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Language translation NLP - ASEAN

ASEAN
  • The market size in the Language translation NLP market is projected to reach US$253.90m 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$1.01bn 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: 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 NLP Market in ASEAN is seeing mild growth due to factors like the increasing use of AI technology, growing awareness about language translation, and the convenience of online services. These factors are impacting the market's growth rate.

    Customer preferences:     As digitalization continues to permeate the ASEAN region, there is a growing demand for language translation NLP solutions to bridge communication gaps between businesses and consumers. This trend is driven by the increasing use of e-commerce platforms and the need for accurate translations to reach a wider audience. Additionally, with the rise of online content consumption, there is a growing demand for NLP-powered language translation for websites and social media platforms. This shift highlights the importance of catering to diverse language preferences and cultural nuances in the ASEAN market.

    Trends in the market:     In ASEAN, there is a growing demand for language translation NLP solutions, driven by the increasing need for businesses to communicate with diverse markets and customers in their native languages. This trend is expected to continue as the region becomes more integrated and international trade and partnerships expand. This presents significant opportunities for NLP providers to develop solutions that can accurately and efficiently translate multiple languages, particularly in industries such as e-commerce and tourism. As more businesses embrace NLP technology, there is also a potential for increased competition in the market, driving innovation and advancements in the field. In addition, the rise of smart devices and virtual assistants in the region is expected to further drive the demand for NLP solutions, as these devices require natural language processing capabilities to accurately understand and respond to user queries. This trend presents great potential for growth in the Language Translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market, making it an exciting space to watch for industry stakeholders.

    Local special circumstances:     In ASEAN, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the region's diverse languages and cultures. As a result, companies in this market must develop language-specific solutions to cater to different countries and their unique linguistic needs. Additionally, regulatory differences and varying levels of technological adoption also play a significant role in shaping the market dynamics. For example, while countries like Singapore and Malaysia have advanced technological infrastructure, other countries like Indonesia and Vietnam are still in the process of catching up. These factors create a complex landscape for companies operating in this market, requiring them to navigate and adapt to different environments.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in ASEAN is greatly affected by macroeconomic factors such as the region's economic growth, government policies, and technological developments. Countries with strong economic growth and supportive policies for AI and NLP technologies are expected to experience faster market growth compared to those with slower economic growth and limited government support. Moreover, the increasing demand for multilingual communication and the growing adoption of AI-powered language translation solutions in various industries contribute to the market's growth in the region.

    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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