Text-based NLP - United Kingdom | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$264.90m 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$1.07bn 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.

For more information on the data displayed, use the info button right next to the boxes.

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 the United Kingdom is seeing moderate growth, driven by factors such as increasing adoption of AI and NLP technologies, growing awareness of the benefits of natural language processing, and the convenience of online language services. This growth is impacted by the country's strong focus on AI innovation and investment, as well as the growing demand for more efficient and accurate language processing solutions.

Customer preferences: With the rise of social media platforms, consumers in the Text-based NLP Market are increasingly looking for personalized and authentic interactions with businesses. This has led to a growing demand for chatbots and virtual assistants that can understand and respond to natural language queries. Additionally, there is a growing trend towards using voice-based interfaces for tasks such as online shopping and banking. This shift towards conversational and voice-based interfaces is driven by the desire for convenience and efficiency in daily tasks.

Trends in the market: In the United Kingdom, the Text-based NLP market is experiencing a surge in demand for chatbots and virtual assistants, as businesses seek to improve customer service and streamline operations. Additionally, there is a growing trend towards using NLP-powered sentiment analysis tools to analyze customer feedback and improve marketing strategies. These trends are expected to continue, with potential implications for increased efficiency and competitiveness in the market.

Local special circumstances: In the United Kingdom, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's strong focus on data privacy and protection. This has led to the development of innovative solutions that prioritize data security while still providing advanced NLP capabilities. Additionally, the UK's thriving fintech industry has driven the adoption of NLP in financial services, with applications such as fraud detection and customer service chatbots. The country's strict regulatory framework also plays a role in shaping the NLP market, with companies facing stringent compliance requirements for the use of sensitive data in NLP applications.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the United Kingdom is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investments in AI research and development. The UK has a strong economy and is a leader in technological innovation, creating a favorable environment for the growth of the NLP market. Additionally, the government's support for AI development and investment in healthcare infrastructure has further propelled the demand for NLP solutions, especially in the healthcare sector. Furthermore, with the increasing use of digital platforms and the rise in e-commerce, there is a growing need for NLP technologies to improve customer experience and drive business 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 - United Kingdom

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Text-based NLP - United Kingdom

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts