Natural Language Processing - South Korea

The market size in the Natural Language Processing market is projected to reach US$638.20m 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$2.75bn 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 Natural Language Processing market in South Korea is seeing a rise in demand, fueled by factors such as increasing AI adoption, growing health awareness, and convenience of online services. The market is growing at an average rate, influenced by emerging sub-markets and advancements in technology.

Customer preferences: Consumers in South Korea are increasingly relying on Natural Language Processing (NLP) technology to enhance their digital experiences. With the rise of smart devices and virtual assistants, there is a growing demand for NLP-based solutions that can understand and respond to Korean language inputs. This trend is also fueled by the country's strong tech culture and high internet penetration rates. Furthermore, the aging population in South Korea is driving the need for NLP-powered healthcare solutions that can facilitate communication between seniors and caregivers. As a result, companies are investing in NLP research and development to cater to this growing market.

Trends in the market: In South Korea, the Natural Language Processing market within the Artificial Intelligence market is experiencing a surge in demand for chatbot technology. This trend is being driven by the increasing adoption of chatbots in various industries, such as banking, retail, and healthcare. Additionally, there is a growing focus on developing chatbots that can understand and respond to Korean language, further driving the market growth. As this trend continues, it is expected to have a significant impact on the customer service and communication strategies of businesses. It also presents opportunities for companies specializing in NLP technology to expand their operations and offerings in the South Korean market.

Local special circumstances: In South Korea, the Natural Language Processing Market within the Artificial Intelligence Market has been driven by the country's strong technology infrastructure and high adoption rate of new technologies. The government's focus on promoting AI research and development has also played a significant role in the growth of the market. Additionally, the country's unique culture, which values efficiency and convenience, has led to the widespread use of AI-powered virtual assistants in various industries. The strict data privacy regulations in South Korea have also influenced the development of NLP technologies, ensuring a high level of trust and security for consumers.

Underlying macroeconomic factors: The growth of the Natural Language Processing market in South Korea is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. With South Korea being one of the most technologically advanced countries in the world, there is a strong emphasis on innovation and adoption of cutting-edge technologies. Additionally, the government has implemented policies and initiatives to promote the use of artificial intelligence and drive growth in the market. Furthermore, the increasing demand for efficient and accurate language processing solutions, coupled with the growing use of NLP in various industries, is fueling the market's growth.

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 - South Korea

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Natural Language Processing - South Korea

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

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Key Market Indicators

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