Text-based NLP - Thailand | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$42.59m 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$171.40m 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 NLP market in Thailand is expanding steadily, fueled by factors like growing AI adoption, increasing health awareness, and the convenience of online services. This mild growth rate is influenced by government initiatives and collaborations with tech companies to enhance healthcare delivery.

Customer preferences: In Thailand, there has been a rise in demand for text-based NLP solutions in the healthcare sector. With the increasing adoption of digital health services, there is a growing need for NLP tools that can accurately extract and analyze medical data from electronic health records. Additionally, the Thai population's preference for convenience and efficiency has led to the popularity of chatbot-based virtual assistants for medical advice and appointments. This trend towards digital health solutions is also influenced by the country's aging population and the need for remote monitoring and management of chronic diseases.

Trends in the market: In Thailand, the demand for Text-based NLP solutions is rapidly increasing, driven by the growing adoption of AI technologies in various industries such as healthcare, retail, and finance. This trend is expected to continue in the coming years, with the government's initiatives to promote the use of AI and advanced analytics. Additionally, there is a rising trend of using chatbots for customer service and sales in Thailand, providing convenience and cost savings for businesses. This trend also brings potential implications for stakeholders, such as the need for skilled AI professionals and the ethical considerations surrounding the use of AI in customer interactions.

Local special circumstances: In Thailand, the Text-based NLP market is growing due to the country's high internet and mobile phone penetration rates. This has led to a rise in demand for AI-powered language processing solutions in various industries, including customer service and e-commerce. Additionally, the Thai government's focus on promoting digital transformation in the country has further fueled the market growth. However, the market also faces challenges, such as language diversity and cultural nuances, which require customized NLP solutions. This has led to the emergence of local startups offering Thai-specific NLP tools. Furthermore, the increasing adoption of AI technology by Thai businesses, particularly in the banking and finance sector, is expected to drive the growth of the Text-based NLP market in the country.

Underlying macroeconomic factors: The growth of the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI 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. Additionally, the increasing demand for automation and efficiency in various industries, such as healthcare and finance, is driving the adoption of text-based NLP solutions. The rising use of smart devices and the proliferation of data are also contributing to the growth of the market. However, economic instability and budget constraints in some countries may hinder the market's growth potential.

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 - Thailand

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