The global natural language processing market size is touted to expand from $10.2 billion in 2022 to $26.4 billion by 2028, rising at a compound annual growth rate (CAGR) of 21.0% over the conjecture period.
Natural Language Processing (NLP) is an area of artificial intelligence related to the interaction between humans and machines. The Natural Language Processing (NLP) solution enables communication between humans and machines by analyzing written and spoken content in natural human language and converting it into machine understandable language. The growing amount of big data has increased the demand for solutions that can provide fast, real-time access to important data. The natural language processing solution enables the machine to perform various operations such as information extraction, language translation and report generation, etc. more efficiently.
In addition, it was estimated that chatbots will save more than $8 billion for organizations around the world by 2020. Many industry experts also claim that 25% of all businesses will integrate a chatbot or virtual customer assistant using NLP technologies into their customer services by the end of 2020.
Increased investments in healthcare industry, growing deployment of web and cloud-based business applications, coupled with increasing machine-to-machine technologies, drive the growth of natural language processing market. The demand for natural language processing is expected to increase with the rising need for professional services around the world. Natural Language Processing is an easy-to-implement and cost-effective cloud solution that makes it more preferable for professional services.
Due to the current coronavirus pandemic, the market is experiencing growth in the healthcare sector. For instance, as a response to this pandemic, the White House and a coalition of leading research groups have made the COVID-19 open research dataset (CORD-19). CORD-19 is a resource for over 200,000 academic papers, including over 100,000 full-text articles, on COVID-19, SARS-CoV-2 and related coronaviruses. This freely accessible dataset is being provided to the global research community to apply recent advances in natural language processing and other artificial intelligence techniques to generate new knowledge in support of the ongoing fight against this. infectious disease. These developments are likely to drive the growth of the natural language processing market during the forecast period.
Market Growth and Trends:
Large organizations are supposed to experience significant growth in the NLP Market in future
Market Drivers and Restraints
The increasing rate of adoption of natural language processing (NLP) solutions in the vertical industry is driving the growth of the global natural language processing market. Additionally, the rising need for M2M translation and growing application areas are supposed to drive the growth of the global natural language processing business.
Several government norms and regulations and the less adoption of natural language processing solutions among small and medium end-user industries in emerging nations are a few factors that are impeding the expansion of the worldwide natural language processing (NLP) market.
Market Size Available
2022 – 2028
2023 - 2028
By Technology, Type, Service, Deployment Model, Vertical, and Region.
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
IBM Corporation, 3M Co., Hewlett-Packard Co., Apple Inc., Oracle Corporation, Microsoft Corporation, Dolbey Systems Inc., SAS Institute Inc., Netbase Solutions Inc. and Verint Systems Inc. and Others.
The global Natural Language Processing (NLP) market is categorized based on the following categories:
Geographically, the market is studied in the areas of North America, Latin America, Europe, Japan, Asia-Pacific (APEJ), and Middle East and Africa (MEA). Of these, North America holds the dominant portion of the global natural language processing market. The presence of market giants and increasing investments in technology are the major elements boosting the business growth in North America, especially in the United States of America. Canada is also increasing its immigration levels to address the lack of skilled resources in the region.
Key market players:
Some of the major players identified in the global natural language processing (NLP) market are IBM Corporation, 3M Co., Hewlett-Packard Co., Apple Inc., Oracle Corporation, Microsoft Corporation, Dolbey Systems Inc., SAS Institute Inc., Netbase Solutions Inc. and Verint Systems Inc., etc.
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