Speech-based NLP - Australia | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$379.20m 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$1.72bn 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 Australia is seeing steady growth, fueled by the rising adoption of AI and NLP technologies, increasing awareness about the importance of natural language processing in healthcare, and the convenience of speech-based online services. The average growth rate of the market is being impacted by factors such as government initiatives, advancements in voice recognition technology, and the integration of NLP in various industries.

Customer preferences: The demand for voice-enabled virtual assistants and chatbots has grown in Australia, driven by the need for convenient and personalized customer interactions. Additionally, with the rise of telecommuting and remote work, there is a growing trend towards speech-based NLP solutions for remote communication and collaboration. This is particularly relevant in Australia, where the population is spread out across vast distances. As a result, there is a strong demand for speech-based NLP solutions that can bridge the gap and facilitate efficient communication.

Trends in the market: In Australia, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rapid growth in the implementation of voice-activated virtual assistants in various industries. This trend is driven by the increasing demand for seamless and efficient communication between humans and machines. With the advancements in voice recognition technology, speech-based NLP is becoming more accurate and reliable, making it a valuable tool for businesses. This trend is expected to continue in the coming years, with the potential to revolutionize the way we interact with technology, and create new opportunities for industry stakeholders.

Local special circumstances: In Australia, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is growing due to the country's advanced technology infrastructure and high adoption rate of smartphones. The market is also influenced by the country's diverse multicultural population, leading to the development of NLP solutions catering to different languages and dialects. Additionally, the Australian government's focus on promoting innovation and digital transformation has created a conducive environment for the growth of the Speech-based NLP Market.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Australia is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Australia's strong economic growth and stable political climate create a favorable environment for the market to thrive. Additionally, the country's high rate of adoption of advanced technologies and its rapidly aging population are driving the demand for speech-based NLP solutions to improve healthcare access and efficiency. The government's focus on promoting innovation and its investments in healthcare infrastructure also contribute to the market's growth.

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 - Australia

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