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Text-based NLP - Eastern Asia

Eastern Asia
  • The market size in the Text-based NLP market is projected to reach US$2.14bn 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$8.62bn 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).
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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 Eastern Asia is experiencing mild growth due to the increasing adoption of Artificial Intelligence and the convenience of online services. Rising health awareness among consumers is also impacting this growth rate. This trend is expected to continue as the region continues to invest in digital technologies.

    Customer preferences:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Eastern Asia is experiencing a rise in demand for AI-powered language translation and communication tools. This is fueled by the increasing need for cross-cultural communication and collaboration, as businesses expand globally. Additionally, there is a growing preference for personalized and conversational interactions, leading to the adoption of chatbots and virtual assistants. This trend is also influenced by the cultural value placed on efficient and timely communication.

    Trends in the market:     In Eastern Asia, 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 is driven by the increasing adoption of chatbots in customer service, marketing, and healthcare industries. Moreover, there is a growing trend of integrating NLP technology into virtual assistants, making them more efficient in understanding and responding to user queries. This trend is expected to continue as companies seek to improve their customer engagement and streamline business processes through AI-powered chatbots. This presents significant opportunities for industry stakeholders to tap into this market and cater to the growing demand for text-based NLP solutions in Eastern Asia.

    Local special circumstances:     In Eastern Asia, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the region's advanced technological infrastructure and high internet adoption rates. Additionally, cultural values, such as the emphasis on efficiency and accuracy, drive the demand for NLP solutions in industries like finance and healthcare. Furthermore, strict data privacy regulations and government support for AI development have created a favorable environment for the market's growth.

    Underlying macroeconomic factors:     The growth of the Text-based NLP market within the Artificial Intelligence market in Eastern Asia 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 artificial intelligence technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI-powered solutions and the growing demand for automation in various industries are driving the growth of the Text-based 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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