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Speech-based NLP - Europe

Europe
  • The market size in the Speech-based NLP market is projected to reach US$5.38bn 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$24.32bn 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 Europe is experiencing steady growth due to the rising demand for AI-based solutions in healthcare. Factors such as increasing health awareness and convenience of online services are driving this growth, with an average growth rate expected in the near future. This market is expected to continue expanding as more organizations adopt digital technologies for healthcare services.

    Customer preferences:     Consumers in Europe are increasingly adopting speech-based NLP technology for its convenience and efficiency in communication. The demand for voice-activated virtual assistants and chatbots is on the rise, as they offer a more natural and intuitive way of interacting with technology. This trend is driven by cultural preferences for personalized and human-like interactions, as well as the growing need for hands-free and voice-controlled devices in our fast-paced lifestyles. Additionally, the aging population in Europe is also a key factor, as speech-based NLP offers a more accessible form of communication for seniors and individuals with disabilities.

    Trends in the market:     In Europe, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is seeing a surge in demand for voice-controlled virtual assistants. This trend is driven by the increasing adoption of smart home devices and the integration of speech recognition technology in various industries, including healthcare and retail. This trajectory is significant as it offers a more intuitive and convenient way for users to interact with technology. Industry stakeholders can expect to see continued growth in this market, with potential implications including improved customer experience and increased efficiency in business operations.

    Local special circumstances:     In Europe, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the growing adoption of digital assistants and voice-based technologies in various industries. Additionally, the market is influenced by strict data privacy regulations, such as the General Data Protection Regulation (GDPR), which impact the collection and use of personal data for speech recognition and processing. Moreover, the diverse linguistic landscape in Europe poses a challenge for NLP technologies, as they need to support multiple languages and dialects to be successful in the market. These factors are shaping the dynamics of the Speech-based NLP Market in Europe, making it a unique market compared to other regions.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Europe is greatly impacted by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory environments and significant investment in AI technologies are experiencing rapid market growth compared to regions with regulatory barriers and limited funding for AI development. Furthermore, the growing use of AI in various industries and the increasing adoption of smart devices are driving the demand for speech-based NLP solutions and fueling market growth in Europe.

    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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