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Language translation NLP - MENA

MENA
  • The market size in the Language translation NLP market is projected to reach US$296.40m 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$1.17bn 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 MENA region's Natural Language Processing Market in the Artificial Intelligence Market is experiencing mild growth due to increasing adoption of AI, growing health awareness, and convenient online services. Various factors influence this growth rate.

    Customer preferences:     The MENA region has witnessed a significant increase in the demand for language translation NLP solutions, as businesses look to expand their global reach and cater to diverse customer bases. With the rise in e-commerce and cross-border trade, there is a growing need for accurate and efficient language translation tools. Additionally, the increasing use of social media and online platforms for communication has led to a surge in demand for real-time translation services. This trend is expected to continue as businesses prioritize effective communication and engagement with their target audiences in different languages.

    Trends in the market:     In MENA, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand due to the increasing need for accurate and efficient translation services. This trend is driven by the growing globalization of businesses and the rise of online content. As AI technology continues to advance, the trajectory of this trend is expected to continue upwards, with significant implications for industry stakeholders. They will need to adapt to new technologies and find ways to integrate AI-powered translation into their workflows to stay competitive in the market.

    Local special circumstances:     In the MENA region, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing growth due to the increasing demand for Arabic language translation services. This is driven by the region's diverse population, with Arabic being the primary language for communication and business. Additionally, regulatory requirements for Arabic language translation in certain industries, such as healthcare and legal, are further propelling the market. Furthermore, cultural sensitivities and nuances also play a significant role in shaping the demand for NLP-based translation solutions in the region. Overall, these local factors are driving the growth of the Language translation NLP Market in MENA, distinguishing it from other markets.

    Underlying macroeconomic factors:     The Language translation NLP Market within the Artificial Intelligence Market in the MENA region is heavily influenced by macroeconomic factors such as technological advancements, government initiatives, and investment in digital infrastructure. Countries with progressive policies and substantial investments in AI and NLP technologies are witnessing rapid growth in the market, while those with limited resources and regulatory challenges are facing slower adoption rates. Furthermore, the increasing demand for multilingual communication and the rise of global businesses are driving the need for efficient language translation solutions, boosting the growth of the Language translation NLP Market in MENA.

    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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