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Text-based NLP - APAC

APAC
  • The market size in the Text-based NLP market is projected to reach US$2.97bn 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$11.96bn 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: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Text-based NLP market in APAC has been steadily growing, driven by factors such as increasing AI adoption, growing demand for NLP in healthcare, and the convenience of online services. Despite a mild growth rate, factors like regulatory challenges and language barriers are impacting this market's growth.

    Customer preferences:     The adoption of chatbots for customer service and virtual assistants has increased in APAC, driven by the region's tech-savvy population and the rise of e-commerce platforms. As consumers become more comfortable with text-based interactions, businesses are investing in NLP solutions to improve customer engagement and streamline processes. This trend is further fueled by the cultural value of efficiency and convenience, as well as the growing demand for personalized and seamless experiences.

    Trends in the market:     In APAC, the Text-based NLP market within the Natural Language Processing Market is experiencing a surge in demand for chatbots and virtual assistants across various industries. This trend is driven by the increasing adoption of AI technologies and the need for improved customer service and engagement. As companies seek to enhance their customer interactions, the use of NLP-powered chatbots is expected to continue to grow. Additionally, the rise of e-commerce and digital payment platforms in the region is further driving the demand for text-based NLP solutions for sentiment analysis and customer feedback. This trend is expected to have significant implications for industry stakeholders, as it presents opportunities for companies to improve their customer experience and gain a competitive edge. Moreover, the trajectory of this trend is expected to continue upwards, as AI-powered chatbots and virtual assistants become more advanced and integrated into various business functions.

    Local special circumstances:     In China, the Text-based NLP Market within the Artificial Intelligence Market is rapidly expanding due to the country's large population and high demand for intelligent virtual assistants and language translation services. Additionally, the Chinese government's initiatives to promote AI development and its strong presence in the tech industry have contributed to the growth of the market. However, strict regulations on data privacy and censorship may pose challenges for foreign NLP companies entering the market.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in APAC is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with supportive regulatory environments and strong investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. The increasing adoption of AI in various industries and the growing demand for AI-powered solutions to improve business efficiency are also contributing to the growth of the Text-based NLP Market in APAC. Additionally, the region's increasing focus on digital transformation and the growing tech-savvy population are creating a favorable market landscape for AI-based technologies.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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