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Language translation NLP - Turkey

Turkey
  • The market size in the Language translation NLP market is projected to reach US$65.74m 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$260.40m 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 NLP market in Turkey is experiencing mild growth, driven by the increasing adoption of AI and digital technologies, as well as growing health awareness. The convenience of online health services is also impacting this growth rate.

    Customer preferences:     The demand for language translation NLP solutions in Turkey has been on the rise, driven by the growing need for multilingual communication in the global marketplace. With the rise of e-commerce and cross-border trade, businesses are increasingly investing in NLP technology to overcome language barriers. Additionally, there has been a shift towards personalized and culturally sensitive translations, as consumers value authenticity and connection in their interactions. This trend is expected to continue as the Turkish economy becomes more integrated with the global market.

    Trends in the market:     In Turkey, the Language translation NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market is experiencing a surge in demand for automated translation services. This is driven by the increasing need for businesses to communicate with global customers and the rise of e-commerce platforms. Additionally, there is a growing trend of incorporating NLP technology into customer service chatbots, enabling businesses to provide efficient and personalized support in multiple languages. This trend is expected to continue, with implications for industry stakeholders such as language service providers and AI developers. As NLP technology continues to advance, it is likely that we will see more sophisticated translation solutions and increased adoption in various industries.

    Local special circumstances:     In Turkey, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is growing due to the increasing demand for multilingual communication in the country's diverse business landscape. The government's efforts to promote digital transformation and investment in advanced technologies have also contributed to the market's growth. Additionally, the country's strategic location between Europe and the Middle East makes it a hub for international businesses, creating a need for efficient language translation services. Furthermore, Turkey's unique cultural and historical influences have led to the development of specialized NLP solutions tailored to the Turkish language, giving the market a competitive edge.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Turkey is greatly influenced by macroeconomic factors such as government support for technological advancements, investment in AI infrastructure, and national economic health. 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. Additionally, the increasing demand for accurate and efficient language translation solutions in various industries, coupled with the growing adoption of AI in Turkey, is driving the growth of the Language translation NLP Market.

    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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