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Language translation NLP - Ireland

Ireland
  • The market size in the Language translation NLP market is projected to reach US$38.72m 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$153.40m 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

    In Ireland, the Natural Language Processing Market within the Artificial Intelligence Market is experiencing mild growth, driven by factors such as increasing adoption of digital technologies and rising demand for online health services. This market is expected to continue its growth trajectory, influenced by various factors such as technological advancements and government initiatives promoting the use of NLP in healthcare.

    Customer preferences:     As Ireland continues to attract international businesses, the demand for language translation NLP solutions is on the rise. This is driven by the need for effective communication with diverse clients and customers. Additionally, with the country's growing multicultural population, there is a greater focus on creating NLP tools that can accurately translate regional dialects and colloquialisms. This trend highlights the importance of cultural sensitivity and accuracy in NLP technology.

    Trends in the market:     In Ireland, the Language translation NLP market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for multilingual chatbots and virtual assistants, as businesses seek to improve communication with global customers. This trend is expected to continue as the use of NLP technology becomes more prevalent in the localization and translation industry. Additionally, there is a growing emphasis on data privacy and security in the country, leading to the development of NLP solutions that comply with strict regulations. Industry stakeholders should take note of these trends and adapt their strategies to cater to the evolving needs of the market.

    Local special circumstances:     In Ireland, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing significant growth due to the country's highly educated and multilingual workforce. This has led to the development of advanced language translation technologies and solutions tailored to the local market's specific linguistic needs. Additionally, Ireland's strict data protection laws and robust regulatory environment have created a favorable environment for the adoption of NLP technology, boosting market growth. The country's strong tech ecosystem and government support for innovation also play a crucial role in driving the market forward.

    Underlying macroeconomic factors:     The growth of the Language translation NLP Market within the Artificial Intelligence Market in Ireland is heavily influenced by macroeconomic factors such as government support for technology, investment in research and development, and the overall health of the national economy. Ireland's strong focus on technology and innovation, as well as its favorable regulatory environment, has made it a hub for AI and NLP companies. With a growing demand for language translation solutions in various industries, Ireland's investment in its digital infrastructure is expected to further drive the growth of the market. Furthermore, the increasing globalization and need for communication across languages is also contributing to the demand for NLP-based translation services, making Ireland an ideal market for the Language translation NLP Market within the Artificial Intelligence 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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