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Language translation NLP - G7

G7
  • The market size in the Language translation NLP market is projected to reach US$3.18bn 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$12.59bn 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 G7 nan is experiencing mild growth, driven by factors such as the increasing use of AI and the demand for advanced language translation services. The convenience and efficiency of online solutions are also contributing to this growth rate.

    Customer preferences:     The Language translation NLP Market within the Artificial Intelligence Market is witnessing a growing demand for advanced translation services, driven by increasing globalization and cross-cultural communication. This has led to a rise in the use of NLP-powered translation tools and platforms, as businesses and individuals seek to overcome language barriers and expand their global reach. Additionally, there is a growing preference for real-time translation solutions, with the rise of virtual events and remote work.

    Trends in the market:     In the G7 countries, there is a growing demand for multilingual communication and globalization, leading to a surge in the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market. This trend is driven by advancements in NLP technologies, including machine translation, speech recognition, and text-to-speech conversion. It is significant as it allows businesses to cater to a diverse customer base and expand their global reach. Additionally, the rise of e-commerce and international trade further fuels the need for accurate and efficient language translation. This trend is expected to continue in the coming years, creating opportunities for language service providers and AI companies. It also highlights the importance of NLP in bridging language barriers and promoting seamless communication in an increasingly interconnected world.

    Local special circumstances:     In Japan, the Language translation NLP Market is experiencing rapid growth due to the country's high demand for translation services in various industries, including tourism and business. The market is also influenced by the country's aging population, leading to a rising need for multilingual communication in healthcare. Additionally, Japan's complex writing system and unique cultural context have driven the development of advanced NLP technologies specifically tailored to the Japanese language.

    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 support, and investment in research and development. Countries with progressive regulatory environments and significant investments in AI infrastructure are witnessing rapid growth in the market compared to regions with regulatory hurdles and limited funding. Moreover, the rising need for efficient language translation solutions in the global business landscape and the growing demand for multilingual customer support are driving the demand for NLP-based translation services, further fueling the growth of the market.

    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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