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Text-based NLP - Africa

Africa
  • The market size in the Text-based NLP market is projected to reach US$154.50m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 26.12%, resulting in a market volume of US$621.80m by 2030.
  • In global comparison, the largest market size will be United States (US$2.19bn in 2024).

Definition:
The Text-Based Natural Language Processing (NLP) market covers tools that process and analyze human language in text form that include text classification, sentiment analysis, and language translation tools. The Text-based Natural Language Processing (NLP) market has relevance for the e-commerce, healthcare, and finance industries in the areas of customer service, content analysis, and fraud detection.

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 IBM.

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In-Scope

  • Text classification applications capable of sorting news articles into sports, politics, and/or business categories
  • Sentiment analysis tools for social media posts and product reviews.

Out-Of-Scope

  • Speech recognition tools (e.g., transcriptions of phone conversations, speeches
  • Image recognition tools (e.g,. identification of faces in photographs)
  • Audio or music processing tools (e.g., identification of songs/artists from audio clips).
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    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 Africa is experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing awareness of language processing, and the convenience of online services. This market's growth rate is impacted by a variety of factors, including government regulations and the availability of skilled professionals.

    Customer preferences:     As the use of digital platforms continues to grow in Africa, there has been a notable increase in demand for text-based NLP solutions that can cater to local languages and dialects. This trend is driven by the need for accurate and efficient communication in diverse markets, as well as the rising popularity of chatbots and virtual assistants in customer service and support. Additionally, the adoption of NLP-powered translation tools has seen a significant rise, enabling businesses to reach a wider audience and tap into new markets within the region.

    Trends in the market:     In Africa, there is a growing demand for text-based NLP solutions in various industries such as healthcare, banking, and customer service. This is driven by the increasing availability of internet connectivity and mobile devices. Companies are investing in NLP technologies to improve customer engagement, automate processes, and gain insights from large volumes of unstructured data. This trend is expected to continue as organizations recognize the potential of NLP in improving efficiency and decision-making. However, challenges such as lack of data and language diversity remain significant barriers to widespread adoption. Industry stakeholders must address these issues to fully leverage the benefits of NLP in the African market.

    Local special circumstances:     In Africa, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the continent's linguistic diversity and low internet penetration rates. This has led to the development of innovative solutions that cater to local languages and offline capabilities, such as speech recognition systems that can handle multiple African languages. Additionally, regulatory challenges and limited access to training data have created a unique environment for NLP companies to develop tailored solutions for the African market.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Africa is heavily influenced by macroeconomic factors such as government initiatives to promote digital transformation, technological advancements, and investment in infrastructure. Countries with strong economic growth and favorable regulatory environments are experiencing a higher demand for NLP solutions. Additionally, the continent's large and diverse population, coupled with the increasing adoption of digital technologies, is driving the growth of the NLP market in Africa. Furthermore, the rising need for data-driven decision-making and automation in various industries is also contributing to the market's expansion.

    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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