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Natural Language Processing - CIS

CIS
  • The market size in the Natural Language Processing market is projected to reach US$855.70m 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$3.68bn 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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In-Scope

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

Out-Of-Scope

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

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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Artificial Intelligence Market in CIS is witnessing significant growth due to factors such as increasing adoption of digital technologies, growing health consciousness among consumers, and the convenience of online health services. The average growth rate of the Natural Language Processing Market is driven by factors such as advancements in text-based, speech-based, and language translation NLP technologies. These sub-markets play a crucial role in the overall growth of the market in CIS.

    Customer preferences:     As technology continues to advance, consumers in the CIS and Natural Language Processing Market are increasingly turning to artificial intelligence solutions for language translation, text analysis, and speech recognition. This demand is driven by the need for efficient and accurate communication across diverse languages and cultures, as well as the growing popularity of virtual assistants and chatbots. Additionally, the incorporation of NLP in customer service and e-commerce is gaining traction, as companies strive to personalize interactions and streamline processes for their customers.

    Trends in the market:     In the CIS region, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge in demand for chatbots and virtual assistants, as companies look to improve customer service and reduce costs. This trend is expected to continue as businesses increasingly adopt AI technologies to enhance efficiency and streamline operations. Moreover, there is a growing interest in sentiment analysis and language translation tools, with potential implications for industries such as e-commerce, healthcare, and finance. As AI becomes more advanced and accessible, stakeholders in the region can expect to see increased competition and innovation in the Natural Language Processing market.

    Local special circumstances:     In the CIS region, the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the unique cultural and regulatory landscape. For instance, countries like Russia and Kazakhstan have a strong focus on developing their own language-specific NLP solutions, while Ukraine and Belarus prioritize collaborations with international companies. Additionally, the region's growing tech talent pool and governmental support for AI research and development have fueled the market's growth.

    Underlying macroeconomic factors:     The Natural Language Processing Market within the Artificial Intelligence Market in the CIS region is heavily influenced by macroeconomic factors such as advancements in technology, government policies, and investment in infrastructure. Countries with supportive regulatory environments and strong investments in AI technologies are experiencing rapid market growth, while those facing regulatory challenges and limited funding are lagging behind. Furthermore, the rising prevalence of chronic diseases and aging populations in the CIS region are driving the demand for NLP solutions to improve healthcare access and outcomes.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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