Text-based NLP - India | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$291.40m 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$1.17bn 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 India is experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing awareness of NLP benefits, and the convenience of online services. This market is expected to continue its gradual growth trend.

Customer preferences: With the increasing adoption of digital communication and remote work, there has been a sharp rise in demand for text-based NLP solutions in India. This trend is driven by the need for efficient and accurate communication, especially in industries such as customer service and healthcare. Additionally, the use of NLP technology in social media monitoring and sentiment analysis is gaining traction, as businesses strive to understand and cater to the preferences of their target audience. This shift towards digital communication and data-driven decision-making is fueled by the growing tech-savviness and preference for convenience among the Indian population.

Trends in the market: In India, there has been a significant increase in the adoption of AI-based chatbots for customer service and support. This trend is driven by the growing demand for personalized and efficient customer interactions. Additionally, there is a growing focus on leveraging NLP for sentiment analysis and social media monitoring to understand customer behavior and preferences. These trends are expected to continue as more businesses recognize the value of NLP in improving customer experience and driving business growth. This presents a promising opportunity for industry stakeholders, including NLP solution providers and businesses looking to enhance their customer engagement strategies. With the increasing availability of data and advancements in NLP technology, the trajectory of these trends is likely to continue upwards, further fueling the growth of the Text-based NLP Market in India.

Local special circumstances: In India, the Text-based NLP market is experiencing steady growth due to the country's rapidly growing digital economy and the increasing adoption of artificial intelligence technologies across various industries. The market is also driven by the government's initiatives to promote digital literacy and the use of advanced technologies. Furthermore, the country's diverse linguistic landscape has resulted in the development of NLP solutions that cater to multiple languages, making it a unique market compared to others. Additionally, India's young and tech-savvy population has played a crucial role in driving the demand for NLP solutions, particularly in the e-commerce and customer service sectors. These factors create a unique market environment that influences the dynamics of the Text-based NLP market in India.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in India is heavily influenced by macroeconomic factors such as government initiatives to promote AI adoption, investments in research and development, and the overall economic growth of the country. With a rapidly growing economy and a large pool of skilled workforce, India is poised to become a major player in the global AI market. Additionally, the government's push towards digitalization and increasing investments in AI startups are creating a favorable environment for the growth of the NLP market in India.

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 - India

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