Natural Language Processing - New Zealand

The market size in the Natural Language Processing market is projected to reach US$92.28m 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$397.20m 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 New Zealand is witnessing significant growth, driven by increasing adoption of digital technologies, growing health awareness, and convenience of online health services. The market's average growth rate is impacted by various factors including the sub-markets of Text-based NLP, Speech-based NLP, and Language translation NLP.

Customer preferences: In New Zealand, the Natural Language Processing (NLP) market within the Artificial Intelligence market is experiencing a rise in demand for NLP-powered virtual assistants and chatbots. This is driven by the growing adoption of digital communication channels and the need for personalized and efficient customer service. Additionally, with the country's diverse population and official recognition of three languages, NLP solutions are increasingly being developed to cater to the unique linguistic needs of the local market. Furthermore, the rising trend of remote work and virtual collaboration is also fueling the demand for NLP technologies to improve team communication and productivity.

Trends in the market: In New Zealand, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge in demand for chatbots and virtual assistants in various industries, such as customer service, healthcare, and banking. This trend is driven by the need for efficient and personalized communication with customers, as well as the increasing adoption of AI technology in business operations. As the market continues to grow, there is a significant focus on integrating natural language understanding and machine learning to enhance the capabilities of these virtual assistants. This presents opportunities for industry stakeholders to capitalize on the growing demand for AI-driven communication solutions and stay ahead of the competition. Additionally, the rise of voice-based assistants and the integration of NLP in smart home devices is expected to further boost the market's trajectory.

Local special circumstances: In New Zealand, the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's small population and unique cultural and geographical factors. The market has seen growth due to the government's focus on digital transformation and the country's high internet penetration. Additionally, New Zealand's diverse population and its strong ties to the English language have paved the way for the adoption of natural language processing technologies in various industries, such as healthcare and retail. The market is also driven by the increasing demand for personalized and efficient customer service, leading to the use of chatbots and virtual assistants in businesses.

Underlying macroeconomic factors: The Natural Language Processing Market within the Artificial Intelligence Market in New Zealand is greatly impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. The country's stable economic status, as well as its supportive regulatory environment, have contributed to the growth of the market. Additionally, the increasing demand for efficient and accurate language processing solutions, especially in industries such as healthcare, finance, and customer service, has also fueled the growth of the market in New Zealand. Furthermore, the growing adoption of AI-based technologies in various sectors and the increasing need for automation and digital transformation are expected to drive the market's growth in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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 - New Zealand

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Natural Language Processing - New Zealand

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

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Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

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