Language translation NLP - New Zealand

The market size in the Language translation NLP market is projected to reach US$17.56m 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$69.59m 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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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.

Literary translation tools (e.g., for books) and legal translation tools (e.g., for contracts).

The Natural Language Processing Market in New Zealand is seeing mild growth due to rising adoption of AI and increasing health awareness among consumers. Online health services offer convenience, leading to market growth in the Artificial Intelligence Market.

Customer preferences: As the global market for Artificial Intelligence continues to grow, New Zealand has seen a rise in demand for Natural Language Processing solutions in the Language Translation NLP market. This trend is driven by the increasing adoption of digital tools for communication and translation, as well as the need for businesses to cater to a diverse population with different language preferences. Additionally, with the country's growing multicultural population, there is a greater focus on culturally sensitive and accurate translations, leading to a rise in demand for NLP solutions with advanced language understanding capabilities.

Trends in the market: In New Zealand, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing an increase in demand for multilingual AI solutions, driven by the country's diverse population and growing international business partnerships. This trend is expected to continue as more companies recognize the importance of language diversity in global markets. Additionally, advancements in machine learning and deep learning are allowing for more accurate and efficient translation services, making them a valuable tool for businesses and individuals alike. This trend has significant implications for language service providers and businesses looking to expand into international markets, as it presents opportunities for growth and innovation in the AI industry.

Local special circumstances: In New Zealand, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's unique cultural diversity and strong emphasis on indigenous languages. The government's support for preserving and promoting these languages has led to a growing demand for NLP technologies that can accurately translate between them. Additionally, the country's small population and remote geography have created a need for virtual communication and language translation, driving the growth of NLP in various industries such as tourism and international trade.

Underlying macroeconomic factors: The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in New Zealand is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. The country's strong IT infrastructure and skilled workforce have contributed to the growth of this market. Moreover, the government's initiatives to promote AI and NLP technologies, along with the increasing demand for automated translation solutions in various industries, are also driving the market growth. Furthermore, the country's stable economy and favorable business environment have attracted foreign investments, which have further boosted the market growth.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Language translation NLP - New Zealand

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Language translation NLP - New Zealand

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Value

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Global Comparison

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Technology

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Key Market Indicators

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