Text-based NLP - Portugal | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$21.67m 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$87.22m 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 Text-based NLP Market in Portugal is experiencing mild growth, influenced by factors such as increasing adoption of AI, growing health awareness, and convenience of online services. This market is expected to continue growing, driven by advancements in technology and rising demand for efficient data processing and language analysis.

Customer preferences: As the demand for efficient and accurate language processing solutions continues to rise, consumers are showing a strong preference for text-based NLP technologies. This trend is driven by the growing need for seamless communication and information retrieval in various industries, such as customer service and e-commerce. Additionally, there is a noticeable shift towards multilingual NLP capabilities, reflecting the diverse linguistic landscape in Portugal and highlighting the need for accurate language understanding and translation.

Trends in the market: In Portugal, the Text-based NLP market within the Natural Language Processing market is experiencing a surge in demand for chatbots and virtual assistants, driven by the increasing adoption of AI technologies across industries. This trend is expected to continue, with companies leveraging NLP capabilities to enhance customer service and streamline business operations. Additionally, there is a growing focus on sentiment analysis and emotion detection, as organizations aim to understand consumer behavior and improve their marketing strategies. This trend has significant implications for industry stakeholders, as it presents opportunities for revenue growth and improved customer engagement. Furthermore, it highlights the importance of investing in NLP technologies to stay competitive in the evolving AI landscape.

Local special circumstances: In Portugal, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's strong focus on technology and innovation. The government has implemented policies and initiatives to support the growth of AI and NLP industries, such as tax incentives and funding for research and development. Additionally, the country's highly educated workforce and advanced telecommunications infrastructure have created a favorable environment for the adoption of NLP solutions in various sectors, including healthcare, finance, and customer service. These factors contribute to Portugal's competitive edge in the global NLP market and drive its continuous growth.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Portugal is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for AI. Additionally, the increasing adoption of AI in various industries and the rise of digital transformation initiatives are driving the demand for text-based NLP solutions in Portugal.

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 - Portugal

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 - Portugal

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