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Language translation NLP - Europe

Europe
  • The market size in the Language translation NLP market is projected to reach US$1.75bn 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$6.94bn 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

    In Europe, the NLP market within the AI industry is experiencing mild growth, fueled by factors such as increasing use of digital technologies, growing health consciousness among consumers, and the convenience of online health services. This growth is impacted by various factors, including regulatory frameworks and the availability of skilled professionals.

    Customer preferences:     With the rise of globalization, businesses in the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market are facing a growing demand for accurate and efficient translation services. This is due to the increase in cross-border communication and trade, as well as the need for companies to cater to diverse linguistic and cultural preferences. As a result, there has been a shift towards AI-powered translation tools that can handle multiple languages and dialects, providing faster and more accurate translations. This trend is expected to continue as businesses strive to expand their global reach and cater to a diverse customer base.

    Trends in the market:     In Europe, the Language translation NLP Market is experiencing a surge in demand for multilingual translation services, as businesses seek to expand their global reach. This trend is driven by the increasing adoption of artificial intelligence and machine learning technologies, which have greatly improved the accuracy and efficiency of translations. Additionally, there is a growing preference for localized content, particularly in the e-commerce sector, as consumers in different countries expect to be able to access information in their native language. This trend is expected to continue, with potential implications for industry stakeholders such as language service providers and businesses operating in international markets.

    Local special circumstances:     In Europe, the Language translation NLP market is influenced by the diverse linguistic landscape and the demand for multilingual solutions. Countries such as Spain and France have a large market for translation services due to their tourism industry, while Germany and Switzerland have a strong demand for technical translations in industries like automotive and engineering. Additionally, data privacy regulations such as GDPR have a significant impact on the development of AI technologies in the region, adding a layer of complexity to market dynamics.

    Underlying macroeconomic factors:     The growth of the Language translation NLP Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government regulations, and investment in digital infrastructure. Countries with supportive regulatory frameworks and significant investment in AI technology are experiencing rapid market growth, while those with regulatory challenges and limited technological capabilities are lagging behind. Furthermore, the increasing globalization and need for efficient communication across languages is driving the demand for NLP solutions, especially in regions with diverse linguistic backgrounds. This trend is expected to continue as the world becomes more interconnected and reliant on technology for efficient communication.

    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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