The natural language processing market is poised for remarkable expansion, with projections indicating that it could exceed a staggering US$ 140.23 billion by the year 2033. This substantial growth trajectory is fueled by an extraordinary CAGR of 23.4%. Natural language processing, a field at the intersection of artificial intelligence and linguistics, is revolutionizing the way we interact with technology, making it more intuitive and user-friendly.
Its applications span a wide array of industries, from healthcare and customer service to content generation and language translation. As NLP continues to evolve and permeate various sectors, it is set to play an increasingly pivotal role in shaping the future of human-computer interactions and information processing. This exponential growth in the NLP market underscores its profound significance in the technological landscape of the coming decade.
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With a growing inclination towards digital technology-based software throughout, the demand for Natural Language Processing (NLP) is expected to skyrocket in the forecast period. Along these lines, Apple Inc. plans to launch next-gen 5G infrastructure. It has announced investment close to US$ 430 Bn for developing 5G for the US economy till the year 2026.
Also, Startup One AI, in May 2022, did launch the novel Natural Language Processing technology business. Venture capitalists like Tech Aviv, Ariel Maislos, SentinelOne Inc., and many others have raised close to US$ 8 MN for establishing the company. Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Natural Language Processing (NLP) Market’.
Key Takeaways from the Natural Language Processing Market Report:
- North America holds more than 50% of the market share due to the US being home to the majority of key players.
- Europe comes in second with close to 40% of the market share with enterprises increasingly adopting cloud-based services.
- The Asia-Pacific is expected to grow at the fastest rate in the Natural Language Processing (NLP) market with countries like Japan being at the forefront regarding the adoption of NLP.
- LATAM is expected to grow in the Natural Language Processing (NLP) market on the back of Brazil, wherein more than 20% of the large enterprises are adopting ML and AI.
- The GCC governments have also seen to it that close to 25% of companies use NLP to improve the experience of customers.
How does the Report unfold?
- The research study is based on technology (auto coding, text analytics, OCR (Optical Character Recognition), Interactive Voice Response, pattern & image recognition, and speech analytics), by type (Rule Based Natural Language Processing, Statistical Natural Language Processing, and Hybrid Natural Language Processing), by service (Integration Services, Consulting Services, and Maintenance Services), by deployment model (on-demand and on-premise), by application (sentiment analysis, data extraction, risk and threat detection, automatic summarization, content management, language scoring, portfolio monitoring, branding and advertising, and HR and recruiting, and by vertical (healthcare, public sector, retail sector, media & entertainment, manufacturing, and others).
- With deep learning architectures along with algorithms making noteworthy advances in the field of speech processing and image recognition, the global Natural Language Processing (NLP) market is bound to witness an exuberance in the forecast period.
Competitive Processing:
- SAP Se, in July 2022, did acquire Askdata. The major objective is that of assisting the clientele in making proper choices through AI-driven ‘natural language searches’.
- SAP SE, in July 2021, entered into a strategic collaboration with Google Cloud to help the end customers in the transfer of critical systems to the cloud, thereby catalyzing the existing systems. ML and AI are deployed over here.
- Inbenta, in June 2021, began a partner ecosystem for working jointly with enterprise partners who show interest in the automation of business processes and reshaping customer service using Artificial Intelligence.
- Inbenta, in October 2020, partnered with IntelePeer to provide intelligent workflows to clients.
- Apple Inc., in May 2020, acquired Inductiv Inc. (ML start-up) to enhance the performance of Siri.
- Intel Corporation, in 2020, entered into a partnership with China-based Alibaba Group Holding Ltd. and came up with advanced tracking technology backed by an AI platform to cater to the Tokyo Olympics 2021.
- Expert.ai, in November 2020, tabled advanced tools that work toward advanced-edge AI and application development. It facilitates smoother deployment of AI technology on private, hybrid, or on-premise cloud.
- Baidu, in December 2021, launched PCL-BAIDU Wenxin (ERNIE 3.0 Titan). It comes across as the very first knowledge-enhanced multi-hundred-billion model (a pre-training language model having 260 Bn parameters). This model excels at NLG as well as NLU. Apple, in June 2022, announced plans for providing open-source reference PyTorch implementation of Transformer architecture.
Leading Key Players:
- IBM Corporation
- Dolbey Systems Inc.
- Oracle Corporation
- Apple Inc.
- 3M Co.
- Netbase Solutions Inc.
- Hewlett-Packard Inc.
- Microsoft Corporation
- SAS Institute Inc.
- Verint Systems Inc.
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Natural Language Processing Market Segmentation:
By Technology:
- Auto coding
- Text Analytics
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
By Type:
- Rule Bases
- Statistical
- Hybrid
By Service:
- Integration Services
- Consulting Services
- Maintenance Services
By Deployment Model:
- On-Premise
- On-Demand
By Application:
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising)
By Vertical:
- Healthcare Sector
- Public Sector
- Retail Sector
- Media & Entertainment
- Manufacturing
- Other Sector
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
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