Speech-based NLP - Bangladesh | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$102.50m 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$463.80m 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 Bangladesh is witnessing steady growth due to the rising adoption of artificial intelligence and technological advancements. Increasing demand for online language processing solutions, coupled with the growing awareness of its benefits, is driving market growth. The average growth rate of this market is impacted by factors such as the availability of skilled professionals and government initiatives promoting the use of NLP in various sectors.

Customer preferences: As the demand for personalized and efficient communication solutions grows, the Speech-based NLP Market in Bangladesh is witnessing a rise in demand for virtual assistants and chatbots. This trend is driven by the increasing adoption of smartphones and the need for convenient and timely information access. Furthermore, the emergence of voice-enabled devices is also shaping consumer preferences, indicating a shift towards hands-free and intuitive interfaces.

Trends in the market: In Bangladesh, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in the use of chatbots and virtual assistants for customer service and sales. This trend is driven by the increasing adoption of smartphones and the growing demand for personalized and efficient customer interactions. Furthermore, with the rise of e-commerce and digital payments in the country, businesses are leveraging speech-based NLP technology to enhance their online shopping experience. This trend is expected to continue in the future, as it offers convenience and cost-effectiveness for businesses and customers alike. The implications of this trend for industry stakeholders include improved customer satisfaction, increased efficiency, and potential cost savings. However, it also raises concerns about data privacy and security, as sensitive customer information is being transmitted through these chatbot interactions. Therefore, it is crucial for companies to carefully consider and address these issues in order to capitalize on the opportunities presented by the Speech-based NLP Market in Bangladesh.

Local special circumstances: In Bangladesh, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing significant growth due to the country's large population and increasing internet penetration. The market is also influenced by the government's initiatives to promote digital services and the growing tech-savvy population. Additionally, cultural factors such as the widespread use of Bengali language and the popularity of voice-based communication are shaping the market's dynamics.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Bangladesh is affected by various macroeconomic factors. The country's economic growth and stability, technological advancements, government policies, and investments in AI and NLP technologies all play a significant role in shaping the market. Bangladesh's rapidly growing economy and increasing investments in AI and NLP are creating a conducive environment for market growth. The rising demand for digital transformation and automation in various sectors is also driving the demand for speech-based NLP solutions in the country. Moreover, the increasing adoption of AI-powered virtual assistants and chatbots in businesses and customer service is further boosting the market 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 - Bangladesh

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