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Speech-based NLP - EMEA

EMEA
  • The market size in the Speech-based NLP market is projected to reach US$6.30bn 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$28.53bn 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: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Speech-based NLP market is experiencing steady growth in EMEA nan, fueled by factors like increasing use of digital technology, growing health awareness, and the convenience of online services. This trend is supported by the market's average growth rate, influenced by various factors impacting the industry.

    Customer preferences:     The EMEA region has witnessed a growing demand for speech-based NLP solutions, driven by the rising adoption of virtual assistants and chatbots. This trend is fueled by the increasing use of voice-based interfaces in smartphones, smart homes, and connected cars. Additionally, there is a growing preference for personalized and conversational interactions, leading to the development of advanced NLP technologies. This shift towards voice-based interactions is also influenced by the cultural diversity of the region, where languages and dialects vary widely, making speech-based NLP a more efficient and convenient solution for communication.

    Trends in the market:     In EMEA, the Speech-based NLP Market is experiencing a surge in demand for voice-enabled devices and applications, with major players such as Google and Amazon expanding their presence in the region. This trend is driven by the increasing adoption of virtual assistants in various industries, such as banking and healthcare. Moreover, there is a growing interest in multilingual voice recognition and translation capabilities, which is expected to further fuel the growth of the market. For industry stakeholders, this trend presents opportunities for partnerships and collaborations to enhance their NLP technology offerings and tap into the rising demand for speech-based solutions in the region.

    Local special circumstances:     In EMEA, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the region's diverse languages and cultural norms. This creates a need for robust multilingual support and customized solutions for different countries. Additionally, regulatory requirements for data privacy and security also play a significant role in shaping market dynamics. For example, in countries like Germany and France, strict data protection regulations have driven the demand for on-premises NLP solutions, while countries like the UK and Ireland have a more relaxed approach towards cloud-based solutions.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in EMEA is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with advanced technological capabilities and supportive regulatory environments are experiencing higher growth in the market compared to countries with limited technological capabilities and regulatory challenges. Additionally, the increasing demand for AI-based solutions in various industries, such as healthcare and banking, is driving the growth of the market in EMEA. The region's economic health and fiscal policies also play a crucial role in shaping the market, as they determine the level of investment and adoption of AI technologies. Furthermore, the rising need for efficient and automated solutions in the face of a growing population and changing consumer behavior is expected to further drive the growth of the Speech-based NLP Market in the region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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