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Language translation NLP - Austria

Austria
  • The market size in the Language translation NLP market is projected to reach US$34.18m 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$135.40m 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Natural Language Processing Market within the Artificial Intelligence Market in Austria nan is experiencing mild growth, driven by factors such as increasing demand for language translation NLP services, rising awareness of AI technology, and the convenience of online language solutions. The market's growth rate is impacted by various factors such as government initiatives and collaborations between NLP companies and healthcare organizations.

    Customer preferences:     The Language translation NLP Market in Austria is witnessing a growing demand for AI-powered translation tools, as businesses and individuals seek to overcome language barriers and expand their global reach. Furthermore, the rise of remote work and virtual events has underscored the need for accurate and efficient language translation solutions. This trend is likely to continue as businesses increasingly operate on a global scale and individuals seek seamless communication with people from diverse linguistic backgrounds.

    Trends in the market:     In Austria, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for multi-lingual chatbots and virtual assistants. This trend is driven by the increasing need for businesses to cater to diverse customer bases and provide efficient customer service. With the rise of globalisation, there is a growing demand for accurate and speedy translation services. This trend is expected to continue as more industries incorporate NLP technology into their operations, creating new opportunities for language service providers and NLP developers. Industry stakeholders must keep up with this trend to stay competitive and meet the evolving needs of their clients.

    Local special circumstances:     In Austria, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on innovation and technology. The government's support for research and development in AI has led to a highly skilled workforce and a thriving startup ecosystem. Additionally, Austria's multilingual population has created a demand for AI-powered language translation solutions, driving the growth of the market. The country's strict data protection laws also play a role in shaping the market, with companies having to comply with stringent regulations to ensure consumer privacy.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Austria is impacted by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with advanced technological capabilities and supportive regulatory frameworks are experiencing significant market growth, while those with limited technological infrastructure and regulatory barriers are facing challenges. Furthermore, the increasing globalization and need for efficient communication are driving the demand for language translation NLP solutions, making Austria a key market for this segment.

    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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