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Speech-based NLP - Ireland

Ireland
  • The market size in the Speech-based NLP market is projected to reach US$118.80m 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$537.80m 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Ireland is experiencing steady growth, driven by factors such as the increasing adoption of artificial intelligence and the convenience of online services. The market's average growth rate is impacted by the country's strong focus on technology and innovation.

    Customer preferences:     The rise of virtual assistants and voice-activated devices has led to a growing demand for speech-based NLP technology in Ireland. Consumers are increasingly turning to these tools for hands-free and intuitive interactions, as well as for improved accessibility for those with disabilities. Additionally, the cultural value placed on storytelling and oral communication in Ireland has contributed to the popularity of speech-based NLP, as it allows for more natural and human-like interactions. This trend is expected to continue, with advancements in speech recognition technology and increasing adoption of AI-driven virtual assistants in various industries.

    Trends in the market:     In Ireland, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice-enabled virtual assistants. This trend is driven by the increasing adoption of smart speakers and the growing need for hands-free interaction with devices. Additionally, there is a rise in the use of speech recognition technology in customer service and call center operations. These developments have significant implications for industry stakeholders, including improved customer experience, increased efficiency, and cost savings. However, concerns about data privacy and security remain a potential challenge for the growth of this market.

    Local special circumstances:     In Ireland, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the country's strong focus on research and development in the tech sector. The presence of leading universities and a skilled workforce also contribute to Ireland's position as a hub for AI companies. Additionally, the government's support for innovation and investment in AI has created a favorable environment for the growth of the Speech-based NLP Market. The country's relatively small size and close-knit business community also facilitate collaboration and adoption of new technologies.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Ireland is influenced by several macroeconomic factors. These include advancements in technology, government policies, and investment in AI research and development. Ireland has a strong economy and a favorable regulatory environment, which has led to significant investments in AI technologies. Additionally, the country's high-tech infrastructure and skilled workforce are driving the growth of the Speech-based NLP Market. Furthermore, Ireland's aging population and increasing demand for personalized healthcare solutions are also contributing to the market's expansion.

    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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