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Language translation NLP - EMEA

EMEA
  • The market size in the Language translation NLP market is projected to reach US$2.05bn 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$8.14bn 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: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Natural Language Processing Market in EMEA nan is experiencing mild growth, driven by the increasing use of AI and NLP technologies, growing awareness of the importance of language translation in healthcare, and the convenience of online services. This market is expected to continue growing at a steady pace due to advancements in technology and the need for accurate and efficient language translation in the healthcare sector.

    Customer preferences:     The demand for language translation NLP solutions in the EMEA market is on the rise, driven by the increasing need for accurate and efficient language translation services. With businesses expanding globally and a diverse customer base, there is a growing demand for NLP solutions that can accurately translate content in multiple languages. Additionally, the rise of digital communication channels and the need for real-time translation has led to the adoption of NLP-based translation tools. This trend is expected to continue as businesses strive to cater to the diverse linguistic preferences of their customers.

    Trends in the market:     In EMEA, the Language translation NLP Market within the Natural Language Processing Market of the Artificial Intelligence market is experiencing a surge in demand for multilingual NLP solutions. This is driven by the increasing globalization of businesses and the need for efficient communication across different languages. Additionally, there is a growing trend of using NLP-powered chatbots for customer service and support in various industries. These trends indicate the potential for significant growth in the coming years, with implications for industry stakeholders to invest in language translation NLP technologies to stay competitive in the global market.

    Local special circumstances:     In EMEA, the Language translation NLP Market within the Natural Language Processing Market of the Artificial Intelligence market is driven by the region's diverse linguistic landscape and strong demand for multilingual solutions. Due to the presence of multiple languages and cultures, companies offering language translation NLP solutions must tailor their products to the unique needs of each country. Additionally, regulatory requirements for data privacy and protection vary across EMEA, leading to the development of localized NLP solutions. In countries such as Germany and France, where data privacy laws are particularly stringent, NLP companies must navigate these regulations to ensure compliance. Furthermore, the Middle East and Africa region presents opportunities for NLP companies to cater to the growing demand for Arabic and African language translation solutions.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong economies and supportive regulatory environments are experiencing faster market growth compared to regions with regulatory challenges and limited investment in AI technologies. Additionally, the increasing demand for efficient communication and globalization are driving the adoption of language translation NLP solutions, especially in the EMEA region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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