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Language translation NLP - United States

United States
  • The market size in the Language translation NLP market is projected to reach US$1.85bn 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$7.32bn 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 the US is experiencing mild growth, driven by factors such as increasing adoption of AI, growing health awareness, and convenience of online services. This trend is impacted by the growing demand for language translation in various industries.

    Customer preferences:     As the global economy becomes increasingly interconnected, there is a growing demand for accurate and efficient language translation solutions. This trend is driven by the need for effective communication across borders and cultures. Additionally, with the rise of e-commerce and global trade, businesses are looking for ways to overcome language barriers and reach new markets. The Language translation NLP Market within the Artificial Intelligence Market is seeing a surge in demand for advanced translation technologies that can accurately understand and translate complex language nuances. This is particularly evident in the United States, where a diverse population and multilingual workforce create a need for sophisticated translation tools. Moreover, there is a growing preference for real-time translation solutions, especially in the business and travel sectors, as individuals and organizations look for ways to bridge language gaps and facilitate seamless communication.

    Trends in the market:     In the United States, the Language translation NLP market within the Artificial Intelligence market is experiencing a surge in demand due to the growing need for efficient communication across languages. This trend is expected to continue as businesses expand globally and the need for accurate translation services increases. Additionally, advancements in deep learning and neural machine translation are enhancing the accuracy and speed of translation, making it an even more appealing solution. This trend has significant implications for industry stakeholders, as it presents opportunities for growth and innovation, but also poses challenges for traditional translation services. As the market continues to evolve, it will be crucial for stakeholders to stay updated on the latest trends and technologies to remain competitive.

    Local special circumstances:     In the United States, the Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the country's diverse population and its high adoption of technology. With a large number of non-English speakers, there is a high demand for NLP solutions that can accurately translate and analyze data in multiple languages. Additionally, strict data privacy regulations, such as the General Data Protection Regulation (GDPR), play a significant role in shaping the market dynamics and driving the development of secure NLP solutions.

    Underlying macroeconomic factors:     The Language translation NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is also impacted by macroeconomic factors such as the global economic climate, national economic stability, and government policies. Countries with stable economies and supportive policies for AI and NLP technologies are expected to witness higher market growth compared to regions with economic challenges and limited support for technology innovation. Additionally, the increasing demand for efficient communication across different languages and cultures is driving the growth of the language translation NLP market, especially in countries with diverse populations and global business presence.

    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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