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Speech-based NLP - Brazil

Brazil
  • The market size in the Speech-based NLP market is projected to reach US$427.60m 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$1.94bn 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Brazil is experiencing steady growth, driven by the growing adoption of AI and NLP technologies, increasing health awareness, and the convenience of online services. This market has an average growth rate, impacted by factors such as government initiatives and partnerships with healthcare providers.

    Customer preferences:     The increasing adoption of smart speakers and voice assistants in Brazil highlights the growing trend towards voice-based interactions and hands-free technology. This has led to a rise in demand for speech-based NLP solutions that can accurately understand and respond to natural language commands in Brazilian Portuguese. Furthermore, with the rise of remote work and virtual meetings, there is a growing need for NLP-based virtual assistants that can facilitate smooth communication and collaboration amongst teams. This trend is likely to continue as the country embraces a more digital and connected lifestyle.

    Trends in the market:     In Brazil, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in the adoption of voice assistants for various applications, such as customer service and virtual assistants. This trend is driven by the increasing demand for seamless and efficient communication solutions in various industries. Additionally, there is a growing focus on developing voice recognition technology in Portuguese, further fueling the growth of this market. This trend is significant as it showcases the potential of voice-based interactions in the Brazilian market and has implications for industry stakeholders, such as increased investments in voice technology and the development of more localized solutions.

    Local special circumstances:     In Brazil, the demand for speech-based NLP solutions in the natural language processing market is driven by the country's cultural and linguistic diversity. With a population of over 200 million people, Brazil has a diverse mix of languages and dialects, creating a need for accurate and efficient communication tools. Additionally, the country's strict data protection laws and regulatory framework have influenced the development of AI technologies, leading to innovative and secure speech-based NLP solutions. The market is further fueled by the government's efforts to promote digital transformation and the growing use of virtual assistants in industries such as banking, healthcare, and customer service.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Brazil is also impacted by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Brazil's rapidly growing economy and government initiatives to promote AI adoption are driving the demand for speech-based NLP solutions. Additionally, the country's large and diverse population, coupled with the increasing trend of digitization, is creating a favorable environment for the growth of the Speech-based NLP Market within the Artificial Intelligence Market in Brazil.

    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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