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Text-based NLP - ASEAN

ASEAN
  • The market size in the Text-based NLP market is projected to reach US$300.80m 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$1.21bn 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 Text-based NLP Market in ASEAN is experiencing mild growth due to the increasing adoption of AI and digital technologies, rising awareness of the benefits of NLP, and the convenience of online services. This growth is impacted by factors such as government initiatives, technological advancements, and the growing demand for efficient data analysis in various industries.

    Customer preferences:     There is a growing demand for text-based NLP solutions in ASEAN as consumers increasingly seek personalized and efficient communication with businesses. This trend is driven by the region's diverse cultural and linguistic landscape, as well as the growing adoption of digital technologies among younger demographics. Furthermore, the rise of e-commerce and online banking has created a need for advanced language processing capabilities to enhance customer interactions and streamline transactions.

    Trends in the market:     In ASEAN, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for chatbot technology. This trend is driven by the increasing need for automated customer service solutions in industries such as banking, retail, and healthcare. Additionally, there is a growing focus on multilingual chatbots to cater to the diverse population in the region. This trajectory is significant as it enhances customer experience and reduces operational costs for businesses. Industry stakeholders must keep pace with this trend to stay competitive in the market.

    Local special circumstances:     In ASEAN, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing significant growth due to the region's large and diverse population, as well as the increasing adoption of digital technologies. Additionally, the growing demand for personalized and efficient customer service in the region's burgeoning e-commerce and digital banking sectors is driving the use of NLP solutions. Moreover, the unique linguistic diversity in ASEAN poses a challenge for NLP technologies, with each language requiring specific algorithms and training data. These local factors heavily influence the market dynamics in ASEAN and present a lucrative opportunity for NLP solution providers to cater to the region's growing demand for AI-powered services.

    Underlying macroeconomic factors:     The growth of the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Moreover, the increasing adoption of AI in various industries, coupled with the rise in demand for automation and data-driven decision making, is fueling the growth of the market in the ASEAN region. Additionally, the growing awareness and acceptance of AI-based solutions among businesses and consumers are driving the market's growth in the region.

    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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