Not to mention the dollars Google sunk into the Noto fonts. Also Chinese and Japanese fonts are expensive, and I'd wager that a lot of money is being spent in that space. Latin likely has the volume, but there's definitely money in non-Latin.
"TYPE" has a market cap of $824.36M, but even if the rest of the industry had a valuation in excess of $1.2B it would be hard to make the case. For that statement to be accurate the industry would need to be generating annual revenue in the billions. That's my five ¢.