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Text-based NLP - Southern Asia

Southern Asia
  • The market size in the Text-based NLP market is projected to reach US$363.20m 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$1.46bn 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 Natural Language Processing market in Southern Asia is experiencing mild growth due to increasing adoption of AI, rising demand for text-based NLP solutions, and growing awareness of their benefits. This trend is influenced by the convenience and efficiency of these technologies in the region.

    Customer preferences:     As the demand for automation and efficiency continues to grow in Southern Asia, we are seeing a notable shift towards the use of Text-based NLP in various industries. This is driven by the need for faster and more accurate processing of large volumes of text data, particularly in the e-commerce and customer service sectors. Additionally, with the increasing use of smartphones and social media, there is a growing demand for NLP applications that can analyze and understand text-based conversations, leading to a rise in sentiment analysis and chatbot services.

    Trends in the market:     In Southern Asia, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for chatbot and virtual assistant applications. This trend is driven by the increasing adoption of smartphones and the growing need for efficient customer service. Additionally, there is a rising interest in voice recognition technology for easier and more natural communication with devices. As these trends continue, we can expect to see a significant shift towards text-based NLP solutions in various industries, such as healthcare, finance, and retail. This will bring about improved customer satisfaction, cost savings, and increased efficiency for businesses. It is crucial for industry stakeholders to stay updated on these trends and invest in NLP technologies to stay competitive in the market.

    Local special circumstances:     In the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Southern Asia, local factors play a significant role in shaping the market dynamics. For instance, countries like India and Bangladesh have a large population with low literacy rates, creating a demand for NLP solutions that can understand and process multiple languages. Additionally, the regulatory landscape in this region is complex and varies from country to country, making it crucial for NLP providers to navigate and comply with different regulations. In countries like Sri Lanka and Nepal, limited internet penetration and access to technology pose challenges for the adoption of NLP solutions. These factors highlight the need for region-specific strategies and solutions in the Text-based NLP Market in Southern Asia.

    Underlying macroeconomic factors:     The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Southern Asia is influenced by various macroeconomic factors. These include technological advancements, regulatory support, and investment in digital 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. Furthermore, the rising prevalence of chronic diseases and aging population in the region are creating a demand for AI-powered solutions to improve healthcare access and outcomes, leading to a promising market outlook.

    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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