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Natural Language Processing - Greece

Greece
  • The market size in the Natural Language Processing market is projected to reach US$83.59m 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$359.80m 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 Natural Language Processing market in the Artificial Intelligence market of Greece is growing steadily driven by factors such as increasing adoption of digital technologies, rising health awareness, and convenience of online health services. The market has an average growth rate influenced by the Text-based NLP, Speech-based NLP, and Language translation NLP sub-markets.

    Customer preferences:     With the rise of online and remote work, there has been a growing demand for efficient and accurate communication tools. This has led to an increased interest in Natural Language Processing (NLP) technology, which enables computers to understand and respond to human language. Additionally, there has been a shift towards personalized and conversational interactions, driving the adoption of NLP-powered chatbots and virtual assistants. This trend is further fueled by the increasing use of voice-enabled devices and the need for efficient communication in multilingual environments.

    Trends in the market:     In Greece, the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice recognition technology. This trend is driven by the increasing use of virtual assistants in customer service and the growing popularity of smart home devices. As the technology continues to improve, it is expected to have a significant impact on industries such as healthcare and education. For businesses, incorporating NLP into their operations can improve efficiency and customer experience. However, concerns over data privacy and potential job displacement are also emerging as potential implications for industry stakeholders.

    Local special circumstances:     In Greece, the Natural Language Processing market is on the rise due to the country's strong focus on research and development in the field of Artificial Intelligence. With a high concentration of universities and tech companies, Greece has become a hub for innovative NLP solutions. Additionally, the country's bilingual population presents unique challenges and opportunities for NLP technology to adapt and excel. The government's initiatives to foster AI innovation and attract foreign investments have also contributed to the growth of the NLP market in Greece.

    Underlying macroeconomic factors:     The growth of the Natural Language Processing market in Greece is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory environments and strong investment in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Moreover, the increasing demand for efficient data processing and analysis, especially in industries such as healthcare and finance, is driving the adoption of NLP solutions in Greece. This trend is further bolstered by the country's efforts to improve its digital infrastructure and promote the use of AI in various sectors.

    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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