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Speech Based NLP Value Is Forecast To Reach $38.49 billion by 2030

Jack Comerford

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.

Jack Comerford

Jack is a junior content writer for Bitcoin Casinos since March 2023. He has previously published local sports stories for the Shildon Town Crier, where he is based and studied Journalism. Jack's main hobby is football, being a massive fan of Newcastle United.