Global Natural Language Processing Market – Overview
Natural Language Processing (NLP) is an interdisciplinary field that combines linguistics 12, computer science, and artificial intelligence. It involves the use of computer programs to analyze, understand, and generate human language. NLP-powered computer programs can perform a range of language-related tasks, from basic text processing and sentiment analysis to machine translation and conversational agents.
Natural Language Processing (NLP) Market Trends was valued at USD 50.9 billion in 2021. The natural language processing (NLP) market industry is projected to grow from USD 64.94 Billion in 2022 to USD 357.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.6% during the forecast period (2022 – 2030).Key factors that are driving the market growth include increasing adoption of a cloud-based solution, emerging demand for cloud-based solution, and increasing demand for text-based analytics.
One of the primary goals of NLP is to enable computers to understand natural language input from humans. This involves developing algorithms that can accurately recognize and interpret words, phrases, and sentences, while also taking into account the context and underlying meaning of the language. NLP techniques have many real-world applications, and are used to drive a variety of tasks, such as language translation, chatbots, and voice assistants.
NLP is a rapidly-evolving field that has seen many recent advances, largely due to the use of machine learning techniques. The availability of large data sets and powerful computing resources has also contributed to the growth of NLP research and development. As a result, NLP is quickly becoming a critical part of many industries, including healthcare, finance, and customer service.
AI uses adaptive learning and computer vision techniques and offers detailed insights to help enterprises with better management decisions. Additionally, increasing demand for NLP technologies in brand building substantiates the growth of the market. The latest market trends, such as growing demand for customer-driven solutions, adaptive NLP, and forecasting models to build AI solutions that unlock actionable insights hidden in unstructured and structured data, influence the market growth.
Furthermore, increasing deployments of natural language processing models with artificial intelligence (AI) by researchers, business analysts, data science teams, and portfolio managers substantiate market growth. Also, the increasing needs of businesses to cut operational costs, generate better risk, and investment insights to experience 24x productivity gain increases the demand for industry-leading NLP solutions. Many organizations use adaptive NLP and forecasting features to build and deploy AI solutions.
On the other hand, complexities associated with the development of NLP are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation in the media & entertainment sectors would support market growth throughout the review period. Also, the growing competition across the industries and growing emphasis on business intelligence boost the development of the market.
Natural Language Processing Market – Segments
The report is segmented into six dynamics:
By Technology : Auto-Coding, Text Analytics, Optical Character Recognition (OCR), Interactive Voice Response, Speech Analytics, Pattern & Image Recognition, Speech Analytics, and others.
By Type : Rule-Based NLP, Statistical NLP, and Hybrid NLP.
By Service : Integration, Consulting, and Maintenance Services.
By Deployment : On-Premise and On-Demand.
By Vertical : Healthcare, Retail Sector, Media & Entertainment, Manufacturing, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Natural Language Processing Market – Competitive Analysis
Highly competitive, the NLP market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.
Major Players:
Players leading the NLP market include 3M Co. (US), IBM Corporation (US), Hewlett-Packard Co. (US), Oracle Corporation (US), Apple Inc. (US), Microsoft Corporation (US), SAS Institute Inc. (US), Dolbey Systems Inc. (US), Verint Systems Inc. (US), and Net base Solutions Inc. (US), among others.
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Industry/Innovation/Related News:
September 22, 2020 —- Accern Corporation (the US), a leading global software company, announced the strategic data partnership with a US-based IT service management company Crux Informatics Inc. The partnership would allow the company to deliver data to consumers faster, more efficiently, and cost-effectively.
Combining Accern’s industry-leading, AI-powered data sets with Crux’s world-class data-delivery and operations services, financial service enterprises can now access Accern’s AI-generated analytics through a streamlined process and with a flexible delivery range of API to Cloud Warehouse formats. Accern Corporation is a no-code artificial intelligence (AI) leader that allows technical and non-technical users to build AI-powered solutions.
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