Speech-based NLP - G7 | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$9.76bn 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$44.14bn 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 the G7 nan region is experiencing steady growth due to the increasing usage of AI and rising awareness about the benefits of natural language processing. The convenience offered by speech-based NLP solutions is also driving market growth. This market is expected to continue growing at an average rate in the coming years.

Customer preferences: The Speech-based NLP Market within the Natural Language Processing Market in the Artificial Intelligence market has seen a rise in demand for voice-enabled virtual assistants and chatbots, as consumers seek more efficient and intuitive ways to interact with technology. This trend is also fueled by the increasing integration of speech recognition technology in various devices and applications, catering to the growing need for hands-free and voice-controlled solutions. Additionally, the use of speech-based NLP in customer service and support has gained traction, as businesses look to enhance customer experience and reduce costs through automation.

Trends in the market: In the G7 countries, the Speech-based NLP Market within the Natural Language Processing Market is experiencing a surge in demand for virtual assistants and chatbots across various industries. This is driven by the increasing adoption of AI-based solutions to enhance customer interactions and improve efficiency. Additionally, there is a growing trend of integrating voice recognition technology with NLP, allowing for more seamless and natural conversations. These advancements are expected to have a significant impact on customer experience and business operations, making it a crucial area of focus for industry players.

Local special circumstances: In Japan, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the country's advanced technological infrastructure and high demand for voice-enabled devices. The aging population has also contributed to the growth, with the development of speech-based NLP solutions for elderly care and healthcare services. Additionally, Japan's strict data privacy laws have spurred the adoption of secure speech recognition technology in various industries, such as banking and finance.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is heavily impacted by macroeconomic factors such as the growing adoption of AI technologies, government initiatives to promote AI research and development, and the increasing demand for automation in various industries. Countries with strong economic growth and supportive policies for AI development are experiencing higher market growth compared to regions with economic challenges and limited investment in AI. Furthermore, the rise in data generation and the need for efficient data processing solutions in the era of digital transformation are driving the demand for NLP technologies, further boosting the growth of the 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 - G7

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