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Text-based NLP - Eastern Europe

Eastern Europe
  • The market size in the Text-based NLP market is projected to reach US$232.60m 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$936.10m 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 growth of the Text-based NLP Market in Eastern Europe is being driven by the increasing adoption of artificial intelligence, growing awareness of the benefits of natural language processing, and the convenience of online language processing services. Despite a mild growth rate, factors such as government initiatives and investments in AI research are impacting this growth.

    Customer preferences:     The Text-based NLP market in Eastern Europe is experiencing a surge in demand due to the growing importance of multilingual communication in the region. This is driven by the increasing trend of businesses expanding their operations globally and the need for effective communication with international clients. Additionally, there is a growing preference for voice-based communication and chatbots, as they offer a more personalized and efficient way of interacting with customers. The rise of social media and the need for sentiment analysis in multiple languages is also contributing to the growth of the Text-based NLP market in Eastern Europe.

    Trends in the market:     In Eastern Europe, the Text-based NLP market of the Natural Language Processing market within the Artificial Intelligence market is experiencing a rapid growth, driven by the increasing use of chatbots and virtual assistants in customer service and support. This trend is expected to continue as businesses seek to improve their customer interactions and reduce costs. Additionally, there is a rising demand for sentiment analysis and social media monitoring tools, as companies look to understand consumer opinions and behavior. These developments indicate a strong potential for growth and innovation in the region, presenting opportunities for industry stakeholders to expand their offerings and tap into this emerging market.

    Local special circumstances:     In Eastern Europe, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is on the rise due to the region's growing tech-savvy population and increasing investments in AI technology. Furthermore, the presence of a large number of international companies in the region has created a competitive market for NLP solutions. Moreover, the region's stringent data privacy regulations have led to the development of advanced NLP tools that comply with these laws, further driving market growth.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is impacted by various macroeconomic factors in Eastern Europe. These include the overall economic conditions of the region, government policies and regulations, and investment in technology and infrastructure. Countries with strong economic growth, favorable regulatory environments, and significant investments in AI and NLP technologies are experiencing faster market growth compared to countries with weaker economies and limited investments. The increasing adoption of AI and NLP solutions in various industries, such as healthcare, finance, and customer service, is also driving market growth in Eastern Europe. Additionally, the region's diverse linguistic landscape presents a significant opportunity for NLP technology providers to cater to the specific language needs of different countries. Overall, the region's economic and technological development is expected to drive the growth of the Text-based NLP Market within the Artificial Intelligence Market in Eastern Europe.

    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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