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Text-based NLP - EMEA

EMEA
  • The market size in the Text-based NLP market is projected to reach US$2.43bn 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$9.79bn 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: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The NLP market in EMEA nan is experiencing mild growth, driven by factors such as increasing adoption of AI and digital technologies, growing awareness of the importance of language processing, and the convenience of online services. This growth is impacted by the region's focus on technological advancements and the need for efficient communication in various industries.

    Customer preferences:     With the growing adoption of digital assistants and voice-based search, there is a shift towards more conversational and intuitive interactions between consumers and technology. This has led to an increased demand for text-based NLP solutions that can accurately process and understand natural language inputs. Additionally, the rising emphasis on personalized and contextualized experiences has also fueled the need for advanced text-based NLP capabilities in areas such as customer service and marketing. As a result, companies are investing in developing innovative text-based NLP solutions to cater to these evolving consumer preferences.

    Trends in the market:     In EMEA, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for sentiment analysis tools, as companies seek to understand customer opinions and sentiments in real-time. This trend is expected to continue as businesses prioritize customer experience and rely on NLP technology to gain insights from unstructured data. Additionally, there is a growing focus on multilingual NLP solutions in the region, with the aim to cater to diverse language needs and expand into global markets. These developments have significant implications for industry stakeholders, as they must adapt to changing market dynamics and invest in advanced NLP capabilities to stay competitive.

    Local special circumstances:     In EMEA, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the growing adoption of AI technologies in various industries, such as finance, healthcare, and retail. Additionally, the region's strict data privacy regulations have led to the development of advanced NLP solutions that prioritize user privacy. Moreover, cultural diversity in the region has resulted in the demand for multilingual NLP solutions, catering to the various languages spoken in different countries. These unique factors contribute to the dynamic growth of the market in EMEA.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in EMEA is influenced by macroeconomic factors such as technological advancements, government initiatives for digital transformation, and strong investment in AI research and development. Countries with supportive regulatory environments and robust investment in AI are experiencing rapid market growth, while regions with regulatory hurdles and limited funding are facing slower adoption. Moreover, the increasing demand for automation and efficiency in various industries, along with the rising need for personalized customer experiences, are driving the demand for text-based NLP solutions in the region. The economic stability and growth in the EMEA region, along with the presence of major players in the AI market, are also contributing to the overall growth of the Text-based NLP Market within the Artificial Intelligence Market.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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