Speech-based NLP - Vietnam | Statista Market Forecast

The market size in the Speech-based NLP market is projected to reach US$90.53m 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$409.70m 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 Vietnam is experiencing steady growth, driven by factors such as increasing adoption of digital technologies, rising health awareness, and the convenience of online health services. This average growth is impacted by the country's focus on advancing AI technology and improving healthcare access for its citizens.

Customer preferences: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Vietnam is experiencing a growth in demand due to the increasing preference for virtual assistants and chatbots in customer service. This trend is driven by the convenience and efficiency of these solutions, as well as the rising adoption of online shopping. Furthermore, the Vietnamese market has seen a shift towards voice-based interfaces, as consumers are becoming more comfortable and familiar with using voice commands for various tasks. This is also influenced by the country's high mobile penetration, which makes speech-based NLP solutions more accessible and convenient for a large segment of the population.

Trends in the market: In Vietnam, the Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market is experiencing a surge in demand for voice-enabled virtual assistants and chatbots in various industries, such as banking, e-commerce, and customer service. This trend is driven by the increasing adoption of smartphones and the growing preference for hands-free interactions. Additionally, there is a rise in the use of Speech Recognition technology in language learning applications, leading to personalized and more effective language learning experiences. These developments indicate a shift towards more efficient and personalized communication methods, creating opportunities for businesses to enhance customer engagement and improve operational efficiency. However, this trend also raises concerns about data privacy and security, as voice data is highly sensitive and vulnerable to cyber threats. Thus, industry stakeholders must address these concerns to ensure the long-term success and sustainability of the Speech-based NLP Market in Vietnam.

Local special circumstances: In Vietnam, the Speech-based NLP market is influenced by the country's rapidly expanding technology sector and its young, tech-savvy population. The government's initiatives to promote digital transformation and its favorable policies for foreign investment have also contributed to the market's growth. Additionally, the country's unique language and dialects pose a challenge for speech recognition software, leading to the development of localized solutions. Furthermore, the rising demand for AI-powered virtual assistants in the Vietnamese market has led to partnerships between local companies and global NLP providers.

Underlying macroeconomic factors: The Speech-based NLP Market of the Natural Language Processing Market within the Artificial Intelligence Market in Vietnam is greatly impacted by macroeconomic factors such as the country's economic growth, government policies, and investment in technology and infrastructure. Vietnam's strong economic growth and favorable regulatory environment have created a conducive market for AI technologies, including speech-based NLP. Furthermore, the rising demand for digitalization in sectors such as healthcare and finance, combined with a growing tech-savvy population, is driving the adoption of speech-based NLP solutions in Vietnam. Additionally, the country's young and rapidly aging population is creating a significant market for AI-based solutions that can improve healthcare access and outcomes.

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.

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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 - Vietnam

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