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Natural Language Processing - Estonia

Estonia
  • The market size in the Natural Language Processing market is projected to reach US$14.47m 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$62.29m 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Estonia is witnessing substantial growth, driven by the adoption of digital technologies, rising health awareness, and convenience of online health services. The overall market is growing at an average rate, influenced by factors such as advancements in Text-based, Speech-based, and Language translation NLP sub-markets.

    Customer preferences:     As the demand for efficient and accurate language translation services continues to grow, the Natural Language Processing Market within the Artificial Intelligence Market in Estonia is seeing a rise in the use of AI-powered language translation tools. This trend is driven by the increasing global interconnectedness and the need for seamless communication across languages. Additionally, the rising adoption of virtual assistants for language translation is also contributing to the market growth, as individuals and businesses seek more convenient and accessible solutions for language barriers.

    Trends in the market:     In Estonia, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge in demand for chatbots and virtual assistants. These technologies are being used in customer service, healthcare, and banking industries to improve efficiency and customer experience. Additionally, there is a growing trend of using NLP for sentiment analysis and social media monitoring for market research. This trend is expected to continue as companies look for ways to better understand and engage with their customers. This presents significant opportunities for industry stakeholders to capitalize on this growing market and offer innovative NLP solutions.

    Local special circumstances:     In Estonia, the Natural Language Processing market within the Artificial Intelligence Market is seeing significant growth due to the country's high level of digitalization and tech-savvy population. Additionally, the government's focus on developing a digital society has created a favorable environment for AI-based solutions. Moreover, the country's small size and tech-friendly regulations allow for quick adoption and implementation of NLP technology in various industries such as healthcare, finance, and customer service.

    Underlying macroeconomic factors:     The Natural Language Processing Market within the Artificial Intelligence Market in Estonia is heavily influenced by macroeconomic factors such as advancements in technology, government policies, and investment in infrastructure. Countries with supportive regulatory environments and robust investments in NLP technologies are experiencing significant growth in the market. Furthermore, the rising prevalence of chronic diseases and aging population globally are driving the demand for NLP solutions to improve healthcare access and outcomes. As Estonia continues to prioritize digital innovation and invest in its healthcare infrastructure, the NLP market is expected to grow steadily in the coming years.

    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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