Speech-based NLP - Eastern Asia | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$5.55bn 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$25.11bn 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 Eastern Asia is witnessing steady growth due to the increasing adoption of AI and digital technologies, as well as the rising demand for online health services. The average growth rate is fueled by the region's growing health awareness and the convenience offered by speech-based NLP systems.

Customer preferences: There is a growing demand for speech-based NLP solutions in Eastern Asia, driven by the rise in smartphone usage and the popularity of voice assistants. This trend is particularly evident in Japan and South Korea, where consumers are increasingly relying on voice commands for tasks such as online shopping and navigation. Additionally, there is a growing interest in voice-controlled smart home devices, showcasing the region's embrace of technology in daily life. These factors are expected to drive the growth of the Speech-based NLP Market in the Natural Language Processing Market within the Artificial Intelligence Market in Eastern Asia.

Trends in the market: In Eastern Asia, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing a surge in the adoption of voice-enabled devices and applications. This trend is driven by the increasing demand for smart home assistants and virtual assistants in various industries, including healthcare and education. This trajectory is expected to continue as advancements in voice recognition technology and natural language processing algorithms improve. The significance of this trend lies in its potential to revolutionize the way people interact with technology and access information. Industry stakeholders should pay attention to this trend and invest in developing voice-based solutions to stay competitive in the market. Additionally, this trend can have implications for the job market, as more tasks can be automated through voice-based virtual assistants, potentially leading to job displacement in certain industries. It is crucial for stakeholders to monitor and address these potential implications to ensure a smooth transition to a voice-powered future.

Local special circumstances: In Japan, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the high demand for advanced language processing technologies in various industries such as healthcare, finance, and retail. The country's strict data privacy regulations also influence market dynamics, with companies investing in secure and compliant NLP solutions. In South Korea, the market is driven by the government's focus on promoting AI technology and the use of voice assistants in daily life. The country's tech-savvy population and high adoption of smartphones also contribute to 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 Eastern Asia is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with advanced technological infrastructure and supportive government policies are experiencing significant growth in the market, while those with limited resources and restrictive regulations are facing challenges in market growth. The increasing demand for AI-powered solutions in various industries, such as healthcare, banking, and retail, is also contributing to the growth of the market in the region. Additionally, the rapid economic growth and rising disposable income of the population in Eastern Asian countries are fueling the demand for innovative AI solutions, further propelling the growth of the Speech-based NLP Market.

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 - Eastern Asia

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