Data forecrasted by Statista and presented by BitcoinCasinos.com has found that the value of speech based NLP will reach $39.49 billion by 2030.
Speech based NLP is beginning to lead a huge surge in popularity due to the modern advancements in language processing algorithms like the Amazon Alexa and Google Assistant. In addition, many organisations are beginning to use speech recognition regularly to improve work efficiency.
An Annual Growth Rate Of 16.13% Can Be Expected For Speech Based NLP Until 2030
The value of speech based NLP is expected to rise 16.13% every year and if the same rate continues, then by 2030 the value will reach $38.49 billion. As of now in 2023, it is worth $13.51 billion, so could almost triple in the next seven years.
The growth of this market is driven by the growing demand for voice-enabled devices and services and the growing adoption of speech recognition and transcription technology in industries such as healthcare.
Another significant contributor to these developments is the combination of AI and machine learning with speech recognition technology.
The United States Leads As Highest Revenue Generator WIth $4.993 Billion In 2023
The United States lead as the highest revenue generator for speech based NLP in 2023 with $4.993 billion this year.
Factors contributing to this are the rapid and constant developments in banking, healthcare and other sectors are expected to accelerate the demand for the region’s speech based NLP market.
US – $4,993,000,000
China – $1,559,000,000
Germany – $581,600,00
A spokesperson for Bitcoin Casinos commented on the data “In recent years there has been a huge increase in demand for speech enabled technology in all industries and everyday life. The value of speech based NLP will see a significant rise year by year.”