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Text-based NLP - Turkey

Turkey
  • The market size in the Text-based NLP market is projected to reach US$77.87m 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$313.40m 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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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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Turkey is experiencing mild growth, driven by the increasing adoption of artificial intelligence technologies, growing awareness of the importance of NLP in various industries, and the convenience of online language processing services. This trend is expected to continue with the rising demand for efficient communication and data analysis in the country.

    Customer preferences:     As more companies in Turkey and the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market adopt AI technology, there is a growing demand for AI-powered customer service solutions. This shift is driven by the need for efficient and personalized customer interactions, as well as the desire for 24/7 support. Additionally, the use of AI chatbots and virtual assistants has become popular among younger demographics, reflecting a preference for self-service options and a more seamless user experience.

    Trends in the market:     In Turkey, the Text-based NLP market within the Natural Language Processing Market of the Artificial Intelligence market is experiencing a surge in demand for sentiment analysis tools. This is driven by the increasing need for businesses to understand customer feedback and enhance their products and services accordingly. Additionally, there is a growing trend of using chatbots for customer service in various industries. This trend is expected to continue, with potential implications for industry stakeholders such as improved customer satisfaction and cost savings for businesses.

    Local special circumstances:     In Turkey, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing significant growth due to the country's thriving tech industry and its strategic location between Europe and Asia. The market is also benefiting from the government's focus on promoting digital transformation and supporting startups in the AI sector. Additionally, the country's unique blend of Eastern and Western cultures has influenced the development of NLP solutions tailored to Turkish language and cultural nuances. Furthermore, Turkey's strict data privacy laws have shaped the market and encouraged the adoption of secure and compliant NLP technologies.

    Underlying macroeconomic factors:     The Text-based NLP Market within the Artificial Intelligence Market in Turkey is influenced by macroeconomic factors such as economic growth, government policies, and technological advancements. As Turkey continues to experience steady economic growth, there is an increasing demand for advanced technologies in various industries, including the NLP market. Government initiatives and policies aimed at promoting innovation and research and development have also played a significant role in driving the growth of the NLP market in Turkey. Furthermore, the country's high rate of internet and smartphone penetration has created a conducive environment for the adoption of NLP-based solutions, further fueling market growth.

    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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