Natural Language Processing - Taiwan

The market size in the Natural Language Processing market is projected to reach US$289.90m 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$1.25bn 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 NLP market in Taiwan is witnessing significant growth, propelled by factors like the increasing use of digital technologies, growing health consciousness among individuals, and the convenience offered by online health services. This growth is attributed to the average growth rate of the overall artificial intelligence market in the country, influenced by the sub-markets of text-based NLP, speech-based NLP, and language translation NLP.

Customer preferences: Consumers in Taiwan are increasingly relying on Natural Language Processing (NLP) technology for enhanced communication with virtual assistants and chatbots. This trend is driven by the high demand for personalized and efficient customer service in various industries. Additionally, the rising adoption of smart home devices and voice-controlled assistants reflects the growing interest in NLP-based solutions for home automation. Moreover, the use of NLP in language learning apps and translation services is gaining popularity among Taiwanese consumers as they embrace technology to overcome language barriers.

Trends in the market: In Taiwan, there is a growing trend of using Natural Language Processing (NLP) in customer service and chatbot applications. NLP technology is being utilized by businesses to improve customer interactions and reduce costs. Additionally, there is a rise in the adoption of NLP in the healthcare sector, with applications such as voice recognition for medical documentation and patient data analysis. This trend is expected to continue, driven by the increasing demand for personalized and efficient services. Industry stakeholders can expect to see a rise in partnerships and collaborations between NLP providers and businesses, as well as government initiatives to support the development of NLP technology. This will have significant implications for the market, as it has the potential to transform customer service and healthcare delivery, leading to increased efficiency and improved customer satisfaction.

Local special circumstances: In Taiwan, the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's advanced technology infrastructure and high digital literacy rates. Additionally, the government's focus on developing AI technologies has led to a thriving market for NLP solutions. The market is further propelled by the country's diverse languages and dialects, requiring sophisticated NLP tools for accurate language processing. Taiwan's strict data privacy laws and regulations also play a significant role in shaping the market, with a strong emphasis on protecting user data.

Underlying macroeconomic factors: The Natural Language Processing Market within the Artificial Intelligence Market in Taiwan is greatly influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. The country's strong focus on innovation and its well-developed ICT sector have contributed to the growth of this market. Additionally, the high adoption rate of digital technologies in various industries, such as healthcare and finance, has created a demand for advanced NLP solutions. Furthermore, the government's push towards digital transformation and its investments in AI and big data initiatives have also played a significant role in driving the growth of the NLP market in Taiwan.

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 - Taiwan

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Technology

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