Text-based NLP - United States | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$2.19bn 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$8.81bn 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 Natural Language Processing market within the Artificial Intelligence market in the United States is experiencing mild growth, influenced by factors such as increasing adoption of NLP technologies, growing awareness of language processing capabilities, and the convenience of online language services. This market's growth is impacted by the demand for more efficient and accurate language processing solutions in various industries.

Customer preferences: In the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market, there is a growing demand for AI-powered chatbots and virtual assistants to improve customer service and support. This trend is driven by the increasing preference for self-service options and personalized experiences. Additionally, the adoption of text-based NLP solutions in healthcare, finance, and retail sectors is fueled by the need to enhance efficiency and streamline processes.

Trends in the market: In the United States, the Text-based NLP market within the Natural Language Processing market of the Artificial Intelligence market is seeing a surge in demand for chatbots and virtual assistants. This trend is driven by the need for efficient and cost-effective customer service solutions. Additionally, there is a growing demand for sentiment analysis and social media monitoring tools to understand consumer behavior and sentiment towards brands. These trends are expected to continue, providing opportunities for industry stakeholders to capitalize on the growing demand for text-based NLP solutions.

Local special circumstances: In the United States, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the high demand for advanced technologies in industries such as healthcare, finance, and customer service. This is due to the country's highly developed economy and technological infrastructure. Additionally, the strict data privacy regulations in the US have led to the development of more secure and compliant NLP solutions.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the United States is heavily influenced by macroeconomic factors. These include advancements in technology, government support, and investment in the AI sector. The US has a strong regulatory environment and robust healthcare infrastructure, which has enabled rapid market growth. However, the country's economic health and fiscal policies also impact market performance. For instance, a recession or economic downturn could lead to a decrease in AI investments, affecting the demand for NLP solutions. Additionally, the increasing adoption of AI in various industries, such as healthcare, finance, and customer service, is also driving the growth of the NLP market in the US.

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 States

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