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Language translation NLP - Bangladesh

Bangladesh
  • The market size in the Language translation NLP market is projected to reach US$33.40m 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$132.30m 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 Language translation NLP market in Bangladesh is experiencing mild growth, impacted by factors such as increasing adoption of AI technologies and growing demand for convenient online services. This has propelled the Natural Language Processing market within the Artificial Intelligence market to witness significant growth in the country.

    Customer preferences:     The Language translation NLP Market in Bangladesh is experiencing a significant growth due to the increasing demand for digital solutions in the country. With the rise in internet usage and smartphone penetration, the demand for language translation services has seen a surge. Additionally, the growing trend of e-commerce and online shopping has also led to the need for accurate and efficient language translation tools. As the country continues to embrace technology, the Language translation NLP Market is expected to witness further growth in the coming years.

    Trends in the market:     In Bangladesh, there is a growing demand for language translation NLP services, as businesses and individuals seek to communicate with a global audience. This trend is expected to continue, with the country's expanding presence in the global market. As NLP technology advances, it is becoming more accurate and efficient, allowing for seamless communication across languages. This has significant implications for industry stakeholders, as it opens up new opportunities for business growth and cultural exchange. Furthermore, the use of NLP in translation can bridge language barriers and promote inclusivity in a diverse society like Bangladesh.

    Local special circumstances:     In Bangladesh, the Language translation NLP market is influenced by the country's unique linguistic diversity with over 40 languages spoken. This has led to the development of NLP solutions catering to multiple languages, making it a lucrative market for language translation technologies. Additionally, the government's focus on promoting digitalization and increasing internet penetration has created a favorable environment for the growth of the NLP market. However, challenges such as low literacy rates and limited access to technology in rural areas may hinder market expansion.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Bangladesh is heavily impacted by macroeconomic factors such as economic stability, government policies, and technological advancements. The country's growing economy and increasing investments in AI technologies have created a favorable environment for market growth. Additionally, the rising demand for efficient language translation solutions in various industries and the government's initiatives to promote digital transformation are driving the market's expansion. However, challenges such as limited internet access and low awareness about AI may hinder market growth in the country.

    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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