Speech-based NLP - Hong Kong | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$80.15m 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$362.70m 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 Hong Kong nan is experiencing steady growth driven by the increasing adoption of digital technologies and rising awareness of health. The average growth rate is impacted by factors such as convenience offered by online health services and the growing demand for Natural Language Processing in the Artificial Intelligence Market.

Customer preferences: The Speech-based NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market in Hong Kong has seen a rise in demand for voice-activated virtual assistants and chatbots. This trend is driven by the increasing use of smart devices and the preference for hands-free interaction. Additionally, the incorporation of Cantonese and Mandarin language support in these solutions caters to the diverse linguistic landscape of Hong Kong.

Trends in the market: In Hong Kong, there is a growing demand for speech-based NLP solutions in various industries, such as healthcare, finance, and customer service. This trend is driven by the increasing adoption of advanced technologies and the need for efficient communication with a diverse population. Additionally, the use of voice assistants and chatbots for customer interactions is gaining popularity. This shift towards speech-based NLP is significant as it offers a more natural and intuitive way of communication, improving user experience and increasing productivity. It also has potential implications for industry stakeholders, as the market for speech-based NLP is projected to continue its upward trajectory, creating opportunities for innovation and growth.

Local special circumstances: In Hong Kong, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the city's strong technology infrastructure and high adoption of digital services. The market is further fueled by the growing demand for AI-powered virtual assistants and language translation tools in the multilingual society. Additionally, Hong Kong's strict data privacy laws and regulations have created a favorable environment for the development and use of speech-based NLP technology, driving the market growth.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Hong Kong is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Hong Kong's strong economic growth and favorable regulatory environment have attracted significant investments in AI and NLP technologies, driving the market's growth. Additionally, the city's aging population and rising demand for healthcare services have created a need for advanced speech-based NLP solutions to improve healthcare accessibility and efficiency. Moreover, Hong Kong's strategic location and its role as a gateway to China's massive market present lucrative opportunities for companies operating in the Speech-based NLP 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 - Hong Kong

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