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Language translation NLP - Eastern Asia

Eastern Asia
  • The market size in the Language translation NLP market is projected to reach US$1.81bn 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$7.16bn 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 Eastern Asia is experiencing steady growth, driven by factors such as increased adoption of AI and growing demand for language translation services. The market's mild growth rate is influenced by factors such as technological advancements and rising awareness of the benefits of NLP in various industries. The demand for accurate and efficient language processing solutions is also contributing to the market's growth.

    Customer preferences:     In Eastern Asia, there is a growing demand for language translation NLP solutions, driven by the need for efficient communication in a globalized world. With the rise of e-commerce and international trade, businesses and individuals are seeking accurate and fast translation services to bridge language barriers. This trend is also influenced by the increasing use of social media and online platforms, where multilingual communication is crucial for expanding reach and engaging with diverse audiences. As a result, the Language translation NLP Market is expected to experience significant growth in the coming years, catering to the evolving needs of consumers and businesses alike.

    Trends in the market:     In Eastern Asia, the Language Translation NLP market is experiencing a surge in demand due to the increasing need for accurate and efficient language translation services. With the rise of global business and cross-cultural communication, there is a growing trend towards using NLP technology to bridge language barriers. This trend is expected to continue in the coming years, with significant implications for industry stakeholders. NLP companies in Eastern Asia have the opportunity to tap into a wide range of industries, including e-commerce, healthcare, and customer service, to name a few. This presents a significant growth potential for NLP market players in the region, making it a lucrative market to invest in. Additionally, the incorporation of NLP technology in mobile applications and smart devices is expected to further drive the growth of the Language Translation NLP market in Eastern Asia. This trend is likely to continue as more companies adopt NLP technology to improve multilingual communication and enhance user experience.

    Local special circumstances:     In Eastern Asia, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing significant growth due to the region's high adoption of digital technologies and a large population with diverse languages. China, specifically, is driving the market with its government's focus on promoting AI development and advancements in machine learning technology. In Japan, the market is driven by the country's aging population and the need for efficient communication with non-native speakers. Additionally, cultural factors such as the importance of preserving cultural nuances in language translation also play a role in shaping the market dynamics.

    Underlying macroeconomic factors:     The Language translation NLP Market within the Artificial Intelligence Market is greatly impacted by macroeconomic factors in Eastern Asia. The region's economic growth, technological advancements, and government policies play a significant role in the market's performance. For instance, countries with favorable government initiatives and investments in AI and NLP are experiencing faster market growth compared to those with regulatory challenges and limited funding. Additionally, the increasing demand for efficient and accurate language translation solutions due to globalization and cross-border communication further drives the market's growth in this 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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