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Language translation NLP - Portugal

Portugal
  • The market size in the Language translation NLP market is projected to reach US$18.30m 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$72.49m 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 Portugal is experiencing mild growth, driven by factors such as increasing adoption of AI technologies, growing demand for language translation solutions, and rising awareness about the benefits of NLP in healthcare. This trend is expected to continue as the country embraces digital transformation in the healthcare sector.

    Customer preferences:     The Language translation NLP Market within the Artificial Intelligence Market in Portugal has seen a rise in demand for translation services, driven by the increasing globalization of businesses and the need for effective communication with international clients. Additionally, there has been a growing preference for machine translation solutions, as they offer faster and more cost-effective translation options. This trend is expected to continue as businesses adapt to the changing landscape of international markets.

    Trends in the market:     In Portugal, the Language translation NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market is experiencing a surge in demand for multilingual translation solutions. This is driven by the increasing need for businesses to communicate with a global audience and the availability of advanced NLP technologies. Additionally, there is a rising trend of using NLP for sentiment analysis and social media monitoring in the country. These trends are significant as they reflect the growing importance of NLP in facilitating cross-cultural communication and understanding. This also presents opportunities for industry stakeholders to expand their services and cater to diverse language needs.

    Local special circumstances:     In Portugal, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on tourism and international business. This has led to a high demand for translation services, especially in the hospitality and business sectors. Additionally, Portugal's geographical location as a gateway to Europe and Africa has resulted in a diverse linguistic landscape, creating a need for advanced language translation technologies. The country's strict data protection laws have also impacted the market, with companies having to comply with GDPR regulations when dealing with personal data. These unique factors contribute to the dynamic growth of the Language translation NLP Market in Portugal.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Portugal is also impacted by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited financial resources. Additionally, the increasing demand for multilingual communication and the growing global economy are driving the demand for NLP solutions to improve language translation and communication efficiency.

    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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