Skip to main content
  1. Market Insights
  2. Technology
  3. Artificial Intelligence
  4. Natural Language Processing

Speech-based NLP - Benelux

Benelux
  • The market size in the Speech-based NLP market is projected to reach US$354.00m 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$1.60bn 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.

For more information on the data displayed, use the info button right next to the boxes.

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.
Artificial Intelligence

Artificial Intelligence

Related markets:
Artificial Intelligence: in-depth market analysis - Cover

Market Insights report

Artificial Intelligence: in-depth market analysis

Study Details
    methodology

    Download PDF

    FAQs and more info on the methodology

    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 Benelux nan is experiencing steady growth, driven by factors such as increasing adoption of AI and NLP technologies, rising demand for efficient communication, and the convenience offered by speech-based NLP services. The market's average growth rate is influenced by the region's focus on technological advancements and the growing need for efficient language processing solutions.

    Customer preferences:     With the increasing adoption of voice assistants and virtual assistants, the demand for speech-based natural language processing technology has witnessed significant growth in the Benelux region. This trend is driven by the rising preference for hands-free and intuitive interactions with devices, especially among younger generations. Furthermore, the growing use of chatbots for customer service and support has also contributed to the growth of the speech-based NLP market in the region. Additionally, the availability of multilingual speech recognition and translation capabilities has made these solutions more accessible and appealing to diverse populations in the Benelux countries.

    Trends in the market:     In Benelux, 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 devices and virtual assistants. This trend is driven by the increasing adoption of smart homes and the integration of voice technology in various industries, such as healthcare and banking. Additionally, there is a growing focus on developing multilingual speech recognition systems to cater to the diverse linguistic landscape of the region. These developments have significant implications for industry stakeholders, as they open up new opportunities for innovation and market growth in the region.

    Local special circumstances:     In Benelux, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the region's high level of technological development and advanced language processing capabilities. Additionally, the region's strong focus on privacy and data protection regulations impacts the adoption and usage of speech-based NLP solutions. The cultural diversity within the region also plays a role in shaping the demand for speech-based NLP applications, with different languages and dialects creating a need for customized solutions. This unique combination of factors drives the growth of the market in Benelux, setting it apart from other markets.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the Benelux region is influenced by macroeconomic factors such as digital infrastructure, government policies, and investment in research and development. Countries with advanced digital infrastructure and supportive government policies are experiencing faster market growth compared to regions with limited digital infrastructure and regulatory challenges. Additionally, the rising demand for AI-based solutions from various industries, including healthcare, finance, and retail, is driving the growth of the market in the Benelux region. Moreover, the increasing adoption of AI technologies in the region's public sector is also contributing to the market's growth. These factors are expected to continue to drive the growth of the Speech-based NLP Market in the Benelux region in the coming years.

    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.

    Technology

    Access more Market Insights on Technology topics with our featured report

    Artificial Intelligence: in-depth market analysis - BackgroundArtificial Intelligence: in-depth market analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Artificial intelligence (AI) worldwide - statistics & facts

    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.
    More data on the topic
    Size of the AI market in 2024
    184bn U.S. dollars
    Generative AI market size 2023
    44bn U.S. dollars
    Largest ML market globally
    United States

    Explore more high-quality data on related topic

    Artificial intelligence (AI) in the U.S. - statistics & facts

    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.
    More data on the topic
    AI market size U.S. 2023
    87bn USD
    Growth of the AI market in the United States 2023
    64%
    Generative AI market size U.S. 2023
    16bn USD

    Contact

    Get in touch with us. We are happy to help.