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Language translation NLP - APAC

APAC
  • The market size in the Language translation NLP market is projected to reach US$2.51bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 25.79%, resulting in a market volume of US$9.94bn by 2030.
  • In global comparison, the largest market size will be United States (US$1.85bn in 2024).

Definition:
The Language Translation Natural Language Processing (NLP) market covers/encompasses applications that convey the meaning/content of a text from one language into another language and includes systems that can understand the nuances of different languages and accurately translate them into other languages. The Language Translation NLP market has relevance for the areas of e-commerce, travel and tourism, and international business.

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 Google Cloud Translation, Amazon Translate, and DeepL.

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In-Scope

  • Translation software tools that can provide immediate translations for businesses
  • Speech translation tools that can provide translations of speeches in real time (e.g., at conferences)
  • Personal communication tools that can provide translations for individuals.

Out-Of-Scope

  • Literary translation tools (e.g., for books) and legal translation tools (e.g., for contracts).
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The APAC market for Natural Language Processing in Artificial Intelligence is witnessing steady growth, driven by factors like increasing adoption of digital technologies and growing awareness about the benefits of online health services. This mild growth rate can be attributed to the region's focus on technological advancements and the demand for efficient language translation solutions.

    Customer preferences:     With the rise of global businesses and increased communication across borders, there is a growing demand for language translation NLP solutions in the APAC region. This is driven by the need for accurate and efficient communication in a diverse and multicultural market. Additionally, with advancements in NLP technology, there is a shift towards personalized translation services, catering to specific cultural nuances and preferences. This trend is fueled by the increasing adoption of AI-powered language translation tools, making it easier for businesses to reach a wider audience.

    Trends in the market:     In APAC, the Language translation NLP market within the Natural Language Processing market is experiencing a surge in demand for multilingual chatbots and virtual assistants. This trend is driven by the region's diverse linguistic landscape and the need for businesses to cater to a global audience. Additionally, advancements in machine learning and deep learning technologies are enabling more accurate and fluent translations, making NLP solutions increasingly popular. This trend is expected to continue, with an estimated CAGR of 29% in the APAC NLP market by 2025. This presents significant opportunities for industry stakeholders to tap into this burgeoning market and expand their offerings to meet the growing demand for language translation NLP solutions.

    Local special circumstances:     In APAC, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the region's diverse languages and cultures. In countries like China and Japan, there is a high demand for NLP solutions that can accurately translate and process complex characters and dialects. Additionally, regulatory differences in data privacy and protection laws also impact market dynamics. In Southeast Asian countries, like Indonesia and Thailand, the market is driven by the growing digital economy and increasing adoption of AI-powered tools in various industries, including language translation.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in APAC is greatly impacted 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 growing demand for multilingual communication and the increasing use of AI in various industries are driving the demand for language translation NLP solutions in the region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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