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Speech-based NLP - Australia & Oceania

Australia & Oceania
  • The market size in the Speech-based NLP market is projected to reach US$433.10m 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$1.96bn 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

    The Speech-based NLP market in Australia & Oceania is experiencing steady growth, driven by the increasing adoption of AI technologies, growing health awareness, and the convenience of online services. The market's average growth rate is influenced by factors such as advancements in technology and the demand for efficient healthcare solutions.

    Customer preferences:     Consumers in Australia & Oceania are showing a growing interest in speech-based NLP technology, as it enables them to interact with devices and applications through natural language commands. This trend is driven by the increasing adoption of virtual assistants and voice-activated smart home devices. Additionally, the region's diverse population and cultural nuances are contributing to the development of language-specific NLP solutions, catering to the needs of different communities.

    Trends in the market:     In Australia & Oceania, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice-enabled virtual assistants. This trend is driven by the increasing use of smart devices and the growing adoption of voice-based search and commands. This has significant implications for industry stakeholders, as it presents new opportunities for businesses to improve customer engagement and streamline processes through voice-based interactions. Furthermore, this trend is expected to continue its upward trajectory, as advancements in speech recognition technology and natural language understanding continue to enhance the capabilities of these virtual assistants.

    Local special circumstances:     In Australia and Oceania, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing rapid growth due to the region's high adoption of advanced technologies. Additionally, the increasing demand for personalized and efficient customer service is driving the market. Moreover, favorable government initiatives and investments in AI research are also contributing to the market's growth. However, the region's diverse languages and accents pose a challenge for speech-based NLP solutions, leading to the development of specialized applications.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Australia & Oceania is primarily driven by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and high levels of investment in AI technologies, such as Australia, are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI in industries such as healthcare, finance, and customer service is fueling the demand for speech-based NLP solutions. As the region continues to experience economic growth and stability, the market for natural language processing is expected to flourish.

    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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