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Speech-based NLP - South America

South America
  • The market size in the Speech-based NLP market is projected to reach US$766.10m 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$3.47bn 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 South America is experiencing rapid growth, driven by the increasing use of digital technologies and the convenience of online health services. This growth is also impacted by the average growth rate and rising health awareness among consumers.

    Customer preferences:     There has been a growing demand for speech-based NLP technologies in South America, driven by the region's diverse linguistic landscape and increasing internet penetration. This trend is expected to continue as more businesses and organizations adopt AI-powered conversational interfaces to better engage with Spanish and Portuguese-speaking consumers. Additionally, with the rise of remote work and virtual communication, there is a growing need for accurate and efficient speech recognition software to facilitate seamless interactions between individuals and across borders.

    Trends in the market:     In South America, the Speech-based NLP market is seeing a significant rise due to the increasing demand for voice-based assistants in various industries. This trend is driven by the growing adoption of smartphones and smart home devices in the region. In addition, there is a rising focus on developing speech recognition technologies in local languages, catering to the diverse population. These advancements are expected to have a significant impact on industries such as healthcare, banking, and e-commerce, where speech-based NLP can enhance customer experience and improve operational efficiency. As a result, industry stakeholders are investing in research and development to capitalize on this growing trend. However, challenges such as language barriers and data privacy concerns may hinder the market's growth in the region.

    Local special circumstances:     In South America, the Speech-based NLP market is experiencing growth due to the region's increasing focus on digital transformation and the adoption of artificial intelligence in various industries. Additionally, the widespread use of Spanish and Portuguese languages in the region has led to the development of language-specific NLP solutions. Furthermore, the market is also influenced by the region's regulatory landscape, as governments in countries like Brazil and Argentina have implemented data protection laws that impact the collection and processing of speech data. The unique combination of these factors has created a dynamic market for Speech-based NLP in South America, with a growing demand for solutions that cater to the local language and regulatory requirements.

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