Speech-based NLP - Worldwide

Speech-based language natural processing is experiencing a surge in popularity as a result of advancements in natural language processing and machine learning algorithms. The use of voice assistants such as Amazon Alexa and Google Assistant in homes and workplaces is becoming increasingly widespread. Additionally, many industries are adopting speech recognition and transcription technology to improve customer service, automate call center operations, and streamline workflows. The development of more accurate and sophisticated speech recognition models, including the integration of deep learning, is also a major trend in speech-based natural language processing.

The growth of this market is driven by the growing demand for voice-enabled devices and services, the increasing use of speech recognition in industries such as healthcare and finance, and the proliferation of speech data generated by consumers and businesses. Other significant contributors are the advancements in machine learning and natural language processing as well as the development of cloud-based speech recognition APIs and platforms.

The Speech-Based Natural Language Processing (NLP) market is expected to continue its growth trajectory with a CAGR of 16.1% from 2023 to 2030. Key drivers for this forecast are the increasing demand for speech-enabled devices and services, the growing adoption of speech recognition and transcription technology in industries such as healthcare, and the development of advanced speech recognition models. Significant contributors to these developments are the integration of AI and machine learning with speech recognition technology.

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.