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Language translation NLP - Brazil

Brazil
  • The market size in the Language translation NLP market is projected to reach US$139.30m 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$552.00m 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 NLP market in Brazil is experiencing moderate growth, driven by factors such as increasing demand for AI solutions, growing awareness of language translation services, and the convenience of online platforms. This market is expected to continue its mild growth rate in the coming years due to ongoing advancements in technology and the increasing adoption of NLP in various industries.

    Customer preferences:     With Brazil being a culturally diverse country, language translation NLP technologies are becoming increasingly popular to bridge communication barriers. This trend is further fueled by the growing demand for global business expansion and cross-cultural communication. Additionally, the rise of online education and e-learning platforms in Brazil is also driving the need for accurate and efficient language translation tools. As a result, the Language translation NLP Market is expected to witness significant growth in the coming years, catering to the diverse linguistic needs of the Brazilian market.

    Trends in the market:     In Brazil, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for language translation services, driven by the increasing need for global communication and the rise of e-commerce. This trend is expected to continue, with significant investments being made in NLP technology and machine learning to improve accuracy and efficiency. As a result, industry stakeholders can expect to see a rise in the adoption of NLP solutions and an increase in partnerships and collaborations between language service providers and AI companies. This will have a profound impact on the language translation market, with potential implications for job opportunities, language diversity, and cultural exchange.

    Local special circumstances:     In Brazil, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's diverse culture and language needs. As the largest Portuguese-speaking nation, there is a high demand for NLP solutions that can accurately translate between Portuguese and other languages. Additionally, the growing adoption of e-commerce and digital communication in Brazil has led to a need for NLP tools that can assist with customer service and communication. This unique market dynamic creates opportunities for NLP companies to tailor their solutions specifically for the Brazilian market.

    Underlying macroeconomic factors:     The Language translation NLP Market in Brazil is heavily influenced by macroeconomic factors such as the country's economic stability, government policies, and investments in technology infrastructure. Brazil's growing economy and increasing investments in AI and NLP technologies have created a favorable environment for market growth. Additionally, the country's large and diverse population and its need for efficient communication with other countries also drive the demand for language translation NLP solutions. However, challenges such as high tax rates and bureaucratic barriers may hinder market growth.

    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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