Speech-based NLP - Egypt | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$105.80m 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$479.00m 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 Egypt is witnessing steady growth due to the rising demand for AI-powered solutions in various industries. The average growth rate is driven by factors such as increasing adoption of NLP technology, growing awareness of its benefits, and the convenience of speech-based interfaces. These factors are expected to continue driving growth in the market in the coming years.

Customer preferences: One notable trend in the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is the growing demand for voice-enabled virtual assistants. With the rise of smart homes and connected devices, consumers in Egypt are increasingly looking for hands-free and intuitive ways to control their devices and access information. This trend is also driven by the reliance on voice technology among Arabic-speaking users, who prefer to interact with devices and apps in their native language. Additionally, the COVID-19 pandemic has further accelerated the adoption of speech-based NLP solutions, as individuals seek contactless and seamless experiences in their daily lives, such as voice-controlled shopping and contactless payment options.

Trends in the market: In Egypt, the Speech-based NLP market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for speech recognition technologies in various industries, such as healthcare and banking. This trend is fueled by the increasing adoption of digital solutions and the need for efficient and accurate communication. Additionally, there is a growing focus on developing Arabic language models and voice recognition capabilities, catering to the local market's specific needs. As a result, stakeholders in the industry are investing in research and development to enhance these technologies' capabilities and expand their applications, leading to a promising future for the market.

Local special circumstances: In Egypt, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's large population of Arabic speakers and their preference for voice-based interactions. Additionally, the government has launched initiatives to promote the use of AI in various industries, including healthcare and finance. As a result, there is a growing demand for speech-based NLP solutions in these sectors. Furthermore, Egypt's strategic location in the Middle East and Africa makes it an attractive market for international companies looking to expand their AI offerings and tap into the region's potential.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Egypt is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. The country's strong investment in AI research and development, coupled with a favorable regulatory environment, has led to significant growth in the market. Additionally, the increasing adoption of AI-powered solutions in various industries, including healthcare and finance, is driving the demand for Speech-based NLP technologies in Egypt. The country's stable economic growth and increasing focus on digital transformation further contribute to the market's growth potential.

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 - Egypt

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