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Speech-based NLP - Southern Asia

Southern Asia
  • The market size in the Speech-based NLP market is projected to reach US$940.90m 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$4.26bn 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 Southern Asia is experiencing average growth, driven by increasing adoption of AI and NLP technologies, rising awareness of their benefits, and the convenience of speech-based services. Factors such as cultural acceptance and government initiatives are impacting this growth rate.

    Customer preferences:     With the rise of social media and online platforms, consumers in Southern Asia are increasingly turning to speech-based NLP technology for convenient and efficient communication. This trend is driven by the growing adoption of virtual assistants and chatbots, which offer a personalized and streamlined user experience. Additionally, the demand for speech-based NLP solutions is also rising due to the cultural emphasis on verbal communication and the growing popularity of voice-enabled devices. As a result, businesses are investing in this market to improve customer engagement and enhance their overall digital presence.

    Trends in the market:     In Southern Asia, there is a growing trend towards the use of speech-based NLP technology in various industries, including healthcare, education, and customer service. This trend is driven by the increasing adoption of artificial intelligence and the need for efficient and personalized communication with customers. With the rise of virtual assistants and chatbots, speech-based NLP is becoming more sophisticated and accurate, making it a valuable tool for businesses. Additionally, advancements in regional languages and accents are allowing for better understanding and communication, making speech-based NLP more accessible and appealing to a wider audience. These trends are significant for industry stakeholders as they open up new opportunities for innovation and growth. However, they also bring challenges such as the need for data privacy and security, as well as potential job displacement. As the trajectory of these trends continues to rise, it is essential for stakeholders to stay ahead of the curve and invest in developing and implementing speech-based NLP technology to remain competitive in the market.

    Local special circumstances:     In Pakistan, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is flourishing due to the country's high demand for language translation services in various sectors such as healthcare, government, and finance. Moreover, the government's efforts to promote digitalization and the increasing adoption of smartphones have further fueled the market growth. In Bangladesh, the market is driven by the rising number of small and medium enterprises utilizing NLP-based tools for customer engagement and business operations. The country's large population and the growing e-commerce industry have also contributed to the market expansion.

    Underlying macroeconomic factors:     The growth of the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with conducive regulatory environments and significant investment in AI technologies are witnessing rapid market growth compared to regions with regulatory hurdles and limited resources. Furthermore, the increasing adoption of AI-powered solutions in various industries and the rise in data-driven decision-making are contributing to the demand for speech-based NLP solutions in Southern Asia.

    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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