Skip to main content
  1. Market Insights
  2. Technology
  3. Artificial Intelligence

Natural Language Processing - Hong Kong

Hong Kong
  • The market size in the Natural Language Processing market is projected to reach US$137.20m 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$590.60m 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.

For more information on the data displayed, use the info button right next to the boxes.

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

Artificial Intelligence

Related markets:
Artificial Intelligence: in-depth market analysis - Cover

Market Insights report

Artificial Intelligence: in-depth market analysis

Study Details
    methodology

    Download PDF

    FAQs and more info on the methodology

    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 Hong Kong has witnessed significant growth in the Natural Language Processing (NLP) sector, driven by factors such as increasing adoption of digital technologies, growing health awareness, and convenience of online health services. The market is experiencing average growth, influenced by factors such as technological advancements, government initiatives, and collaborations between healthcare and technology companies.

    Customer preferences:     With the rise of digital communication and virtual interactions, there has been a growing demand for natural language processing technology in Hong Kong. This technology enables seamless communication between individuals speaking different languages, thus facilitating cross-cultural exchanges. Additionally, there is a growing need for personalized and efficient customer service, which has led to the adoption of chatbots and virtual assistants powered by natural language processing. As the population becomes more diverse and globalized, the use of this technology is expected to continue to grow.

    Trends in the market:     In Hong Kong, the Natural Language Processing market is experiencing a surge in demand for chatbot technology, as businesses seek to automate customer service and improve response times. This trend is expected to continue, driven by the city's rapidly growing e-commerce sector and the need for efficient communication with customers. Additionally, there is a noticeable shift towards sentiment analysis tools, as companies seek to better understand and respond to customer feedback in real-time. This trend is significant as it highlights the importance of leveraging NLP technology to improve customer satisfaction and strengthen brand reputation. As the use of NLP continues to evolve and expand in Hong Kong, industry stakeholders can expect to see an increase in the integration of advanced NLP features, such as voice recognition and translation, into existing platforms and applications. This will not only provide a more seamless and efficient user experience, but also open up new opportunities for businesses to tap into global markets and reach a wider audience.

    Local special circumstances:     In Hong Kong, the Natural Language Processing market is experiencing rapid growth due to the high adoption of technology and digitalization in the country. The government's initiatives for promoting AI and machine learning have also played a significant role in the market's expansion. Moreover, the city's international status as a financial hub has attracted several global players in the market. However, the strict data privacy laws in Hong Kong have led to challenges for AI companies dealing with sensitive data.

    Underlying macroeconomic factors:     The Natural Language Processing market in Hong Kong is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Hong Kong's strong economy and government support for innovation have created a favorable environment for the growth of the AI market. Additionally, the increasing demand for AI solutions in various industries, coupled with the country's highly educated workforce, further drives the growth of the NLP market in Hong Kong. Moreover, the rising adoption of AI by businesses and the government to improve operational efficiency and decision-making processes also contribute to the market's growth.

    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.

    Technology

    Access more Market Insights on Technology topics with our featured report

    Artificial Intelligence: in-depth market analysis - BackgroundArtificial Intelligence: in-depth market analysis - Cover

    Key Market Indicators

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

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Artificial intelligence (AI) worldwide - statistics & facts

    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.
    More data on the topic
    Size of the AI market in 2024
    184bn U.S. dollars
    Generative AI market size 2023
    44bn U.S. dollars
    Largest ML market globally
    United States

    Explore more high-quality data on related topic

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

    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.
    More data on the topic
    AI market size U.S. 2023
    87bn USD
    Growth of the AI market in the United States 2023
    64%
    Generative AI market size U.S. 2023
    16bn USD

    Contact

    Get in touch with us. We are happy to help.