Speech-based NLP - Africa | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$400.30m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.61%, resulting in a market volume of US$1.81bn by 2030.
In global comparison, the largest market size will be United States (US$5.67bn in 2024).

Definition:
The Speech-Based Natural Language Processing (NLP) market encompasses applications that interpret and understand spoken language and includes systems that can transcribe, translate, and analyze spoken words and phrases with the goal of improving human-machine communication. The Speech-Based NLP market has relevance for the healthcare, finance, and customer service industries.

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 Amazon Web Services, Google Cloud Speech-to-Text, and Microsoft Azure Speech Services.

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Virtual assistants, such as Apple’s Siri or Amazon’s Alexa
Voice-enabled customer tools (e.g., for banks)
Medical transcription tools (e.g., for hospital patient records).

Live and/or simultaneous interpretation of speeches in real time
Voice acting and voice dubbing
Music transcription applications that convert audio recordings into written notation.

The Speech-based NLP market in the African region is experiencing steady growth, driven by factors such as increasing adoption of AI technology, growing demand for online services, and rising awareness about healthcare. This growth is mainly influenced by the region's average growth rate and its impact on the market's development.

Customer preferences: The growing use of speech-based Natural Language Processing technology is driven by the rise of voice assistants and virtual agents in African markets. This trend is influenced by cultural preferences for oral communication and the increasing adoption of smartphones. Additionally, the demand for multilingual capabilities in NLP solutions is rising due to the diverse linguistic landscape of Africa. This indicates a shift towards voice-based interactions in various sectors, such as customer service and education, to cater to the needs and preferences of African consumers.

Trends in the market: In Africa, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in the adoption of voice-enabled virtual assistants for banking, healthcare, and customer service. This trend is driven by the increasing use of smartphones and internet access, as well as the need for efficient and personalized interactions. Additionally, there is a growing focus on developing local language support for these solutions, making them more accessible to a wider population. This trend is expected to have a significant impact on the region's economy, driving digital transformation and improving customer experience.

Local special circumstances: In Africa, the Speech-based NLP market is growing at a rapid pace due to the increasing adoption of smartphones and the rise of digital literacy. The market is also influenced by the diverse linguistic landscape of the continent, with a need for multilingual NLP solutions. Additionally, government initiatives promoting digital transformation and the rise of e-commerce are also contributing to the growth of the market. In countries like South Africa and Kenya, the market is driven by the demand for voice-based virtual assistants in local languages, while in Nigeria, the market is influenced by the popularity of speech-to-text solutions in the banking and finance sector.

Underlying macroeconomic factors: The growth of the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is significantly impacted by macroeconomic factors such as technological advancements, government policies and investments in the IT sector, and the overall economic health of the region. Countries with strong technological infrastructure and favorable government policies are experiencing faster market growth compared to regions with limited access to advanced technologies and regulatory restrictions. Additionally, the increasing adoption of AI-powered solutions in various industries, such as healthcare, finance, and retail, is driving the demand for speech-based NLP technology in Africa and other developing regions.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Speech-based NLP - Africa

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