Text-based NLP - Austria | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$40.49m 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$162.90m 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 Natural Language Processing market in Austria is seeing moderate growth, fueled by factors like the increasing use of AI and the growing demand for text-based NLP services. This growth is primarily influenced by the rising adoption of digital technologies and the growing awareness of the importance of NLP in the healthcare industry. Online health services are also contributing to this steady growth rate.

Customer preferences: With the growing use of text-based communication, there has been a rise in the demand for natural language processing tools in Austria. This trend is driven by the increased need for efficient and accurate language translation, sentiment analysis, and chatbot integration. Additionally, the country's diverse population has led to a demand for NLP solutions that can cater to multiple languages and dialects. Moreover, the shift towards remote work and virtual communication has further accelerated the adoption of text-based NLP, as businesses seek to streamline their online interactions and improve customer engagement.

Trends in the market: In Austria, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing a surge in demand for chatbots and virtual assistants in customer service and sales. This trend is driven by the increasing need for businesses to efficiently handle large volumes of inquiries and interactions with customers. Additionally, there is a growing focus on utilizing NLP for sentiment analysis and social media monitoring to better understand customer preferences and behaviors. These developments are expected to have a significant impact on the market, with potential implications for industry stakeholders such as improved customer satisfaction, increased efficiency, and cost reduction.

Local special circumstances: In Austria, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on data privacy and protection. This has resulted in companies developing NLP solutions that comply with strict regulations, giving Austria a competitive edge in the market. Additionally, the country's highly skilled workforce and advanced technological infrastructure have contributed to the growth of the NLP market. Austria's strong emphasis on research and development in AI has also led to innovative NLP applications being developed for various industries, further driving market growth.

Underlying macroeconomic factors: The Text-based NLP Market within the Artificial Intelligence Market in Austria is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with advanced technological capabilities and strong government backing have a competitive advantage in this market, experiencing faster growth compared to those with limited resources and regulatory challenges. Furthermore, the rising demand for AI-based solutions in various industries, such as healthcare, finance, and customer service, is driving the growth of the Text-based NLP Market in Austria. This is due to the increasing need for efficient and accurate language processing and analysis to improve business operations and customer interactions.

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 - Austria

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