Text-based NLP - Vietnam | Statista Market Forecast

The market size in the Text-based NLP market is projected to reach US$34.94m 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$140.60m 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 Text-based NLP market in Vietnam is experiencing a mild growth rate, driven by factors such as increasing adoption of AI technology, growing awareness of NLP in healthcare, and the convenience of online services. The market is expected to continue growing as more industries recognize the benefits of NLP in improving efficiency and accuracy.

Customer preferences: With the rise of e-commerce and online shopping, there has been a growing demand for text-based NLP solutions that can accurately understand and analyze customer feedback and sentiments. This trend is particularly evident in Vietnam, where the younger generation is increasingly relying on online reviews and recommendations for their purchasing decisions. As a result, companies are investing in advanced NLP technology to better understand and cater to the preferences of Vietnamese consumers, ultimately driving sales and customer satisfaction.

Trends in the market: In Vietnam, there is a growing demand for text-based NLP solutions in various industries such as finance, healthcare, and customer service. This trend is driven by the increasing adoption of digital platforms and the need for efficient and personalized communication with customers. As the country continues to embrace digital transformation, the demand for NLP technologies is expected to rise significantly. This presents immense opportunities for stakeholders in the NLP market, including startups, technology companies, and investors. However, the lack of skilled professionals and data privacy concerns could pose challenges to market growth. Industry players must keep up with the latest developments and invest in R&D to stay competitive in this rapidly evolving market.

Local special circumstances: In Vietnam, the Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's rapid economic growth and increasing internet penetration. The government's initiatives to promote digital transformation have also played a key role in the market's development. Additionally, the Vietnamese language presents unique challenges for NLP technologies, requiring specialized solutions tailored to the local context. Furthermore, the country's cultural emphasis on personalization and customer service has shaped the demand for NLP applications in customer support and chatbot services.

Underlying macroeconomic factors: The Text-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Vietnam is heavily influenced by macroeconomic factors such as technological advancements, government support for AI research and development, and investment in digital infrastructure. Vietnam's strong economic growth and increasing investment in technology and innovation make it a promising market for NLP solutions. However, challenges such as limited access to quality data and skilled workforce may hinder market growth. Additionally, the increasing demand for automation and efficiency in various industries is driving the adoption of NLP technology in Vietnam.

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 - Vietnam

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