Text-based NLP - Singapore | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$40.13m 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$161.50m 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).

In Singapore, the Text-based NLP Market in the Artificial Intelligence Market is experiencing mild growth, driven by factors such as increasing adoption of NLP technologies, rising awareness about its benefits, and the convenience of online services. This growth is impacted by the country's high-tech infrastructure and government initiatives to promote AI.

Customer preferences: The demand for text-based NLP solutions is on the rise, driven by the growing need for efficient communication and information processing in various industries. With the rise of remote work and virtual interactions, businesses and individuals are increasingly turning to NLP technology for faster and more accurate text analysis and translation. Additionally, the integration of NLP in chatbots and virtual assistants is gaining traction, as more consumers prefer self-service options for customer support and information gathering. This shift towards digital communication and assistance is also influenced by the cultural preference for convenience and efficiency in Singapore.

Trends in the market: In Singapore, the Text-based NLP Market within the Artificial Intelligence Market is experiencing a surge in demand for chatbots and virtual assistants in customer service and support. This trend is driven by the increasing availability of advanced NLP technology, which allows for more accurate and human-like interactions. Additionally, there is a growing emphasis on multilingual support, as Singapore is a diverse and multilingual country. As a result, industry stakeholders can expect an increase in the adoption of NLP solutions and a shift towards more personalized and efficient customer service. This trend has the potential to greatly improve customer satisfaction and loyalty, as well as increase operational efficiency for businesses.

Local special circumstances: In Singapore, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the country's advanced technological infrastructure and government support for innovation. Additionally, the diverse linguistic landscape of Singapore, with four official languages, has created a demand for multilingual NLP solutions. The country's strict data privacy laws and high level of digital literacy also contribute to the unique market dynamics, leading to the development of secure and user-friendly NLP applications.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Singapore is also affected by macroeconomic factors such as the country's technological advancements, regulatory support, and investment in AI infrastructure. Singapore's strong focus on innovation and research, as well as its favorable regulatory environment, have positioned it as a leader in the AI market. Additionally, the country's robust economy and government initiatives to promote AI adoption are further driving market growth. Furthermore, Singapore's strategic location and well-developed digital infrastructure make it an attractive location for businesses looking to invest in AI technologies.

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 - Singapore

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