Skip to main content
  1. Market Insights
  2. Technology
  3. Artificial Intelligence
  4. Natural Language Processing

Text-based NLP - Australia & Oceania

Australia & Oceania
  • The market size in the Text-based NLP market is projected to reach US$167.20m 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$672.70m 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.

For more information on the data displayed, use the info button right next to the boxes.

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).
Artificial Intelligence

Artificial Intelligence

Related markets:
Artificial Intelligence: in-depth market analysis - Cover

Market Insights report

Artificial Intelligence: in-depth market analysis

Study Details
    methodology

    Download PDF

    FAQs and more info on the methodology

    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 Australia & Oceania nan has been experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing demand for efficient language processing, and the convenience of online services. This growth rate is impacted by the region's tech-savvy population and the need for streamlined communication in various industries.

    Customer preferences:     In Australia & Oceania, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a growing demand for automated customer service solutions. This trend is driven by the increasing preference for self-service options among consumers, as well as the need for businesses to streamline their operations and reduce costs. Additionally, there has been a rise in the use of chatbots for personalized messaging and customer engagement, catering to the diverse cultural and linguistic backgrounds of the region.

    Trends in the market:     In Australia & Oceania, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing a surge in demand for automated translation services, as businesses look to expand their global reach. Additionally, there is a growing trend of using sentiment analysis to track customer feedback and improve marketing strategies. This trend is expected to continue as companies prioritize customer satisfaction and seek to gain a competitive edge in the market. These developments highlight the increasing importance of NLP in the region and its potential to revolutionize the way businesses communicate with their customers.

    Local special circumstances:     In Australia & Oceania, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is primarily driven by the increasing demand for advanced language processing technologies in various industries, such as healthcare, education, and finance. The region's diverse cultural and linguistic landscape presents unique challenges for NLP algorithms, leading to the development of innovative solutions tailored to local needs. Moreover, stringent data privacy regulations in Australia & Oceania have a significant impact on the adoption of NLP technologies, as companies must ensure compliance while harnessing the power of AI.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Australia & Oceania is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to those with regulatory challenges and limited funding. Additionally, the increasing demand for AI solutions in various industries, including healthcare, finance, and retail, is driving the growth of the market in the region. The steady economic growth and increasing adoption of AI technologies in Australia & Oceania are expected to further boost market growth in the coming years.

    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.

    Technology

    Access more Market Insights on Technology topics with our featured report

    Artificial Intelligence: in-depth market analysis - BackgroundArtificial Intelligence: in-depth market analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Artificial intelligence (AI) worldwide - statistics & facts

    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.
    More data on the topic
    Size of the AI market in 2024
    184bn U.S. dollars
    Generative AI market size 2023
    44bn U.S. dollars
    Largest ML market globally
    United States

    Explore more high-quality data on related topic

    Artificial intelligence (AI) in the U.S. - statistics & facts

    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.
    More data on the topic
    AI market size U.S. 2023
    87bn USD
    Growth of the AI market in the United States 2023
    64%
    Generative AI market size U.S. 2023
    16bn USD

    Contact

    Get in touch with us. We are happy to help.