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Language translation NLP - Morocco

Morocco
  • The market size in the Language translation NLP market is projected to reach US$9.50m 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$37.64m 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 Morocco is experiencing mild growth, driven by factors such as increasing adoption of AI technologies and growing demand for online language translation services. This market is expected to see a steady growth rate due to the convenience and efficiency offered by NLP solutions in various industries.

    Customer preferences:     The Language translation NLP Market within the Artificial Intelligence Market in Morocco is experiencing a shift towards multilingual solutions, as businesses and individuals seek to communicate more effectively across languages. This trend is driven by the country's diverse population and the need for accurate and efficient translation services. Additionally, the rise of e-commerce and international trade has also increased the demand for NLP technology in order to bridge language barriers and facilitate global communication.

    Trends in the market:     In Morocco, there is a growing demand for Language Translation NLP services in various industries, including healthcare, finance, and tourism. This trend is driven by the increasing need for accurate and efficient communication with international clients and partners. With the advancements in AI technology, NLP solutions are becoming more sophisticated, enabling translations that are more precise and culturally appropriate. This trend is expected to continue, with the potential to revolutionize the translation industry in Morocco and open up new opportunities for businesses. Additionally, the integration of NLP with other AI technologies, such as chatbots, is expected to enhance customer experience and streamline communication processes. This will have significant implications for industry stakeholders, allowing them to tap into a larger global market and improve overall efficiency and productivity.

    Local special circumstances:     In Morocco, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is gaining traction due to the country's growing digital economy and the government's efforts to promote digitalization. The demand for NLP solutions is also driven by the country's diverse linguistic landscape, with Arabic, French, and Berber being the official languages. Additionally, Morocco's strategic location as a gateway between Europe and Africa makes it a prime market for companies looking to expand their NLP offerings. The country's regulatory framework also presents unique challenges and opportunities for NLP providers, with a focus on data privacy and local language requirements.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Morocco is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital 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. Additionally, the increasing demand for multilingual communication and the rise of global businesses are driving the need for efficient language translation solutions, further boosting the growth of the NLP market in Morocco.

    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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