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Text-based NLP - North America

North America
  • The market size in the Text-based NLP market is projected to reach US$2.50bn 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$10.05bn 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: 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 rising demand for Natural Language Processing (NLP) technology in North America's Artificial Intelligence market is driving mild growth. Factors such as increased adoption of digital solutions and the convenience of online services are impacting the market's growth rate.

    Customer preferences:     The growing popularity of personalization and customization in various industries has led to an increased demand for text-based NLP solutions in North America. This trend is driven by the need for more tailored and efficient customer experiences, as well as the desire for more personalized product recommendations and marketing strategies. Additionally, the rise of social media and online communication has resulted in a growing need for sentiment analysis and social listening tools, further driving the growth of the Text-based NLP Market in the region.

    Trends in the market:     In North America, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for sentiment analysis and chatbot applications, with businesses leveraging the power of NLP to improve customer service and gain insights into consumer behavior. Additionally, there is a growing trend of integrating NLP capabilities into virtual assistants and smart speakers. These developments have significant implications for businesses in terms of enhancing customer engagement and streamlining operations. As NLP technology continues to advance, we can expect to see even more innovative applications emerge, providing ample opportunities for industry stakeholders to capitalize on.

    Local special circumstances:     In North America, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the high adoption of advanced technologies, particularly in the healthcare sector. The region has a well-established healthcare infrastructure, which has led to the development of sophisticated NLP solutions for clinical documentation and patient care. Additionally, the region's strict data privacy laws have encouraged the adoption of secure NLP solutions, making North America a key market for text-based NLP technologies.

    Underlying macroeconomic factors:     The growth of the Text-based NLP Market within the Artificial Intelligence Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory environments and robust AI investments are experiencing rapid market growth, while regions with regulatory challenges and limited funding are facing slower growth. Furthermore, the increasing demand for advanced AI solutions in various industries, such as healthcare, finance, and customer service, is propelling the growth of the Text-based NLP Market in North America. This trend is driven by the need for efficient and accurate language processing tools to handle large volumes of textual data and improve business performance.

    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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