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Speech-based NLP - North America

North America
  • The market size in the Speech-based NLP market is projected to reach US$6.47bn 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$29.30bn 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: 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 North America is experiencing average growth, driven by the increasing adoption of AI technologies, rising demand for online health services, and growing health awareness among consumers. These factors are impacting the market's growth rate significantly.

    Customer preferences:     In North America, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in demand for voice-enabled virtual assistants and smart home devices. This trend is driven by a growing desire for convenience and efficiency in daily tasks. Additionally, there is a shift towards personalized and engaging customer experiences, as consumers increasingly expect technology to understand and adapt to their needs. This is leading to the development of more advanced and intuitive voice recognition systems.

    Trends in the market:     In North America, the Speech-based NLP Market is experiencing a surge in demand due to the increasing use of virtual assistants and voice-enabled devices. This trend is expected to continue as consumers become more comfortable with voice-based interactions and companies invest in improving speech recognition technology. Additionally, there is a growing focus on developing speech-based NLP solutions for specific industries, such as healthcare and finance, which has the potential to drive further growth in this market. For industry stakeholders, this trend presents opportunities to expand their offerings and cater to the growing demand for speech-based NLP solutions. However, it also poses challenges in terms of competition and the need for continuous innovation to stay ahead in the market. Overall, the trajectory of this trend indicates a promising future for the Speech-based NLP Market within the Natural Language Processing Market and the larger Artificial Intelligence Market.

    Local special circumstances:     In North America, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is flourishing due to the high adoption of advanced technologies and the presence of major players in the region. Additionally, the region's strong focus on research and development in the field of AI has led to rapid advancements and innovations in speech-based NLP solutions. Furthermore, the region's stringent data privacy regulations have also influenced the market, with companies investing in secure and compliant NLP solutions.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Countries with favorable regulatory environments and significant investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for AI-based solutions in various industries, such as healthcare, finance, and retail, is driving the growth of the market in North America.

    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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