Speech-based NLP - Hungary | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$40.09m 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$181.40m 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 Hungary is experiencing gradual growth, driven by the increasing adoption of AI technologies, growing awareness of the importance of NLP in healthcare, and the convenience of using speech-based NLP solutions. Factors such as government initiatives and investments in AI technology are also impacting the market's average growth rate.

Customer preferences: With the rapid advancement of voice recognition technology, consumers in Hungary are increasingly gravitating towards speech-based NLP solutions for enhanced convenience and productivity. This trend is further fueled by the rising demand for virtual assistants and chatbots in various industries, including healthcare and banking. Additionally, the growing adoption of smart home devices is also driving the Speech-based NLP Market, as more individuals seek voice-controlled automation for daily tasks.

Trends in the market: In Hungary, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice recognition technology in various industries such as healthcare and banking. With the increasing adoption of virtual assistants and chatbots, companies are investing in speech-based NLP solutions to enhance customer experience and reduce operational costs. This trend is expected to continue, with significant growth opportunities for industry players. It also highlights the importance of multilingual capabilities in NLP systems, as the Hungarian language continues to gain prominence in the European market.

Local special circumstances: In Hungary, the Speech-based NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market is heavily influenced by the country's language, which is unique and differs from other European languages. This poses a challenge for NLP solutions to accurately understand and process Hungarian speech. Additionally, the country's strict data privacy laws and regulations also impact the adoption and development of NLP technologies, as companies must comply with these regulations when handling sensitive data. Furthermore, Hungary's high smartphone penetration rate and increasing demand for digital solutions in various industries, including healthcare and finance, are driving the growth of the Speech-based NLP Market in the country.

Underlying macroeconomic factors: The Speech-based NLP Market within the Natural Language Processing Market is greatly influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and a strong focus on AI innovation are experiencing significant growth in the Speech-based NLP market. Additionally, the increasing demand for smart devices and virtual assistants is driving the growth of this market. Furthermore, the growing adoption of AI-powered solutions in various industries, such as healthcare and finance, is also contributing to the market's growth.

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 - Hungary

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