Speech-based NLP - Switzerland | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$182.30m 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$824.90m 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 Switzerland is experiencing steady growth driven by the increasing use of AI and NLP technologies, rising demand for convenient online health services, and growing health awareness among consumers. The average growth rate is impacted by factors such as technological advancements and government initiatives promoting digital health solutions.

Customer preferences: In Switzerland, there has been a growing interest in voice-activated virtual assistants and speech recognition technology, particularly in the healthcare sector. This trend is driven by the need for more efficient and accurate documentation and data management in hospitals and clinics. Additionally, with the increasing demand for remote healthcare services, speech-based NLP technology is becoming essential for facilitating telemedicine and virtual consultations. This shift towards digital solutions in the healthcare industry is also influenced by the country's aging population and the need for more personalized and accessible healthcare options.

Trends in the market: In Switzerland, the Speech-based NLP Market is experiencing a surge in demand due to the increasing use of voice assistants and chatbots in customer service and healthcare industries. This trend is expected to continue as companies look for more efficient ways to interact with customers and patients. Additionally, there is a growing focus on multilingual speech recognition and translation technologies, catering to the country's diverse linguistic landscape. These developments signify the growing importance of speech-based NLP in the Swiss market and present opportunities for industry stakeholders to capitalize on this trend.

Local special circumstances: In Switzerland, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is thriving due to the country's strong focus on research and development in the field of AI. The high level of technological expertise and advanced infrastructure in the country has attracted major players in the market, driving innovation and growth. Additionally, the country's strict data protection laws and privacy regulations create a favorable environment for the adoption of speech-based NLP solutions.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Switzerland is primarily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Switzerland's strong economic health and stable fiscal policies have created a favorable environment for the growth of the AI market. Additionally, the country's strong focus on innovation and advanced technologies has attracted investments in the AI industry, leading to significant market growth. Furthermore, the increasing demand for AI-powered solutions across various industries, such as healthcare, finance, and retail, is also driving the growth of the Speech-based NLP Market in Switzerland.

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 - Switzerland

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