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Language translation NLP - North America

North America
  • The market size in the Language translation NLP market is projected to reach US$2.11bn 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$8.36bn 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: 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 Language Translation NLP Market in North America is experiencing mild growth, driven by factors such as increased adoption of AI and NLP technologies, growing demand for language translation services, and rising awareness of the benefits of digital health. This market growth is impacted by the convenience and efficiency offered by online language translation services.

    Customer preferences:     As the demand for accurate and efficient translation services continues to grow, the Language translation NLP Market within the Artificial Intelligence Market is witnessing a shift towards personalized and context-aware solutions. This is driven by the increasing need for culturally sensitive translations that cater to diverse consumer preferences and evolving communication trends. Additionally, the growing multicultural population in North America is creating a demand for NLP solutions that can effectively translate between multiple languages and capture regional nuances.

    Trends in the market:     In North America, the Language translation NLP Market within the Natural Language Processing Market is experiencing a surge in demand due to the increasing use of AI-powered language translation tools in various industries. This trend is expected to continue as companies look to improve their global communication and expand their reach. Additionally, advancements in machine learning and deep learning techniques are enhancing the accuracy and efficiency of these tools, making them more attractive to businesses. As a result, industry stakeholders are investing in R&D to develop more sophisticated NLP solutions, which could have significant implications for the market's growth and competitiveness.

    Local special circumstances:     In North America, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the region's highly advanced technological infrastructure and high adoption of digital technologies. Additionally, the cultural diversity and multilingual population in this region create a strong demand for language translation NLP solutions. Furthermore, strict regulations and policies pertaining to data privacy and security also play a significant role in shaping the market dynamics in this region.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with supportive regulatory environments and significant investment in AI technologies are experiencing rapid market growth, while those with restrictive regulations and limited funding are facing challenges. Moreover, the rising demand for efficient language translation solutions in various industries, such as healthcare and e-commerce, is fueling the growth of the Language translation NLP Market. Furthermore, the increasing globalization and cross-border communication are also driving the demand for NLP-based translation services, further boosting the market growth.

    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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