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Text-based NLP - Central & Western Europe

Central & Western Europe
  • The market size in the Text-based NLP market is projected to reach US$1.25bn 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$5.02bn 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 Central & Western Europe is experiencing mild growth due to factors such as increasing adoption of AI technologies, growing awareness of NLP's potential, and convenience of online services. This trend is impacted by technological advances and a shift towards digitalization in healthcare.

    Customer preferences:     As the adoption of digital technologies continues to increase in Central & Western Europe, consumers are placing greater emphasis on personalized and efficient communication. This has led to a rise in demand for text-based NLP solutions that can process and analyze large volumes of text data in real-time. Additionally, there is a growing interest in sentiment analysis and text classification tools, as businesses strive to better understand and cater to consumer preferences. This trend is fuelled by shifting demographics and changing lifestyle factors, such as the increasing use of social media and the rise of online shopping.

    Trends in the market:     In Central & Western Europe, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in the use of chatbots for customer service and support. This trend is driven by the increasing demand for efficient and personalized customer interactions. It also presents opportunities for cost savings and improved customer experience. However, concerns over privacy and data protection may hinder the adoption of these technologies. Additionally, the rise of voice-based assistants and the integration of NLP with analytics and machine learning are expected to further propel the growth of this market in the region.

    Local special circumstances:     In Central and Western Europe, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the region's strong focus on data privacy and protection. With the implementation of the General Data Protection Regulation (GDPR), companies must comply with strict data collection and processing regulations. This has led to the development of NLP solutions that prioritize data privacy and security, making the market unique compared to other regions. Additionally, the high demand for multilingual NLP solutions in this diverse region has driven innovation in the market, catering to the linguistic complexities of the region.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Central & Western Europe is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory frameworks and significant investments in AI technology are experiencing higher market growth compared to regions with regulatory hurdles and limited funding. Furthermore, the rising adoption of AI technologies in various industries and the increasing demand for advanced data analytics solutions are driving the growth of the NLP market 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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