Text-based NLP - Hungary | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$15.47m 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$62.27m 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 Hungary is experiencing mild growth, driven by factors such as increasing adoption of AI, growing awareness of natural language processing, and the convenience of online language services. This market is expected to continue growing due to the increasing demand for AI solutions in various industries.

Customer preferences: As the demand for more efficient and accurate text-based NLP solutions continues to grow, there has been a notable shift towards AI-powered chatbots and virtual assistants in Hungary. This trend is driven by the rising need for personalized and convenient customer service, as well as the increasing use of messaging apps for communication. Additionally, there has been an emergence of voice-based NLP technology, catering to the growing preference for hands-free and natural language interactions.

Trends in the market: In Hungary, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for chatbots and virtual assistants. These technologies are being used in various industries, such as customer service, healthcare, and finance, to improve efficiency and enhance the user experience. Additionally, there is a growing trend of using NLP for sentiment analysis and social media monitoring, providing businesses with valuable insights into customer feedback and market trends. This trend is expected to continue in the coming years, with an increasing adoption of NLP solutions in various sectors. For industry stakeholders, this presents an opportunity to tap into a growing market and offer innovative NLP solutions to meet the evolving needs of businesses.

Local special circumstances: In Hungary, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's unique linguistic landscape. As a Finno-Ugric language, Hungarian poses challenges for NLP technologies, requiring specialized algorithms and data sets. Additionally, Hungary's strict data protection laws and regulations have a significant impact on the development and adoption of NLP solutions. The market is also shaped by the country's increasing investment in AI research and development, supported by government initiatives and partnerships with leading global companies. These factors make Hungary a promising market for NLP technologies, but also present unique challenges for companies looking to enter the market.

Underlying macroeconomic factors: The growing demand for Text-based NLP solutions in Hungary is heavily influenced by macroeconomic factors such as the country's strong investment in AI technologies and favorable regulatory environment. With the government actively promoting the development of AI, the market for NLP is expected to witness significant growth in the coming years. Furthermore, the increasing adoption of digital technologies and the rising need for efficient communication and customer service are also driving the demand for NLP solutions in the country. Additionally, the country's stable economic growth and increasing focus on innovation and technology are creating a conducive environment for the growth of the Natural Language Processing Market within the Artificial Intelligence Market.

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 - Hungary

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