Text-based NLP - South Africa | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$34.82m 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$140.10m 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 South Africa is experiencing mild growth, driven by the increasing adoption of AI technologies, growing health awareness among consumers, and the convenience of online health services. Factors such as government initiatives and advancements in technology are impacting this growth rate.

Customer preferences: In South Africa, there is a growing demand for text-based NLP solutions that cater to the country's diverse linguistic landscape. This is driven by the need to effectively communicate with a multilingual population, leading to an increase in the development of language-specific NLP models. Additionally, there is a rising trend towards using NLP for sentiment analysis in social media, reflecting the country's high social media penetration rate and the influence of online platforms in shaping consumer preferences.

Trends in the market: In South Africa, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for virtual assistants and chatbots. This trend is driven by the increasing adoption of AI-powered customer service solutions by businesses to enhance customer experience and reduce operational costs. It is expected that this trend will continue to grow in the coming years, with potential implications for industry stakeholders such as improved efficiency and customer satisfaction. Additionally, the rise of digital transformation in various industries is also contributing to the growth of the text-based NLP market in South Africa, as companies look to automate their processes and improve decision-making through AI-based solutions.

Local special circumstances: In South Africa, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is fueled by the country's increasing adoption of digital technologies. With a large population of non-English speakers, local language capabilities are crucial for NLP providers to cater to the diverse market. Additionally, the government's push for digital transformation in various industries and the rise of mobile banking are driving the demand for text-based NLP solutions in South Africa. However, unique regulatory challenges and limited internet access in rural areas pose barriers to market growth.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in South Africa is heavily influenced by macroeconomic factors such as the country's economic performance, government policies, and technological advancements. The relatively stable economic climate and increasing investment in the AI sector are driving the demand for NLP solutions in the country. Additionally, the growing need for efficient data processing and analysis in various industries, such as healthcare and finance, is fueling the growth of the NLP market. However, challenges such as limited internet penetration and skilled workforce may hinder market growth.

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 - South Africa

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