Text-based NLP - Greece | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$18.85m 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$75.84m 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 Text-based NLP market in Greece is seeing mild growth, influenced by the adoption of AI and the increasing demand for online health services. This is driven by the country's growing health awareness and the convenience of digital technologies.

Customer preferences: The demand for text-based NLP solutions is on the rise in Greece, as consumers are increasingly valuing convenience and efficiency in their daily interactions. This has led to a surge in demand for virtual assistants and chatbots, which provide quick and personalized responses to customer queries. Additionally, with the increase in online shopping and e-commerce, there is a growing need for accurate and efficient language translation tools to facilitate cross-border transactions. This trend is likely to continue as Greece embraces the digital age and seeks to enhance its global presence.

Trends in the market: In Greece, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in demand for automated customer service solutions. This trend is driven by the need for businesses to streamline their customer support processes and reduce costs. Additionally, there is a growing interest in machine learning-based sentiment analysis to improve customer engagement and satisfaction. This trend is expected to continue, with more companies adopting NLP solutions to enhance their customer experience and gain a competitive edge in the market. The implications of this trend for industry stakeholders include increased efficiency, improved customer satisfaction, and potential cost savings.

Local special circumstances: In Greece, 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 tourism and hospitality industries. With a significant influx of visitors each year, there is a growing demand for advanced language translation and sentiment analysis tools to cater to diverse customer needs. Additionally, the country's strict data privacy laws and regulations have prompted the development of secure and compliant NLP solutions, further shaping the market landscape.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Greece is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. With the Greek government's focus on promoting AI innovation and digital transformation, the market is expected to see significant growth in the coming years. However, the country's struggling economy and high unemployment rates may pose challenges for market growth, as businesses may be hesitant to invest in advanced AI technologies. Additionally, the increasing demand for personalized and efficient customer service across industries is driving the adoption of text-based NLP solutions, creating opportunities for market growth in Greece.

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 - Greece

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