Speech-based NLP - Serbia | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$14.14m 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$64.00m 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 Serbia is seeing steady growth, driven by the rising demand for artificial intelligence and natural language processing solutions. This is due to the growing adoption of digital technologies and increasing awareness of the benefits of speech-based NLP. The market's average growth rate is influenced by factors such as the country's developing economy and government initiatives to promote technological advancements.

Customer preferences: The demand for speech-based NLP solutions in Serbia has been on the rise as consumers are embracing the convenience and efficiency of voice-based interactions. This trend is further fueled by the cultural preference for direct and personalized communication. Additionally, the increasing adoption of smart speakers and virtual assistants is driving the growth of the market, providing opportunities for businesses to enhance customer engagement and streamline their operations through voice-enabled technologies.

Trends in the market: In Serbia, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge due to the increasing demand for voice-activated virtual assistants and chatbots. This trend is expected to continue as more businesses adopt speech-based NLP technology to enhance customer experience and streamline operations. Additionally, there is a growing trend of using speech-based NLP in language translation services, which is expected to have significant implications for the global market. This trend highlights the potential for growth and innovation within the speech-based NLP market, making it a key area of focus for industry stakeholders.

Local special circumstances: In Serbia, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is still in its nascent stage. The country's relatively small market size and limited resources for AI development have hindered its growth. However, the Serbian government has been actively promoting the use of AI in various industries, providing incentives for startups and research institutes. Additionally, Serbia's strategic location and its growing tech talent pool make it an attractive destination for foreign investments in the AI sector.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Serbia is influenced by various macroeconomic factors. The country's economic growth, government policies, and investment in technology play a crucial role in the market's performance. Furthermore, Serbia's strategic location and its membership in the European Union provide access to a wider market and promote economic stability. Additionally, the increasing demand for AI-based solutions in various industries and the growing adoption of digital transformation in the country are driving the growth of the Speech-based NLP Market in Serbia. The market is also supported by the government's initiatives to promote innovation and digitalization, creating a favorable environment for market players. Overall, Serbia's economic and technological advancements are expected to drive the growth of the Speech-based NLP Market in the country in the coming years.

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 - Serbia

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