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Language translation NLP - Hungary

Hungary
  • The market size in the Language translation NLP market is projected to reach US$13.06m 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$51.76m 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 Natural Language Processing market in Hungary is experiencing mild growth, driven by factors such as increasing adoption of AI technology, growing awareness of language translation services, and the convenience of online solutions. This trend is influenced by the country's focus on innovation and technological advancements.

    Customer preferences:     As the demand for global communication continues to grow, there has been a noticeable increase in the use of language translation NLP technology in Hungary. This trend is driven by the need for efficient and accurate translation services, especially in the business and tourism sectors. With the rise of social media and online platforms, there is also a growing demand for real-time translation services to facilitate cross-cultural communication. Furthermore, the increasing number of non-native speakers in the country has also contributed to the growth of the language translation NLP market.

    Trends in the market:     In Hungary, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for translation services, as businesses are increasingly expanding their operations globally. This trend is expected to continue as companies strive to reach new markets and cater to diverse customer bases. As a result, there is a growing need for advanced NLP technology that can accurately and efficiently translate multiple languages. This trend is significant for industry stakeholders as it presents a lucrative market opportunity for NLP providers. Additionally, it has implications for the language industry as a whole, as the demand for translation services is expected to increase in the coming years. This trend also highlights the importance of multilingual communication in today's globalized business landscape.

    Local special circumstances:     In Hungary, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the country's high level of multilingualism and its strategic location in Central Europe. Additionally, the government's strong support for research and development in the field of AI has led to a rapidly growing market. However, strict data privacy laws and a relatively small market size compared to other European countries pose challenges for foreign companies entering the market. Furthermore, the Hungarian language presents unique challenges for NLP technology, resulting in a higher demand for customized solutions.

    Underlying macroeconomic factors:     The Language translation NLP Market in Hungary is heavily influenced by macroeconomic factors such as economic stability, government support for technological advancements, and investment in AI infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for AI projects. Additionally, the increasing demand for efficient language translation solutions in a globalized world is driving the growth of the NLP market. Furthermore, the increasing demand for multilingual customer support services and the need for accurate translation in industries such as healthcare and finance are also contributing to the growth of the Language translation NLP Market in Hungary.

    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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