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Language translation NLP - South America

South America
  • The market size in the Language translation NLP market is projected to reach US$249.60m 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$988.90m 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 South America is experiencing mild growth, driven by increasing adoption of AI and NLP technologies, rising awareness of language barriers in the region, and the convenience of online translation services. This market's growth rate is being impacted by the need for accurate and efficient language translation solutions in a diverse and multilingual market, as well as the rising demand for AI-driven NLP applications in various industries.

    Customer preferences:     With the growing demand for cross-border communication and globalization, the Language translation NLP Market in South America is experiencing a significant boost. This can be attributed to the rising number of international businesses and the need for accurate and efficient translation services. Additionally, the increasing cultural exchange and tourism in the region have also led to a surge in demand for language translation solutions. As a result, there is a growing focus on developing NLP technologies that can accurately translate regional dialects and colloquialisms.

    Trends in the market:     In South America, there is a growing demand for language translation NLP solutions as businesses expand their reach globally. This trend is driven by the increasing use of AI-powered chatbots for customer service and the need for accurate language translation in international trade and communication. As the NLP market continues to grow, industry stakeholders are exploring the potential of machine learning and deep learning techniques to improve translation accuracy and speed. This trend is significant as it can lead to increased efficiency and cost savings for businesses operating in South America. Additionally, it presents opportunities for NLP solution providers to enter the market and cater to the growing demand. However, there are also potential implications for language service providers, as the rise of NLP technology may disrupt the traditional translation industry.

    Local special circumstances:     In South America, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by unique factors such as the widespread use of Spanish and Portuguese languages, as well as varying levels of technology adoption across different countries. Additionally, there are cultural differences that impact consumer preferences and adoption of AI technologies. For instance, in Brazil, the market is driven by the growing middle class seeking convenient and affordable healthcare options, leading to the popularity of online doctor consultations and digital fitness solutions. In contrast, countries like Argentina and Chile have a more advanced tech infrastructure, creating a greater demand for AI-based solutions in the healthcare sector.

    Underlying macroeconomic factors:     The growth of the Language translation NLP Market within the Artificial Intelligence Market in South America is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with supportive regulatory environments and significant investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing use of AI in various industries and the growing demand for efficient language translation solutions are driving the growth of the NLP market in South America.

    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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