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Language translation NLP - United Kingdom

United Kingdom
  • The market size in the Language translation NLP market is projected to reach US$223.70m 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$886.10m 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 Language translation NLP market in the UK is experiencing mild growth, influenced by factors such as increasing adoption of AI and rising demand for online language services. This is driven by the convenience and efficiency offered by digital technologies, and the growing awareness of the importance of language in healthcare.

    Customer preferences:     The rising demand for cross-cultural communication and global business transactions has led to an increased need for accurate and efficient language translation solutions. This has resulted in a significant growth in the Language translation NLP Market, with companies investing in advanced NLP technologies to cater to diverse language requirements. Additionally, the emergence of AI-powered translation tools has enabled faster and more accurate translations, further driving the growth of this market.

    Trends in the market:     In the United Kingdom, there is a growing demand for language translation NLP solutions in the natural language processing market within the artificial intelligence market. This is driven by the increasing need for businesses to reach a global audience and communicate effectively with non-English speaking customers. Additionally, the rise of e-commerce and digital marketing has further fueled the demand for accurate and efficient language translation services. This trend is expected to continue as companies increasingly prioritize international expansion and customer engagement. As a result, industry stakeholders can expect a surge in investments and partnerships in the language translation NLP market, with a focus on developing advanced solutions to meet the growing demand. This will also create opportunities for new entrants and startups to enter the market and disrupt traditional players.

    Local special circumstances:     In the United Kingdom, the Language translation NLP market is driven by the country's high demand for multi-lingual communication in various industries, such as finance, healthcare, and government. Additionally, the UK's diverse population and its position as a global business hub have created a need for accurate and efficient language translation services. The country's strict data privacy laws also impact the development and adoption of NLP technologies, as companies must ensure compliance with regulations.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the United Kingdom is influenced by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The growth of this market is also impacted by the country's regulatory environment and investment in technological advancements. Regions with favorable regulatory environments and strong investment in AI technology are experiencing faster market growth compared to those with regulatory challenges and limited funding. Additionally, the increasing demand for efficient language translation solutions, driven by the growing need for global communication and trade, is fueling market growth in the UK.

    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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