Natural Language Processing - Hungary

The market size in the Natural Language Processing market is projected to reach US$68.63m 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$295.50m 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 Hungary is witnessing significant growth, fueled by factors such as increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. The average growth rate is impacted by the demand for text-based, speech-based, and language translation NLP sub-markets.

Customer preferences: As the use of artificial intelligence continues to grow in Hungary, the Natural Language Processing Market is experiencing a surge in demand for advanced language understanding and communication solutions. This can be attributed to the rising popularity of voice assistants, chatbots, and machine translation tools, as well as the increasing need for efficient data processing and analysis in various industries. Additionally, with the country's tech-savvy population and strong government support for AI development, the market is expected to witness further growth and innovation in the coming years.

Trends in the market: In Hungary, the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for chatbots and virtual assistants in industries such as banking, healthcare, and customer service. This trend is expected to continue with the government's focus on digital transformation and the adoption of AI technologies. Additionally, there is a growing trend towards incorporating NLP into mobile applications, allowing for more efficient and personalized interactions with users. This presents significant opportunities for industry stakeholders, including increased efficiency and cost savings, improved customer satisfaction, and the potential for new revenue streams. However, there may also be challenges, such as ensuring data privacy and addressing potential biases in NLP algorithms. As the market continues to grow, it will be crucial for stakeholders to stay informed and adapt to the evolving landscape of NLP within the AI market in Hungary.

Local special circumstances: In Hungary, the Natural Language Processing Market within the Artificial Intelligence Market is experiencing growth due to the country's technological advancements and strong government support. Additionally, the market is influenced by the high demand for efficient language processing solutions in the Hungarian language, as well as the country's strict data privacy laws. These factors contribute to a unique market dynamic, with a focus on developing localized NLP solutions to cater to the specific needs of the Hungarian market.

Underlying macroeconomic factors: The Natural Language Processing Market within the Artificial Intelligence Market in Hungary is greatly influenced by macroeconomic factors such as technological advancements, government support, and investments in digital infrastructure. Countries with supportive regulatory frameworks and strong investments in AI technologies are experiencing rapid market growth, while regions with regulatory barriers and limited funding are facing slower growth. Furthermore, the rising prevalence of chronic diseases and aging population globally are increasing the demand for AI-based solutions to enhance healthcare access and outcomes.

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 - Hungary

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Natural Language Processing - Hungary

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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

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