Speech-based NLP - Singapore | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$104.00m 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$470.50m 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Singapore has been expanding, driven by the growing adoption of advanced technologies, increasing health consciousness among consumers, and the ease of accessing online health services. This growth is influenced by the overall average growth rate in the Artificial Intelligence Market, with factors such as government initiatives and technological advancements contributing to this trend.

Customer preferences: As more companies in Singapore are adopting AI-based technologies, there is a growing demand for speech-based NLP solutions in the market. This is driven by the increasing need for conversational AI assistants to enhance customer service and improve user experience. Additionally, the aging population in Singapore has led to a rise in demand for speech-based NLP solutions in healthcare, as it offers a more intuitive and natural way of interacting with technology for the elderly. Furthermore, the rise in remote work and virtual meetings due to the COVID-19 pandemic has also boosted the adoption of speech-based NLP solutions in the corporate sector for efficient communication and collaboration.

Trends in the market: In Singapore, there is a growing demand for speech-based NLP solutions in various industries such as healthcare, banking, and e-commerce. This trend is driven by the increasing adoption of AI-powered virtual assistants and chatbots to enhance customer service and streamline business processes. Additionally, there is a rise in the use of voice-based search and voice-controlled devices, indicating a shift towards a more natural and intuitive way of interacting with technology. These trends are expected to continue in the coming years, leading to a significant growth in the Speech-based NLP market. Industry stakeholders need to stay updated with these trends to stay competitive and capitalize on the opportunities presented by this market.

Local special circumstances: In Singapore, the Speech-based NLP Market is flourishing due to the country's highly digitized and tech-savvy population. With a strong focus on innovation and government support for AI development, Singapore is a prime location for NLP companies. Additionally, the country's multicultural and multilingual society presents unique challenges and opportunities for speech-based NLP solutions, with a growing demand for multilingual voice assistants and language translation capabilities. Moreover, Singapore's strict data privacy and security regulations provide a competitive advantage for NLP companies, ensuring trust and reliability for users of these technologies.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Singapore is greatly influenced by macroeconomic factors such as government support for technological advancements, favorable fiscal policies, and investment in infrastructure. Singapore's strong economy and favorable business environment contribute to the growth of the Speech-based NLP Market. Additionally, the country's commitment to promoting innovation and research and development in the field of artificial intelligence further drives the market growth. The growing demand for advanced speech-based NLP solutions in various industries, such as healthcare, finance, and customer service, is also a key factor in the market's performance in Singapore.

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 - Singapore

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Speech-based NLP - Singapore

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts