Natural Language Processing - Portugal

The market size in the Natural Language Processing market is projected to reach US$96.13m 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$413.80m 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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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 Portugal is seeing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness of health benefits, and the convenience of online services. The NLP sub-markets, with an average growth rate, are also contributing to this growth, as they offer text-based, speech-based, and language translation capabilities. Factors impacting the growth rate include advancements in technology and the increasing demand for efficient and accurate language processing solutions.

Customer preferences: There has been a growing demand for AI-powered chatbots and virtual assistants in the Natural Language Processing market in Portugal. This trend is driven by the increasing adoption of digital communication channels and the need for personalized customer interactions. Additionally, the rise of digital transformation in various industries has led to a surge in demand for NLP solutions that can analyze large volumes of unstructured data and generate valuable insights for businesses. This shift towards AI-powered NLP solutions is also influenced by the need for efficient and cost-effective language translation services.

Trends in the market: In Portugal, the Natural Language Processing (NLP) market within the Artificial Intelligence (AI) industry is experiencing a surge in demand for chatbots and virtual assistants. This trend is driven by the increasing adoption of AI-powered customer service solutions by businesses to improve efficiency and customer experience. Additionally, there is a growing interest in NLP applications for social media monitoring and sentiment analysis. This trajectory is significant as it highlights the potential of NLP technology to transform customer interactions and inform business strategies. Industry stakeholders must stay updated on the latest advancements in NLP and invest in developing robust and accurate NLP solutions to stay competitive in the market.

Local special circumstances: In Portugal, the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on innovation and technological advancement. The government has implemented various initiatives to support and promote the development of AI technologies, creating a favorable environment for companies to thrive. Additionally, Portugal's strategic location and strong ties with both European and international markets make it an attractive hub for AI startups and research institutions. This, coupled with the country's high English proficiency and skilled workforce, further boosts the growth of the NLP market in Portugal.

Underlying macroeconomic factors: The growth of the Natural Language Processing Market within the Artificial Intelligence Market in Portugal is influenced by several macroeconomic factors. Technological advancements, regulatory support, and investment in digital infrastructure are crucial drivers of market growth. Portugal's strong focus on innovation and digital transformation, coupled with its favorable regulatory environment, is creating a conducive ecosystem for the adoption of NLP solutions. Additionally, the country's improving economic health and increasing investments in AI technologies are further propelling market growth. The rising demand for intelligent automation and data-driven decision making in various industries is also contributing to the growth of the NLP market in Portugal.

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 - Portugal

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

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Key Market Indicators

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Artificial intelligence (AI) worldwide - statistics & facts

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