Global Natural Language Processing Market - Overview
Natural Language Processing (NLP) Market Size 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).
Natural Language Processing (NLP) is a subfield of computer science and artificial intelligence concerned with enabling computers to understand , process, and analyze human language . NLP involves developing algorithms and models that can recognize patterns in human language, identify concepts and entities, and generate responses in a way that mimics human language.
Some examples of NLP applications include machine translation, sentiment analysis, text classification, named entity recognition, and speech recognition. NLP is used extensively in search engines, virtual assistants, chatbots, and social media sentiment analysis.
To perform NLP tasks, various techniques and approaches are used, such as statistical models, rule-based systems, and deep learning. Some of the popular libraries and frameworks for NLP include NLTK, spaCy, Gensim, and TensorFlow.
Overall, NLP is an important field that enables machines to better understand and interact with human language, improving the accuracy and efficiency of various applications while providing more natural and intuitive user experiences.
Get Free Sample Copy at:
https://www.marketresearchfuture.com/sample_request/1288
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 (NLP) Market Segmentation
Natural Language Processing (NLP) Technology Outlook
Auto-coding
Text analytics
Pattern Image recognition
Speech analytics
Natural Language Processing (NLP) Deployment Outlook
On-Cloud
On-Premises
Natural Language Processing (NLP) Type Outlook
Rule-based
Statistical
Hybrid
Natural Language Processing (NLP) Service Outlook
Integration
Consulting maintenance
Natural Language Processing Market - Regional Analysis
North America dominates the global natural language processing market. The largest market share attributes to the presence of a large number of NLP vendors in the region. Besides, the increasing adoption of advanced NLP technology in various industry verticals drives the growth of the regional market.
Moreover, the rising penetration of IIoT devices substantiates the market growth in the region. Substantial investments in RD for the development of natural language processing technology increase the size of the natural language processing market.
Europe stands second in the global market. The market growth attributes to the presence of various notable players and large deployments of NLP platforms. The high adoption of NLP technology across the rapidly growing industry pushes the development of the regional market.
Additionally, the rising numbers of medium and large enterprises act as a major tailwind for the growth of the regional market. Substantial investments transpired by key players in the development of NLP platforms positively impact the growth of the regional market.
The natural language processing market in the Asia Pacific region is growing rapidly. Factors such as the increasing adoption of NLP technology and cloud deployment boost the growth of the regional market.
Furthermore, massive uptake of language processing technology in increasing numbers of large and SMEs to enhance customer satisfaction and operational performance boosts the regional market growth. India and China are the major markets for NLP technology in the region.
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/natural-language-processing-market-1288
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.
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.
** Also Check Trending Report of MRFR **
Cloud Testing Market -
https://finance.yahoo.com/news/cloud-testing-market-size-reach-090200288.html
Virtual Router Market -
https://finance.yahoo.com/news/virtual-router-market-expand-cagr-073000722.html
IoT For Public Safety Market -
https://finance.yahoo.com/news/iot-public-safety-market-reach-163000888.html
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
