Skip to main content
  1. Market Insights
  2. Technology
  3. Artificial Intelligence
  4. Natural Language Processing

Language translation NLP - Serbia

Serbia
  • The market size in the Language translation NLP market is projected to reach US$4.61m 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$18.26m 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.

For more information on the data displayed, use the info button right next to the boxes.

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).
Artificial Intelligence

Artificial Intelligence

Related markets:
Artificial Intelligence: in-depth market analysis - Cover

Market Insights report

Artificial Intelligence: in-depth market analysis

Study Details
    methodology

    Download PDF

    FAQs and more info on the methodology

    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 NLP market in Serbia is experiencing mild growth, driven by factors such as the increasing use of AI and rising demand for language translation services. This growth is impacted by the country's growing tech industry and government initiatives to promote digital transformation in healthcare.

    Customer preferences:     As the demand for accurate and efficient language translation solutions continues to grow, there is a notable shift towards personalized and culturally-relevant NLP tools in the Serbian market. This trend is driven by a desire for more accurate and natural-sounding translations, as well as an increased focus on catering to diverse language preferences and cultural nuances. Additionally, the rise of remote work and digital communication has further accelerated the need for advanced NLP technologies in the language translation sector.

    Trends in the market:     In Serbia, the Language translation NLP Market is experiencing a surge in demand for multilingual chatbots and virtual assistants, as companies seek to expand their global reach. This trend is expected to continue with the increasing globalization of businesses. Additionally, there is a growing use of NLP in language learning and education, as well as in customer service and support. These trends highlight the importance of NLP in breaking down language barriers and improving communication in various industries. For stakeholders, this presents opportunities for growth and innovation in the NLP market. However, it also brings the challenge of ensuring accurate and culturally sensitive translations. Therefore, there is a need for continuous advancements in NLP technology to meet the evolving demands of the market.

    Local special circumstances:     In Serbia, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing growth due to the country's increasing focus on digital transformation. With a growing tech-savvy population, there is a high demand for NLP solutions that can support local language processing. Additionally, the government's efforts to attract foreign investments and boost the IT sector have created a favorable environment for the market's growth. However, the country's strict data privacy regulations and limited access to funding may pose challenges for smaller players in the market.

    Underlying macroeconomic factors:     The Language translation NLP Market in Serbia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a developing country, Serbia has been experiencing strong economic growth in recent years, which has led to an increase in disposable income and a growing demand for advanced technologies. The government has also been actively investing in infrastructure development, which has created a favorable environment for the growth of the artificial intelligence market. However, the market may face challenges in terms of regulatory support and limited funding for research and development, which could impact its performance in the long run. Furthermore, the increasing adoption of digitalization in various industries and the growing need for efficient communication across languages are expected to drive the demand for language translation NLP solutions in Serbia.

    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.

    Technology

    Access more Market Insights on Technology topics with our featured report

    Artificial Intelligence: in-depth market analysis - BackgroundArtificial Intelligence: in-depth market analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Artificial intelligence (AI) worldwide - statistics & facts

    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.
    More data on the topic
    Size of the AI market in 2024
    184bn U.S. dollars
    Generative AI market size 2023
    44bn U.S. dollars
    Largest ML market globally
    United States

    Explore more high-quality data on related topic

    Artificial intelligence (AI) in the U.S. - statistics & facts

    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.
    More data on the topic
    AI market size U.S. 2023
    87bn USD
    Growth of the AI market in the United States 2023
    64%
    Generative AI market size U.S. 2023
    16bn USD

    Contact

    Get in touch with us. We are happy to help.