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Speech-based NLP - Eastern Europe

Eastern Europe
  • The market size in the Speech-based NLP market is projected to reach US$602.70m 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$2.73bn 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 Eastern Europe is witnessing steady growth, driven by factors such as increasing adoption of AI, growing awareness about the benefits of NLP, and the convenience of speech-based technology. This market is expected to continue growing at an average rate due to ongoing advancements in AI and increasing demand for efficient and accurate language processing solutions.

    Customer preferences:     There has been a growing demand for voice-activated virtual assistants and chatbots in Eastern Europe, as consumers are increasingly turning to technology to simplify their daily tasks and improve efficiency. This trend is also reflected in the Speech-based NLP Market, where there has been a rise in the use of voice recognition technology for customer service and support. Additionally, the region's growing tech-savvy population and increasing adoption of smartphones have further fueled the demand for speech-based NLP solutions.

    Trends in the market:     In Eastern Europe, the Speech-based NLP market is experiencing a surge in demand due to the increasing adoption of voice-based virtual assistants and chatbots. This trend is driven by the rising popularity of smart homes and the need for more efficient communication in customer service. The trajectory of this trend is expected to continue upward as more businesses and consumers embrace the convenience and efficiency of voice-based technology. This has significant implications for industry stakeholders, including increased competition and the need for continuous innovation in speech recognition and natural language understanding. Additionally, there is a growing potential for partnerships between speech-based NLP providers and industries such as healthcare and education to enhance their services with voice-enabled capabilities.

    Local special circumstances:     In Eastern Europe, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the growing demand for automation in various industries, such as healthcare, finance, and customer service. Countries like Poland, Romania, and Ukraine have seen a rise in the adoption of speech-based NLP solutions due to their large bilingual population and the need for multilingual support. Additionally, the region's strong IT infrastructure and skilled workforce have also played a significant role in the growth of the market. However, data privacy regulations, such as GDPR, have also influenced the market dynamics, with companies having to comply with strict data protection laws.

    Underlying macroeconomic factors:     The growth of the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable policies and robust investment in AI are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing adoption of AI technologies in various industries and the rising demand for intelligent virtual assistants are driving the growth of the Speech-based NLP Market.

    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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