Speech-based NLP - Thailand | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$110.30m 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$499.30m 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.

In Thailand, the Speech-based NLP market in the Artificial Intelligence sector is experiencing steady growth, driven by factors such as increasing adoption of digital technologies, growing health consciousness, and the convenience of online health services. This market's average growth rate is influenced by factors such as government initiatives and investments in AI, as well as the growing demand for healthcare solutions in the country.

Customer preferences: The Speech-based NLP Market in Thailand is experiencing a growing demand for voice-enabled virtual assistants and chatbots, as consumers seek more convenient and efficient ways to interact with technology. This trend is further fueled by the rising use of mobile devices and the integration of speech recognition technology in smartphones. Additionally, the increasing adoption of smart home devices and the trend towards hands-free technology is driving the growth of the Speech-based NLP Market. This shift towards voice-based interfaces is also influenced by the cultural preference for interpersonal communication and the increasing use of Thai language in digital platforms.

Trends in the market: In Thailand, there is a growing trend towards utilizing speech-based natural language processing in the healthcare industry. This technology allows for more efficient communication between patients and healthcare providers, and has the potential to improve the overall quality of healthcare services. Additionally, there is an increasing demand for speech-based virtual assistants in various industries, including customer service and banking. This trend is expected to continue as more organizations adopt artificial intelligence technologies to streamline processes and improve customer experiences. These developments have significant implications for industry stakeholders, as they will need to adapt to this shift towards speech-based NLP and invest in relevant technologies to remain competitive in the market.

Local special circumstances: In Thailand, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is gaining traction due to the country's high smartphone adoption rate and the government's support for digital innovation. Additionally, the Thai language presents unique challenges for speech-based NLP technology, creating a demand for locally developed solutions. The market is also influenced by the country's strong tourism industry, leading to the development of speech-based NLP applications for the hospitality sector.

Underlying macroeconomic factors: The Speech-based NLP Market within the Natural Language Processing Market of the Artificial Intelligence Market in Thailand is heavily impacted by macroeconomic factors. These include the country's strong investment in technology and infrastructure, as well as its favorable regulatory environment. Thailand's growing economy and stable political climate also contribute to the market's growth. Additionally, the country's increasing aging population and prevalence of chronic diseases are driving the demand for speech-based NLP solutions, as they aim to improve healthcare access and outcomes for this demographic.

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 - Thailand

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Technology

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