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Language translation NLP - Peru

Peru
  • The market size in the Language translation NLP market is projected to reach US$17.75m 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$70.33m 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 Peru, the NLP market in the AI sector is witnessing moderate growth, influenced by factors like increasing adoption of digital technologies, growing health consciousness among consumers, and the convenience of online health services.

    Customer preferences:     With the growing use of technology and internet access in Peru, there has been a significant rise in demand for language translation NLP solutions. This can be attributed to the country's diverse population and the need for effective communication across different languages. Additionally, there has been an increasing trend towards digital solutions for language translation, as they offer convenience and efficiency. This shift is also driven by the growing importance of global business and the need for accurate and timely translations in various industries.

    Trends in the market:     In Peru, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for translation services, driven by the country's growing global presence and increasing international trade. This trend is likely to continue as more businesses and organizations seek to reach a wider audience and expand their operations globally. Additionally, advancements in NLP technology are making translation services more accurate and efficient, providing even more opportunities for growth in this market. Industry stakeholders should take note of this trend and invest in developing and improving language translation NLP solutions to remain competitive in the market.

    Local special circumstances:     In Peru, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's diverse indigenous languages and their incorporation into NLP technology. Additionally, Peru's growing e-commerce sector has created a demand for NLP-based customer service solutions. The country's unique regulatory environment also plays a role, with efforts to promote the use of Spanish and indigenous languages in government communication. These factors contribute to the dynamics of the NLP market in Peru, setting it apart from other markets.

    Underlying macroeconomic factors:     The Language Translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Peru is greatly affected by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's growing economy and favorable regulatory environment have led to increased investments in AI technology, driving market growth. Furthermore, the rising demand for efficient and accurate language translation solutions due to globalization and cross-border business activities has also contributed to the growth of the market. In addition, the growing adoption of AI-powered virtual assistants and chatbots in various industries is further boosting market growth in Peru.

    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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