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Speech-based NLP - MENA

MENA
  • The market size in the Speech-based NLP market is projected to reach US$909.60m 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$4.12bn 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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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The MENA region is seeing a steady growth in the Speech-based NLP market within the Artificial Intelligence market, driven by factors such as increasing adoption of digital technologies and rising awareness of the benefits of speech-based NLP. This growth is impacted by the region's average growth rate and the convenience offered by speech-based NLP services.

    Customer preferences:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in MENA is witnessing a rise in demand for voice-enabled virtual assistants and chatbots, driven by the growing preference for hands-free and personalized interactions. This trend is further fueled by the increasing adoption of smart home devices and the need for efficient voice-based control options. Additionally, the use of speech recognition technology in customer service and e-commerce applications is gaining traction, as consumers seek more seamless and intuitive experiences.

    Trends in the market:     In MENA, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for Arabic language processing capabilities. This trend is driven by the increasing use of voice assistants and chatbots in customer service and virtual assistants in the banking and finance sector. This trajectory is expected to continue as more businesses adopt AI-powered solutions to improve customer experience and streamline operations. The significance of this trend lies in the potential for increased efficiency and cost savings for businesses, as well as improved accessibility for Arabic-speaking users. However, it also poses challenges for industry stakeholders in terms of data privacy and cultural sensitivity. As the region continues to embrace AI technologies, it is crucial for companies to keep up with these developments and adapt their strategies accordingly.

    Local special circumstances:     In the MENA region, the Speech-based NLP Market is witnessing significant growth due to the rising adoption of smart devices and the increasing demand for Arabic language processing capabilities. Additionally, the region's cultural and linguistic diversity has led to the development of specialized NLP solutions tailored to local dialects, further driving market growth. Furthermore, the growing investments in AI and NLP research and development by governments and tech companies in the region are expected to further boost market growth.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the MENA region is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for AI solutions in various industries, such as healthcare, finance, and retail, is driving the growth of the market in the region. The rise in internet penetration and the growing adoption of smartphones are also contributing to the growth of the Speech-based NLP Market in the MENA region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 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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