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Speech-based NLP - ASEAN

ASEAN
  • The market size in the Speech-based NLP market is projected to reach US$779.30m 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$3.53bn 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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In-Scope

  • 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).

Out-Of-Scope

  • 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.
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    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

    In ASEAN, the Speech-based NLP Market within the Artificial Intelligence Market is experiencing steady growth, driven by factors such as increasing adoption of digital technologies and rising demand for convenient online health services. This market is expected to maintain an average growth rate, influenced by factors such as the region's growing health awareness and adoption of advanced technologies.

    Customer preferences:     As technology continues to advance and become more integrated into daily life, consumers in the ASEAN region are increasingly turning to speech-based NLP solutions for greater convenience and efficiency. This trend is particularly evident in the healthcare sector, where individuals are seeking out virtual assistant tools and voice-enabled chatbots for quick and accurate medical information and advice. This shift towards voice-based interfaces is driven by a growing preference for hands-free and intuitive interaction, as well as the need for remote access to healthcare services.

    Trends in the market:     In ASEAN, the Speech-based NLP market within the Natural Language Processing Market of the Artificial Intelligence Market is experiencing a shift towards voice recognition technology, with more companies incorporating speech recognition capabilities into their products and services. This trend is significant as it allows for more seamless and intuitive interactions between humans and machines, leading to improved user experiences and increased efficiency. Additionally, this trend has potential implications for industry stakeholders, such as increased competition and the need for constant innovation to stay ahead in the market. Furthermore, the integration of voice recognition technology also opens up opportunities for new applications in various industries, such as healthcare and customer service.

    Local special circumstances:     In ASEAN, the Speech-based NLP Market is experiencing significant growth due to the region's large and diverse population, along with the increasing adoption of digital technologies. Additionally, the market is shaped by the unique cultural and linguistic diversity of the region, with a wide range of languages and dialects spoken. This has led to the development of localized speech recognition and natural language understanding technologies. Moreover, the region's regulatory landscape, with varying data privacy laws and regulations, has also influenced the market dynamics, driving the demand for secure and compliant speech-based NLP solutions.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in ASEAN is greatly impacted by macroeconomic factors such as the region's economic growth, government policies, and investment in AI technologies. Countries with strong economic growth and supportive regulatory environments, such as Singapore and Malaysia, are experiencing faster market growth compared to those with economic challenges and limited government support. Additionally, the increasing adoption of digital technologies and the growing demand for efficient and accurate communication in various industries, including healthcare and banking, are driving the demand for Speech-based NLP solutions in the ASEAN region. This trend is expected to continue as the region's economy continues to develop and embrace digital transformation.

    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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