research. Additionally, the increasing demand for automation and efficiency across various industries is driving the adoption of NLP solutions, further fueling market growth.

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.

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Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Natural Language Processing - Austria

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Natural Language Processing - Austria

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts