Speech-based NLP - United States | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$5.67bn 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$25.66bn 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 the US is witnessing steady growth, fueled by factors such as the increasing use of AI in healthcare, growing awareness about the benefits of NLP, and the convenience of speech-based solutions. This market is expected to maintain an average growth rate, influenced by factors like technological advancements and increasing demand for efficient healthcare services.

Customer preferences: Consumer demand for personalized and efficient communication solutions has led to a growing adoption of speech-based NLP technology in the US market. This trend is driven by the rise of virtual assistants and chatbots, catering to the increasing need for seamless and natural interactions with devices and applications. Additionally, the integration of NLP in smart home devices and voice-controlled appliances is gaining traction, reflecting a shift towards a more connected and automated lifestyle.

Trends in the market: In the United States, the Speech-based NLP market within the Natural Language Processing market is experiencing a surge in demand for virtual assistants and chatbots. This trend is driven by the increasing adoption of smart devices and the need for more efficient and personalized customer service. Additionally, the rise of voice-enabled technology is fueling the growth of the market, making it easier for businesses to interact with their customers. This trend is expected to continue and have a significant impact on the way companies engage with their customers, leading to improved customer satisfaction and loyalty.

Local special circumstances: In the United States, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is driven by the high adoption of smart speakers and virtual assistants in everyday life. Additionally, the country's advanced technological infrastructure and strong research and development capabilities have fostered a favorable environment for the growth of speech-based NLP solutions. Furthermore, the presence of major players in the tech industry and strong government support for AI innovation have also contributed to the market's growth.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in the United States is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. The US has a favorable regulatory environment and has made significant investments in AI research and development, positioning itself as a global leader in this market. Additionally, the increasing adoption of AI-powered solutions by various industries and the growing demand for automation and efficiency are driving the growth of the market. The strong economic health of the country and its focus on innovation and digital transformation are also contributing to the growth of the Speech-based NLP Market within the Artificial Intelligence Market.

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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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 - United States

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