Text-based NLP - New Zealand | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$20.81m 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$83.72m 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 New Zealand is seeing moderate growth, influenced by factors such as increased adoption of digital technologies, growing health awareness, and the convenience of online health services. This growth rate can be attributed to the country's strong focus on AI development and implementation.

Customer preferences: The market for Text-based NLP within the Artificial Intelligence industry in New Zealand has seen a significant rise in demand for personalized and user-friendly virtual assistants. With the increasing adoption of smart home devices, consumers are turning to natural language processing technology to streamline daily tasks and enhance their overall digital experience. This trend is fueled by the growing preference for seamless and efficient interactions with technology, especially among younger demographics.

Trends in the market: In New Zealand, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing a rise in demand for chatbots and virtual assistants in various industries, including banking, retail, and healthcare. This trend is expected to continue as businesses look for ways to streamline customer service and improve efficiency. Additionally, there is a growing focus on integrating NLP with voice recognition technology, further enhancing the user experience. These developments have significant implications for industry stakeholders, as they must keep up with the latest advancements to remain competitive in the market.

Local special circumstances: In New Zealand, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's small population and unique cultural landscape. The market is driven by the need for accurate and efficient language processing in the country's diverse languages, including Maori. Additionally, the country's strict data privacy laws have led to the development of secure and ethical NLP solutions. The market is also shaped by the country's focus on environmental sustainability, leading to the development of NLP applications for sustainable business practices.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in New Zealand is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. With a strong emphasis on innovation and digital transformation, New Zealand's government has created a conducive environment for the growth of the AI market. Additionally, the country's stable economic growth, favorable fiscal policies, and increasing investment in AI research and development are contributing to the market's growth. The rising demand for automated and efficient solutions in various industries, coupled with the country's growing IT sector, is also driving the growth of the Text-based NLP Market in New Zealand.

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 - New Zealand

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