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Natural Language Processing - Morocco

Morocco
  • The market size in the Natural Language Processing market is projected to reach US$49.91m 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$214.90m 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.
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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 Morocco is experiencing steady growth, driven by increasing adoption of AI technologies, rising health awareness, and the convenience of online services. The average growth rate is impacted by factors such as government initiatives, technological advancements, and the demand for language translation NLP.

    Customer preferences:     In Morocco, the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a growing demand for language translation and sentiment analysis solutions. This can be attributed to the country's diverse population and the need for effective communication across various languages. Additionally, there is a rising interest in chatbot technology, as it offers a convenient and personalized way for businesses to engage with their customers. This trend is likely to continue as more companies look for ways to improve customer experience and efficiency in their operations.

    Trends in the market:     In Morocco, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge as businesses and organizations seek to improve their communication and customer service through chatbots and virtual assistants. This trend is expected to continue as AI technology becomes more advanced and accessible. This shift towards automation and language processing has significant implications for stakeholders, including increased efficiency and cost savings. It also presents opportunities for companies to enhance their customer experience and gain a competitive edge in the market.

    Local special circumstances:     In Morocco, the Natural Language Processing market is experiencing growth due to the country's increasing focus on technology and innovation. The government's initiatives to promote digital transformation and attract foreign investment have created a conducive environment for the development of the Artificial Intelligence market. Additionally, the country's unique mix of French, Arabic, and Berber languages presents opportunities for NLP solutions that can cater to multiple languages. Furthermore, cultural norms and preferences for voice-based interactions may drive the demand for speech recognition technologies.

    Underlying macroeconomic factors:     The Natural Language Processing Market within the Artificial Intelligence Market in Morocco is heavily impacted by macroeconomic factors such as government policies, technological advancements, and investment in research and development. As the country's economy continues to grow and diversify, there is a growing demand for advanced AI solutions, including NLP, to improve business processes and enhance customer experiences. Additionally, the increasing adoption of digital technologies and the growing population of tech-savvy individuals are creating a conducive environment for the growth of the NLP market in Morocco. Moreover, the government's initiatives to promote AI and digital transformation are further driving the market 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.

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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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