Text-based NLP - Ireland | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$45.87m 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$184.60m 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Natural Language Processing market in Ireland is experiencing mild growth, driven by factors like increased adoption of AI and rising healthcare awareness. The convenience of online services also impacts the growth rate.

Customer preferences: In Ireland, there is a growing demand for text-based NLP technology, driven by the need for efficient and accurate processing of large volumes of textual data. This trend is further fueled by the increasing adoption of AI-powered chatbots for customer service and virtual assistants for personal use. Additionally, there is a rising interest in sentiment analysis and emotion detection techniques, as businesses look to understand consumer behavior and preferences at a deeper level. This shift towards digital communication and analysis highlights the importance of real-time insights and personalized experiences in the rapidly evolving market landscape.

Trends in the market: In Ireland, the Text-based NLP market is experiencing a surge in demand due to the growing need for efficient and accurate language processing tools. This trend is expected to continue as more businesses and organizations adopt AI-powered NLP solutions to improve customer service, data analysis, and decision-making processes. This trajectory also presents opportunities for industry stakeholders to develop innovative products and services that cater to this market segment. However, it also poses challenges in terms of data privacy and ethical considerations, which must be carefully addressed to ensure responsible use of NLP technology.

Local special circumstances: In Ireland, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong tech sector and government support for AI initiatives. Additionally, the country's high literacy rate and English-speaking population provide a unique advantage for NLP companies targeting English-speaking markets. Furthermore, Ireland's strict data privacy regulations, such as the General Data Protection Regulation (GDPR), play a crucial role in shaping the market as companies must adhere to strict data protection laws. These factors create a favorable environment for the growth of the NLP market in Ireland.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Ireland is heavily impacted by macroeconomic factors such as the country's strong investment in research and development, favorable regulatory environment, and high level of technological advancement. These factors have created a conducive market environment for the adoption of NLP solutions, leading to significant market growth. Additionally, Ireland's strong economic health and stable fiscal policies have also contributed to the growth of the market, as these factors have created a stable business environment for companies operating in the NLP market. Furthermore, the increasing demand for efficient and cost-effective solutions in various industries such as healthcare, retail, and finance is also driving the growth of the Text-based NLP Market in Ireland.

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 - Ireland

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Text-based NLP - Ireland

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts