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Text-based NLP - South America

South America
  • The market size in the Text-based NLP market is projected to reach US$295.70m 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$1.19bn 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 Text-based NLP Market in South America is experiencing mild growth, influenced by factors such as increasing adoption of AI and growing demand for online NLP services in the region. This market growth is driven by the convenience offered by digital technologies and the rising awareness of the importance of NLP for improving health outcomes.

    Customer preferences:     As the use of natural language processing technology grows in South America, there is a noticeable trend towards personalized and customized consumer experiences. With the increasing availability of online content and digital platforms, consumers are seeking out tailored solutions that cater to their specific language and cultural preferences. This has led to a surge in demand for text-based NLP tools that can accurately understand and generate content in local languages, catering to the diverse demographics and evolving lifestyle factors in the region.

    Trends in the market:     In South America, the Text-based NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market is experiencing a surge in demand for chatbots and virtual assistants across various industries. This trend is driven by the need for efficient and automated customer service, as well as the growing popularity of messaging apps. Additionally, there is a rise in the use of sentiment analysis to understand consumer preferences and improve marketing strategies. These trends are expected to continue, driving the development of advanced NLP technologies and creating opportunities for businesses to enhance their customer experience and gain insights into consumer behavior.

    Local special circumstances:     In South America, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the region's diverse languages and cultural nuances. This poses a unique challenge for NLP technologies, as they must be tailored to the specific linguistic patterns and dialects of each country. Additionally, regulatory policies surrounding data privacy and protection vary across South American countries, impacting the adoption of NLP solutions. Furthermore, with the increasing demand for AI-powered customer service in the region, companies are developing NLP tools that can understand and respond to Spanish and Portuguese language queries, further driving the growth of the Text-based NLP Market.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in South America is heavily influenced by macroeconomic factors such as the region's economic stability, government policies, and overall investment in technology. Countries with a strong focus on promoting AI and NLP, along with favorable regulatory environments, are experiencing higher market growth compared to those with limited investments and regulatory challenges. Additionally, the increasing adoption of digital technologies and the growing demand for efficient and automated solutions in various industries are driving the demand for NLP-based AI solutions in South America.

    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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