Text-based NLP - Hong Kong | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$30.93m 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$124.50m 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 within the Artificial Intelligence Market in Hong Kong is experiencing mild growth, influenced by factors like increasing demand for digital solutions, growing health consciousness among consumers, and the convenience of online health services. This has led to a significant rise in the market's growth rate.

Customer preferences: The increasing use of social media and digital communication platforms in Hong Kong has led to a growing demand for text-based NLP solutions in the Artificial Intelligence market. This trend is driven by the need for accurate and efficient language translation services, as well as the popularity of chatbots for customer service. Additionally, there is a growing preference for personalized and tailored experiences, which has led to the development of AI-driven content curation and recommendation engines. These shifts reflect the changing consumer preferences and lifestyle factors in Hong Kong's dynamic and tech-savvy market.

Trends in the market: In Hong Kong, the Text-based NLP market is experiencing a surge in demand for chatbot technology, which uses natural language processing to engage with customers and provide personalized services. This trend is significant as it allows businesses to streamline customer interactions and improve customer satisfaction. Furthermore, the use of NLP in chatbots has implications for industry stakeholders as it can reduce operational costs and increase efficiency. Additionally, there is a growing interest in NLP-powered sentiment analysis, which can help businesses better understand customer feedback and make data-driven decisions.

Local special circumstances: In Hong Kong, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the city's unique position as a global financial hub with a highly educated population. This translates to a high demand for sophisticated NLP solutions in the finance and banking sectors. Additionally, the city's dense population and fast-paced lifestyle drive the need for efficient and accurate language processing in various industries, such as e-commerce and customer service. Moreover, the government's favorable policies and support for AI technology adoption have contributed to the growth of the NLP market in Hong Kong.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Hong Kong is also impacted by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Hong Kong's strong financial sector and favorable regulatory environment for AI development have attracted significant investments, driving market growth. Additionally, the increasing demand for AI solutions in industries such as finance, healthcare, and retail, coupled with the rise in data-driven decision-making, is fueling the adoption of text-based NLP technology in the country.

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 - Hong Kong

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