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Speech-based NLP - Morocco

Morocco
  • The market size in the Speech-based NLP market is projected to reach US$29.16m 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$131.90m 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 Morocco is experiencing steady growth, driven by factors such as the increasing adoption of AI and NLP technologies, rising awareness of the benefits of speech-based NLP, and the convenience it offers in accessing healthcare services. This average growth rate is impacted by the country's focus on developing its AI sector and promoting digital transformation in healthcare.

    Customer preferences:     The demand for speech-based NLP solutions in Morocco is on the rise, as consumers increasingly prefer voice-activated devices and virtual assistants for convenience and hands-free interaction. This trend is also driven by the growing number of Arabic speakers in the country, who are seeking more personalized and natural language interactions. Additionally, the rise of e-commerce and online transactions has led to a greater need for secure and efficient speech recognition technology for customer service and payment processes.

    Trends in the market:     In Morocco, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in demand for speech recognition technology in the healthcare sector. This trend is driven by the need for accurate and efficient clinical documentation, as well as the increasing adoption of telemedicine services. Additionally, there is a growing interest in using speech-based NLP for virtual assistants and chatbots in customer service and e-commerce industries. This trend is expected to continue, with potential implications for industry stakeholders such as improved efficiency, better customer service, and increased revenue.

    Local special circumstances:     In Morocco, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's unique cultural and linguistic landscape. With a majority Arab and Berber population, the demand for speech-based NLP solutions in local languages is increasing. Additionally, the government's efforts to promote technology and innovation, coupled with the growing number of startups focused on AI, are driving the growth of this market. Furthermore, Morocco's strategic location as a gateway to Africa and Europe makes it an attractive market for international players looking to expand their presence in the region.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Morocco is influenced by macroeconomic factors such as the country's stable economic growth, favorable regulatory environment, and increasing government initiatives towards the adoption of AI technologies. Morocco's strategic location and growing investment in digital infrastructure also play a significant role in driving market growth. Furthermore, the rising demand for AI-enabled solutions in various industries, including healthcare, finance, and retail, is expected to further boost the market in the country.

    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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