Text-based NLP - Serbia | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$5.46m 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$21.97m 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 Natural Language Processing market in Serbia is experiencing mild growth due to factors such as the increasing adoption of AI technologies, growing awareness of NLP, and the convenience of online language services. These factors are impacting the market's growth rate, leading to a steady increase in demand for NLP solutions.

Customer preferences: One notable trend in the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Serbia is the growing demand for personalized and interactive chatbots. As consumers become more accustomed to instant messaging and digital assistants, they are increasingly looking for similar capabilities in customer service interactions. This trend is driven by the convenience and efficiency of chatbots, as well as the desire for a more personalized and human-like experience. Additionally, the use of chatbots in customer service can help businesses cut costs and improve customer satisfaction.

Trends in the market: In Serbia, there is a growing demand for text-based NLP solutions in various industries such as healthcare, finance, and customer service. This is driven by the increasing adoption of AI and machine learning technologies by businesses to improve efficiency and customer experience. Moreover, the rise of social media and online content has created a need for sentiment analysis and text summarization tools. As the market continues to expand, there is a trend towards more advanced NLP techniques such as deep learning and natural language generation. This presents opportunities for industry stakeholders to develop innovative solutions and tap into the growing demand for text-based NLP in the region.

Local special circumstances: In Serbia, the market for Text-based NLP within the Natural Language Processing segment of the Artificial Intelligence market is influenced by the country's growing tech industry and government initiatives promoting digital transformation. With a high level of English proficiency among the population, Serbian companies have been able to develop advanced NLP technologies for the international market. Additionally, the country's strong cultural ties to the Western world and increasing adoption of digital communication platforms have created a favorable environment for the growth of text-based NLP solutions. Furthermore, Serbia's favorable regulatory framework for AI and tech companies has attracted foreign investments, further driving the development and adoption of NLP technologies in the country.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Serbia is influenced by macroeconomic factors such as government initiatives promoting digital transformation, investment in research and development, and the country's growing IT sector. Serbia's economy has been steadily growing, and the government has been actively working to improve the country's digital infrastructure and attract foreign investments. This, coupled with the increasing demand for AI-based solutions in various industries in Serbia, is expected to drive the growth of the Text-based NLP Market in the country. Additionally, the growing trend of digitalization and automation in businesses and the rising need for data analysis and insights are also contributing to the market's expansion in Serbia.

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 - Serbia

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