Natural Language Processing (NLP) Market to Grow Due to Growing Need for Enterprise Solutions
The rising demand and adoption of cloud-based
technologies is expected to drive the market of the Global Natural Language
Processing Market during the forecast period of 2024-2028.
According to
TechSci Research report, Natural Language Processing (NLP) Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028, the Global
Natural Language Processing Market is anticipated to register a robust growth
during the forecast period, 2024-2028. The Global Natural Language
Processing (NLP) market is growing on account of increasing use of smart
devices in the industry and increasing adoption of natural language processing
by various organizations helps decrease customer effort, improve organization's
analytical skills, and allow automation. Virtual assistants enable customers to
communicate with organizations through online chat boxes in their native language
which improves the customer experience. Furthermore, NPL assists organizations in
enhancing their analytical capabilities. The growing need for text analytics in
various enterprises, as well as the growing demand for machine learning processes,
and increasing social media monitoring are some of the key driving factors
leading to growth of the natural language processing market.
Moreover, the
rising shift from product-centric to customer-centric experience and increased adoption
of cognitive technology in the field of Artificial Intelligence (AI) are furthermore accelerating
the expansion of the natural language processing market across the globe.
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The natural language
processing (NLP) market is segmented into component, deployment, organization,
type, application, industry vertical and region. Based on component type, the
market is divided into services, solution, and managed services. Based on
deployment, the market is segmented into on-premises and cloud. Based on
organization, the market is further bifurcated into large and small &
medium enterprise. Based on type, the market is further split into statistical,
hybrid, and rule based. Based on application, the market is categorized into automatic
text summarization, semantic analysis, text extraction, sentiment analysis,
speech recognition, machine translation, others automatic text summarization,
semantic analysis, text extraction, sentiment analysis, speech recognition,
machine translation and others. The industry vertical segment is further divided
into BFSI, IT & telecommunications, healthcare & life science, retail
& e-commerce, government & public sector and others.
On the basis of component, solutions segment is expected to dominate in
the natural language processing (NLP) market during the forecast period as NLP
is gaining popularity and has become possible due to the availability of a
large amount of data. Predictive text, smart assistants, search engine results,
text classifications, text extraction and text summarization benefits are
allowing more enterprises to adopt and implement NLP solutions to improve the business
outcomes. Furthermore, the services segments are also becoming an important
entity for building AI chatbot, sentimental analysis, entity recognition,
extract information using NLP in various industries such as stocks, laws,
finance, healthcare and marketing. Thus, the solution segment is growing
enabling the growth of natural language processing market during the forecast
period.
On the bases of type segment, statistical segment is expected to
dominate in the global natural language processing market owing to factors such
as automatic manipulations, interoperability, secure storage, and round-the-clock
availability, have enabled the statistical segment to concentrate more on
customer-centric business models and the growing adoption of technical
languages such as Python, R Language are allowing to summarize the meaning and
enabling advanced analytics such as optimization and forecasting. Furthermore,
benefits such as better speed, reliability and robustness play a significant
role in the statistical services, enabling the adoption of Statistical NLP
solutions in the market.
On the bases of industry vertical, BFSI segment has the largest share
in the overall natural language processing market and is expected to remain
dominant during the forecast period. Financial service providers are adopting
NLP solutions to analyze data, make effective decisions, and provide quality
products and services to their customers. NLP can help these institutions identify illegal activities such as money
laundering and other fraudulent behavior. Moreover, the increase in the
adoption of EHR’s which are already incorporating NLP solutions to eliminate
the consequences of being unable to transfer free text conversations into
insights. Therefore, BFSI segments are expected to increase during the forecast
period.
Key market
players in the natural processing language market:
- Microsoft Corporation
- IBM
Corporation
- Apple
Inc.
- 3M
Company
- Amazon
Inc.
- Google
Inc.
- Dolbey
Systems, Inc.
- Intel
Corporation
- Baidu,
Inc.
- Veritone
Inc.
On
December 09, 2022: Dialpad in an article with eweek, announced the introduction
of AI-powered customer intelligence “TrueCaaS” in the solution portfolio. A
single stack software that can deliver unified communications as a service
(UCaaS) and contact centers as a service (CCaaS). The solutions enable better
customer services and employee collaborations.
On May
25, 2022: Mohamed bin Zayed University of Artificial Intelligence (MBZUAI)
announced the next phase of strategic collaboration with IBM. Both enterprises
had signed a Memorandum of Understanding, aimed to advance fundamental AI
research, accelerating the methods of scientific breakthroughs to unlock the
potential of AI. The collaboration will also focus on three parameters: Natural
Language Processing (NLP), sustainability, and AI applications in the healthcare
industry.
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“North America is estimated
to hold the largest market share in the natural language processing market
owing to the increasing number of new product launches in the United States.
However, Asia Pacific has experienced significant growth for the natural
language processing market throughout the forecast period. This is due to the
presence of established companies that are focusing on adopting advanced
solutions to improve business processes. This is due to the increasing data
volume across industries, rising demand for enhanced customer experience, and
large investments in research and development (R&D) projects of AI-based
technologies by various industries, nonprofit organizations, and academia. Additionally,
it is anticipated that the market for network technology applications would
rise as robust computational infrastructure and connected technologies are
increasingly adopted. High-speed networks such as 5G services and the use of
digitization in manufacturing, energy & utility, logistics and healthcare are
anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Global Natural Language Processing Market Segmented By Component (Service, Solution and
Managed Services), By Deployment (On-Premises and Cloud), By Organization
(Large and Small & Medium Enterprise), By Type (Statistical, Hybrid and Rule
Based), By Application (Automatic Text Summarization, Semantic Analysis, Text
Extraction, Sentiment Analysis, Speech Recognition, Machine Translation,
Others), By Industry Vertical (BFSI, IT & Telecommunications, Healthcare
& Life Science, Retail & E-Commerce, Government & Public Sector and
Others),
By Region,
Competition, Forecast & Opportunities” has evaluated the
future growth potential of Global Natural Language Processing (NLP) Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Natural Language Processing (NLP) Market.
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