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Text-based NLP - MENA

MENA
  • The market size in the Text-based NLP market is projected to reach US$351.10m 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$1.41bn 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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In-Scope

  • 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.

Out-Of-Scope

  • 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).
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The MENA nan market for Text-based NLP in the AI industry is experiencing a mild growth rate, influenced by factors such as increasing demand for digital solutions, growing awareness of NLP technology, and the convenience of online services. This trend is expected to continue as the market continues to evolve and innovate.

    Customer preferences:     As the digital landscape continues to evolve in MENA, consumer preferences are shifting towards text-based NLP solutions for a more seamless and personalized experience. This is particularly evident in the growing demand for chatbots and virtual assistants, which cater to the region's diverse languages and cultural nuances. Additionally, with the rise of e-commerce and online transactions, there is a growing need for NLP-powered fraud detection and customer service solutions to ensure secure and efficient digital interactions.

    Trends in the market:     In the MENA region, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for Arabic language processing solutions, driven by the region's vast Arabic-speaking population. Additionally, there is a growing trend of using NLP-powered chatbots for customer service and support across various industries. This trend is expected to continue with the increasing adoption of digitalization and automation in the region. Industry stakeholders should take note of these trends and invest in developing Arabic language processing capabilities to cater to the market's unique needs. Moreover, the incorporation of NLP technology in customer service can improve customer experience and streamline operations for businesses. As the region continues to embrace digital transformation, the demand for NLP solutions is likely to grow, presenting significant opportunities for industry players.

    Local special circumstances:     In the MENA region, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing significant growth due to the increasing adoption of digital technologies and the emergence of government initiatives promoting digital transformation. Additionally, the region's diverse linguistic landscape presents a unique challenge and opportunity for natural language processing solutions, driving innovation and customization. Moreover, regulatory policies promoting the use of AI in various sectors, such as healthcare and finance, are also contributing to the growth of the market in the MENA region.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in MENA is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI and technology infrastructure. Countries with strong government initiatives and investments in AI and NLP are experiencing faster market growth compared to regions with limited government support and technological capabilities. Additionally, the growth of the digital economy and the increasing adoption of digital services in MENA are driving the demand for NLP solutions to improve customer experience and business efficiency.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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