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Language translation NLP - Southern Asia

Southern Asia
  • The market size in the Language translation NLP market is projected to reach US$306.60m 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$1.22bn 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 NLP market in Southern Asia is experiencing mild growth, driven by the increasing adoption of AI and digital technologies, as well as the rising awareness of the benefits of online language translation services. Factors such as convenience and accessibility are impacting the market's growth rate.

    Customer preferences:     With the increasing globalization and interconnectedness, there has been a growing demand for accurate and efficient language translation solutions in Southern Asia. This has led to a rise in the adoption of Natural Language Processing (NLP) technology, which offers advanced and automated translation capabilities. Additionally, the region's diverse linguistic landscape and rapidly evolving business landscape have also fueled the demand for NLP-based language translation services. This trend is expected to continue as more businesses and individuals seek to bridge communication barriers and expand their reach globally.

    Trends in the market:     In Southern Asia, the Language translation NLP Market in the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for multilingual chatbots and virtual assistants. This trend is driven by the region's diverse population and the need for businesses to communicate with customers in their native language. Additionally, there is an increasing focus on developing NLP models for low-resource languages, providing opportunities for local startups to enter the market. This trend is expected to continue, as companies strive to improve customer experience and expand their global reach. However, it also presents challenges in terms of data availability and quality, as well as ethical considerations in language processing. These trends highlight the potential for growth in the Language translation NLP Market and its significance in driving innovation and bridging communication barriers in the region. Industry stakeholders must keep abreast of these developments to remain competitive and meet the growing demand for multilingual NLP solutions.

    Local special circumstances:     In South Korea, the Language translation NLP market is experiencing rapid growth due to the country's high demand for accurate and efficient translation services. This is driven by the country's strong export industry and increasing globalization. Additionally, the government's support for AI development has led to the adoption of NLP in various industries, including healthcare and finance. In Japan, strict data privacy laws have created challenges for NLP companies, but the market is still growing due to the country's advanced technology and high demand for translation and chatbot services.

    Underlying macroeconomic factors:     The Language translation NLP Market in Southern Asia is primarily driven by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for language translation in various industries, coupled with the growing need for efficient communication in the global market, is fueling the growth of the Language translation NLP Market in Southern Asia. This trend is expected to continue as the region witnesses rapid economic growth and increasing adoption of AI technologies.

    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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