New York, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “natural language processing market Research Report: By Technology, By Type, By Service, By Deployment – Forecast to 2030”, the market is expected to acquire a valuation of around $341.7 billion by the end of 2030. The reports forecasts in besides that the market will thrive at a robust CAGR of over 27.6% during the evaluation period.
Natural Language Processing Market Overview:
The global natural language processing market continues to grow. The increase in the rate of adoption of NLP technology across various industry verticals is a key driver. Furthermore, the growing demand for M2M translation techniques and growing application areas of NLP are driving the growth of the market. The increasing use of machine learning, deep learning and natural language processing will continue to increase the market value in the coming years.
Leading players in the NLP market include-
- 3M Co. (USA)
- IBM Corporation (USA)
- Hewlett-Packard Co. (USA)
- Oracle Corporation (USA)
- Apple Inc. (USA)
- Microsoft Corporation (USA)
- SAS Institute Inc. (USA)
- Dolbey Systems Inc. (USA)
- Verint Systems Inc. (USA)
- Net Base Solutions Inc. (USA)
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Natural language processing (NLP) is a combination of artificial intelligence and data science used in tools that perform a variety of functions, from reading text and creating content to behavioral health care. It allows computers to understand human language to convert it into data used in various software and devices, such as smartphones. There is a significant demand for NLP models with longer sequences to unlock innovations and possibilities through AI and deep learning.
AI uses adaptive learning and computer vision techniques and offers detailed insights to help companies make better management decisions. The rise of AI platforms to analyze business data is driving the demand for natural language processing. NLP is also used to streamline text reading and content generation. The growing demand for search and branding solutions is driving the adoption of NLP.
Scope of NLP Market Report:
|Revenue forecasts in 2030||$341.7 billion|
|Rate of growth||CAGR of 27.6% from 2022 to 2030|
|Key market opportunities||Governments around the world worked together decoding articles published in different languages|
|Key Market Drivers||Development of translation applications to reduce the language barrier|
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Growing demand for NLP technologies in brand building justifies the growth of the market. Latest market trends such as growing demand for customer-centric solutions, adaptive NLP and predictive models to create AI solutions that unlock actionable insights hidden in unstructured and structured data are influencing the growth of the market. Many organizations use adaptive NLP and forecasting capabilities to build and deploy AI solutions.
Additionally, increasing deployments of natural language processing models with artificial intelligence (AI) by researchers, business analysts, data science teams, and portfolio managers are justifying the growth of the market. Additionally, the growing needs of businesses to reduce operational costs and generate better risk and investment insights to benefit from 24/7 productivity gains are increasing the demand for state-of-the-art NLP solutions.
On the other hand, the complexities associated with the development of NLP are the major factors expected to hinder the growth of the market. Nonetheless, the increase in the implementation of AI in the media and entertainment industries would support the market growth throughout the review period. Moreover, growing competition among industries and emphasis on economic intelligence are driving the development of the market.
Natural Language Processing Market Segments
The NLP market is segmented into types, technologies, services, deployments, verticals and regions. The technology segment is sub-segmented into machine coding, text analysis, optical character recognition (OCR), interactive voice response, speech analysis, pattern and image recognition, speech analysis, etc. The type segment is sub-segmented into rule-based NLP, statistical NLP, and hybrid NLP.
The services segment is sub-segmented into integration, consulting and maintenance services. The deployment segment is sub-segmented into on-premises and on-demand. The vertical segment is sub-segmented into Healthcare, Retail, Media & Entertainment, Manufacturing and Others. The regional segment is sub-segmented into Asia Pacific, Americas, Europe and Rest of the World.
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Natural Language Processing Market Regional Analysis
North America dominates the global natural language processing market. The large presence of NLP solution providers and substantial R&D investments in the development of NLP technology are increasing the size of the market. Additionally, increasing adoption of advanced NLP technology across various industry verticals is driving the growth of the regional market. The growing penetration of IIoT devices in this region justifies the market revenue.
Europe ranks second in the global natural language processing market. The strong adoption of NLP technology by a growing number of medium and large enterprises in this region is increasing the market value. Moreover, the presence of various notable players and large deployments of NLP platforms in fast growing industries are increasing the market shares. Substantial investments by key players in the development of NLP platforms are influencing the growth of the market.
The natural language processing market in the Asia-Pacific region is growing rapidly. Growing adoption of NLP technology and cloud deployments in the region is driving the market. Furthermore, the massive adoption of language processing technology in an increasing number of large and SMBs to improve customer satisfaction and operational performance is contributing to the regional growth of the natural language processing market.
Natural Language Processing Market Competitive Analysis
Highly competitive, the NLP market appears fragmented due to the presence of several well-established players. Mergers and acquisitions, innovation, and brand building remain the major dominant trends for major players as these strategies support their growth and expansion plans.
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For example, on August 31, 2022, Cerebras Systems, a catalyst for accelerating AI computation, launched an industry-first capability to allow users to quickly train natural language AI models like transformer. The new capability would lead to breakthroughs in NLP by providing broad context, a sentence/strand of DNA, and enabling NLP models to understand and improve predictive accuracy.
In another instance, on September 13, 2022, Kyndi, a leading natural language processing (NLP) company, announced its natural language search solution as one of the top 2022 precursor products to help organizations to get more out of textual data. by KMWorld, a leading knowledge management publication. Kyndi’s natural language search solution maximizes the relevance and speed of finding answers in unstructured textual data.
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