Speech-based NLP - South Korea | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$372.80m 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$1.69bn 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 South Korea is experiencing steady growth due to the increasing adoption of AI and digital technologies. Rising health awareness and convenience of online services are also major factors. This growth is impacted by the average growth rate of the market and its potential to improve healthcare services.

Customer preferences: As South Korea continues to lead in the adoption of advanced technologies, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in demand for voice-activated virtual assistants and chatbots. This trend is driven by the growing preference for hands-free and convenient interactions with devices, as well as the country's cultural emphasis on efficiency and productivity. As a result, companies are investing in developing language models and voice recognition technology that can accurately understand and respond to the Korean language.

Trends in the market: In South Korea, there is a growing trend of using speech-based natural language processing (NLP) in various industries such as healthcare, finance, and customer service. This trend is driven by advancements in voice recognition technology and the growing demand for personalized and efficient services. With South Korea's aging population, there is also a focus on developing speech-based NLP for senior care and wellness. This trend is significant as it allows for more streamlined and convenient interactions between businesses and consumers. It also has potential implications for industry stakeholders, such as improved customer satisfaction and increased efficiency in service delivery. As this trend continues to evolve, we can expect to see further integration of speech-based NLP in various industries and a rise in demand for related technologies and services.

Local special circumstances: In South Korea, the Speech-based NLP Market is flourishing due to the country's high-tech infrastructure and strong government support for AI development. The use of voice assistants and chatbots is widespread in daily life, creating a favorable market for Speech-based NLP solutions. The unique cultural preference for voice-based communication also drives the demand for Speech-based NLP technology. Additionally, strict data privacy regulations and strict enforcement by the government create a secure environment for the development and adoption of Speech-based NLP solutions in the country.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in South Korea is also impacted by macroeconomic factors such as technological advancements, government support, and investments in artificial intelligence infrastructure. South Korea has a strong digital economy and a highly skilled workforce, making it a favorable market for AI technologies. Furthermore, as the second most aged country in the world, South Korea's aging population is driving the demand for speech-based NLP solutions to improve accessibility and efficiency in healthcare, finance, and other industries.

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 - South Korea

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