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Speech-based NLP - Turkey

Turkey
  • The market size in the Speech-based NLP market is projected to reach US$201.80m 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$913.00m 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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    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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 Turkey is witnessing average growth, driven by factors such as increasing demand for AI-based solutions, growing healthcare awareness, and the convenience of speech-based technologies. This growth is impacted by the country's rapid adoption of digital technologies and the rising focus on improving healthcare services.

    Customer preferences:     As more industries adopt AI solutions, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a rise in demand for voice recognition software and chatbots. This is driven by the increasing need for efficient and personalized customer interactions. Additionally, there is a growing demand for language translation and text-to-speech technology, especially in the e-commerce sector, to cater to diverse customer bases and enhance user experience.

    Trends in the market:     In Turkey, the Speech-based NLP Market is experiencing a surge in demand, driven by the increasing use of voice-enabled devices and virtual assistants. This trend is expected to continue as more companies integrate speech technology into their products and services. Additionally, there is a growing focus on developing Turkish language models and datasets for speech recognition and natural language understanding. As a result, industry stakeholders can expect to see a rise in partnerships and investments in this market, as well as an increase in the adoption of speech-based NLP solutions across various industries in Turkey.

    Local special circumstances:     In Turkey, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing growth due to the government's initiatives to promote digital transformation in various industries. Additionally, the country's large population of bilingual and multilingual individuals has created a demand for speech recognition and translation technologies. Cultural factors, such as the prevalence of social media and messaging apps, also contribute to the adoption of speech-based NLP solutions. However, regulatory restrictions on data privacy and security may hinder the growth of the market in Turkey.

    Underlying macroeconomic factors:     The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Turkey is influenced by various macroeconomic factors. These include the country's economic growth and stability, as well as its policies and investments in technology and innovation. With a growing economy and a strong focus on digital transformation, Turkey is well-positioned to drive the growth of the Speech-based NLP Market. Additionally, the increasing demand for advanced healthcare solutions, coupled with a large population of young, tech-savvy individuals, presents a favorable market landscape for the adoption of Speech-based NLP technologies in Turkey. Furthermore, government initiatives and investments in AI and related technologies are expected to further propel the growth of the market in the country.

    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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