Speech-based NLP - Greece | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$48.83m 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$221.00m 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 Greece has shown steady growth, driven by rising adoption of AI technologies, growing health awareness, and the convenience of online services. The average growth rate is influenced by factors such as government initiatives and increasing demand for advanced healthcare solutions.

Customer preferences: Consumers in Greece have shown a growing interest in speech-based NLP solutions for customer service and support. This trend is driven by the demand for efficient and personalized interactions with businesses, as well as the increasing use of voice assistants in everyday life. Additionally, there has been a rise in the adoption of virtual assistants for elderly care, as the country's population continues to age. This shift towards voice-based technology highlights the importance of accessibility and ease of use in consumer preferences.

Trends in the market: In Greece, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice-activated virtual assistants, such as Amazon's Alexa and Google Assistant. This trend is driven by the increasing adoption of smart home devices and the rise of smart cities. Furthermore, there is also a growing use of speech-based NLP in customer service and call centers, streamlining processes and enhancing user experience. These trends are expected to continue in the coming years, presenting significant opportunities for industry stakeholders. However, there may also be challenges in terms of data privacy and security, as well as the need for continuous advancements in speech recognition technology.

Local special circumstances: In Greece, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is emerging due to the country's high adoption of technology and increasing use of voice-enabled devices. The market is also being driven by the government's initiatives to promote digital transformation and encourage innovation in the healthcare sector. Additionally, the strong presence of multinational companies in the country is creating a competitive landscape for speech-based NLP solutions. However, Greece's economic and political instability may pose challenges to market growth in the near future.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Greece is influenced by various macroeconomic factors. The country's economic health, fiscal policies, and global economic trends play a crucial role in shaping the market performance. In recent years, Greece has been experiencing a slow economic recovery, which has affected its investment in technology and infrastructure. Additionally, the country's fiscal policies have impacted the adoption of advanced technologies, including speech-based NLP solutions. However, with the growing demand for AI-based solutions in various industries, the Greek government has shown a willingness to support and invest in the development of the AI market, which is expected to drive the growth of the Speech-based NLP Market in the country. Furthermore, the increasing need to improve business processes and customer experience is also fueling the demand for speech-based NLP solutions, which is expected to positively impact the market growth in Greece.

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 - Greece

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