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Text-based NLP - Morocco

Morocco
  • The market size in the Text-based NLP market is projected to reach US$11.25m 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$45.29m 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Market Size

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

    Most recent update: Mar 2024

    Source: Statista Market Insights

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

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Text-based NLP market in Morocco is experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing awareness of the benefits of NLP in healthcare, and the convenience of online services. These factors contribute to the country's gradual yet promising growth in the Artificial Intelligence market.

    Customer preferences:     As the demand for personalized and contextualized services grows, there has been a noticeable rise in the use of chatbots and virtual assistants in Morocco. These AI-powered tools offer quick and efficient customer support, making them popular among the tech-savvy population. Additionally, the increasing availability of affordable smartphones and internet connectivity has further fueled the adoption of virtual assistants for tasks like banking, shopping, and travel bookings.

    Trends in the market:     In Morocco, 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. This trend is expected to continue as more businesses and organizations seek to tap into the country's growing digital economy. Additionally, there is a rising focus on developing NLP tools for Moroccan dialects, further driving market growth. These developments have significant implications for industry stakeholders, including technology providers, businesses, and government agencies, as they work to keep up with the evolving landscape of the country's digital market.

    Local special circumstances:     In Morocco, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in growth due to the country's increasing focus on digital transformation and the implementation of government initiatives promoting the adoption of AI technologies. Additionally, Morocco's unique geographical location as a gateway between Europe and Africa has led to a diverse market with influences from both regions. This has resulted in a demand for NLP solutions that can cater to a multilingual population, driving innovation in the market. Furthermore, the country's regulatory environment, with a focus on data privacy and security, has shaped the development of NLP technologies in Morocco.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is impacted by various macroeconomic factors in Morocco. These include the country's economic growth, government policies, and investments in technology. With the rise of digital transformation and the increasing adoption of AI technologies, Morocco is experiencing a growing demand for NLP solutions. In addition, the country's strong investment in digital infrastructure and supportive regulatory environment is further boosting market growth. Moreover, the country's young population and high smartphone penetration rates are driving the demand for innovative NLP solutions, particularly in the healthcare and education sectors.

    Global Comparison

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

    Most recent update: Mar 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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