Text-based NLP - Australia | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$146.40m 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$589.00m 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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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.

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).

The Text-based NLP market in Australia is experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing focus on language processing, and the convenience of online services. This growth is impacted by the country's high health awareness and advancements in digital health solutions.

Customer preferences: With the growing use of social media and the rise of online communication, there has been a significant increase in the demand for sentiment analysis and text classification tools within the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Australia. This trend is driven by the need for businesses to accurately understand and analyze consumer opinions and behavior on various platforms. Additionally, there is a growing preference for personalized and targeted marketing strategies, leading to the adoption of advanced NLP technologies for better customer engagement and retention.

Trends in the market: In Australia, 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 need for businesses to streamline customer service processes and provide immediate responses to inquiries. Additionally, there is a growing adoption of sentiment analysis tools, allowing companies to better understand customer feedback and sentiment towards their products and services. These trends are expected to continue, with the potential for increased integration of NLP technology in various industries, such as healthcare and finance. This presents opportunities for industry stakeholders to capitalize on the growing demand for NLP solutions and stay ahead of competitors in the market.

Local special circumstances: In Australia, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market has been greatly influenced by the country's strong focus on innovation and technology. The government has invested heavily in AI research and development, creating a favorable environment for NLP companies to thrive. Additionally, the country's diverse population and multilingual society have led to a high demand for NLP solutions that can cater to different languages and dialects. Moreover, Australia's strict data privacy regulations have also shaped the market, with an increased emphasis on ethical and transparent use of NLP technology.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Australia is heavily impacted by macroeconomic factors such as the country's strong investment in AI technology and favorable regulatory environment. With a growing demand for advanced AI solutions across various industries, Australia's robust economy and stable fiscal policies have created a conducive environment for market growth. Additionally, the country's investment in research and development, as well as its skilled workforce, have further propelled the growth of the Text-based NLP Market within the larger AI market. Furthermore, Australia's strong economic performance and growing digital infrastructure have also contributed to the market's growth, enabling the adoption of advanced NLP technologies in various sectors such as healthcare, finance, and customer service.

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.

Text-based NLP - Australia

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