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Language translation NLP - Taiwan

Taiwan
  • The market size in the Language translation NLP market is projected to reach US$55.19m 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$218.60m 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 Taiwan nan is experiencing mild growth, driven by the adoption of AI and increasing health awareness. The convenience of online services is also a factor. This market has a promising future.

    Customer preferences:     With the growing global demand for cross-cultural communication and international business, there has been a significant increase in the adoption of language translation NLP solutions in Taiwan. This trend is mainly driven by the need for accurate and efficient translation of various languages, including Mandarin, Cantonese, and Taiwanese Hokkien. Additionally, with the rise of e-commerce and online platforms, there is a growing demand for real-time translation services to facilitate seamless communication between businesses and their global customers. This has led to a surge in the development and implementation of advanced NLP technologies, further propelling the growth of the Language translation NLP Market in Taiwan.

    Trends in the market:     In Taiwan, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for language translation services. This is driven by the increasing globalization of businesses and advancements in machine learning technology. Additionally, there is a growing trend towards using NLP for customer service and communication, especially in the e-commerce sector. This trend is expected to continue, with potential implications for industry stakeholders such as increased efficiency, improved customer satisfaction, and the potential for new revenue streams.

    Local special circumstances:     In Taiwan, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's highly advanced technology sector, as well as its strong focus on education and research. Additionally, Taiwan's strategic location and close proximity to China have led to the development of unique language translation NLP solutions that cater to both Mandarin and Taiwanese dialects. Furthermore, the government's supportive policies and initiatives towards AI development have created a favorable environment for the growth of the NLP market in Taiwan.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Taiwan is heavily influenced by macroeconomic factors. The country's economic health, fiscal policies, and global economic trends all play a role in the market's performance. Additionally, Taiwan's investment in technology and regulatory support for AI innovation has contributed to the growth of this market. The country's strong healthcare infrastructure and favorable regulatory environment have also attracted investments in digital health technologies, further driving the market's growth. With an aging population and the increasing prevalence of chronic diseases, the demand for AI-powered language translation solutions is expected to continue to rise in Taiwan.

    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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