Speech-based NLP - New Zealand | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$53.91m 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$243.90m 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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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 New Zealand has been steadily growing due to the increasing adoption of AI and digital technologies in the healthcare sector. This growth is further fueled by the rising health awareness among consumers and the convenience of online health services. The average growth rate of this market is influenced by factors such as government initiatives and investments in AI research and development.

Customer preferences: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in New Zealand is witnessing a rise in demand for voice-enabled virtual assistants and chatbots. This is driven by the growing preference for seamless and efficient interactions with technology. Additionally, the increasing integration of voice technology in smart home devices and cars is further propelling the adoption of speech-based NLP solutions. As consumers become more accustomed to voice-based interactions, we can expect a continued growth in the market.

Trends in the market: In New Zealand, the Speech-based NLP market is experiencing a surge in demand, as more businesses and organizations adopt AI-based solutions for customer service and communication. This trend is expected to continue, driven by the country's strong focus on innovation and technology adoption. As a result, the market is witnessing the growth of local startups and collaborations with global players. This presents opportunities for industry stakeholders to tap into a rapidly expanding market and develop cutting-edge solutions tailored to the local market. However, there may also be challenges in terms of data privacy and ethical considerations, which need to be addressed for sustainable growth in the industry.

Local special circumstances: In New Zealand, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is influenced by the country's strong focus on environmental sustainability and its small, isolated population. These factors have led to the development of innovative speech-based NLP solutions that prioritize energy efficiency and privacy. Additionally, the country's highly regulated healthcare industry has created a demand for speech-based NLP tools that comply with strict data privacy laws. This unique market environment has fostered a competitive landscape in which companies must demonstrate their commitment to sustainability and security in order to succeed.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in New Zealand is influenced by several macroeconomic factors. These include the country's economic health, fiscal policies, and global economic trends. New Zealand's strong economic growth and stable political climate make it an attractive market for AI technologies. Additionally, the government's support for innovation and investment in digital infrastructure are driving the growth of the Speech-based NLP Market. The increasing demand for AI-driven solutions in various industries, such as healthcare and finance, is also contributing to the market's growth in New Zealand. Furthermore, the country's aging population and the need for efficient and personalized customer interactions are fueling the demand for speech-based NLP solutions.

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 - New Zealand

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