NLP Market Benefits in Behavioural Healthcare Drive Market
New York, US, 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 till 2030”, the market is anticipated to acquire a valuation of approximately USD 341.7 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 27.6% during the assessment timeframe.
Natural Language Processing Market Overview:
The global natural language processing market is growing continually. Increased adoption rate of NLP technology across various industry verticals is key driving force. Besides, the growing demand for M2M translation techniques and increasing application areas of NLP drive the growth of the market. The increasing usage of machine learning, deep learning, and natural language processing will continue to escalate the market value in future years.
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)
Net base Solutions Inc. (US)
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Natural Language Processing (NLP) is a combination of artificial intelligence and data science used in tools serving various functions, ranging from text reading and content creation to behavioral healthcare. 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 across AI & deep learning.
AI uses adaptive learning and computer vision techniques and offers detailed insights to help enterprises with better management decisions. Increasing AI platforms to analyze enterprise data boost the demand for natural language processing. NLP is also employed in streamlining text reading and content generation. Growing demand for search solutions & brand building boosts NLP adoption.
NLP Market Report Scope:
Revenue forecast in 2030
USD 341.7 Billion
CAGR of 27.6% from 2022 to 2030
Key Market Opportunities
Government around the world worked together by decoding the articles published in different language
Key Market Drivers
Developed translation apps to make language barrier scarce
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Increasing demand for NLP technologies in brand building substantiates the growth of the market. The latest market trends, such as the 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. Many organizations use adaptive NLP and forecasting features to build and deploy AI solutions.
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, increasing business needs to cut operational costs and generate better risks & investment insights to experience 24x7 productivity gains increase the demand for industry-leading NLP 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 emphasis on business intelligence boost 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 auto-coding, text analytics, optical character recognition (OCR), interactive voice response, speech analytics, pattern & image recognition, speech analytics, and others. The type segment is sub-segmented into rule-based NLP, statistical NLP, and hybrid NLP.
The service segment is sub-segmented into integration, consulting, and maintenance services. The deployment segment is sub-segmented into on-premise and on-demand. The vertical segment is sub-segmented into healthcare, retail, media & entertainment, manufacturing, and others. The region segment is sub-segmented into Asia-Pacific, Americas, Europe, and the 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 developing NLP technology increase the market size. Besides, the increasing adoption of advanced NLP technology in various industry verticals drives regional market growth. The rising penetration of IIoT devices in this region substantiates market revenues.
Europe stands second in the global natural language processing market. The high adoption of NLP technology in rising numbers of medium & large enterprises in this region escalates the market value. Moreover, the presence of various notable players and large deployments of NLP platforms across the rapidly growing industries push market shares. Substantial investments by key players in developing NLP platforms influence market growth.
The natural language processing market in the Asia Pacific region is growing rapidly. Increasing adoption of NLP technology and cloud deployments across the region boosts the market. Furthermore, the massive uptake of language processing technology in increasing numbers of large & SMEs to enhance customer satisfaction and operational performance contributes to the regional Natural Language Processing Market growth.
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.
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For instance, on Aug.31, 2022, Cerebras Systems, an enabler in accelerating AI computing, released an industry-first capability to enable users to train transformer-style natural language AI models rapidly. The new capability would lead to breakthroughs in NLP by providing vast context, phrase/strand of DNA, and enabling NLP models to understand & better predictive accuracy.
In another instance, on Sept. 13, 2022, Kyndi, a leading natural language processing (NLP) company, announced that its Natural Language Search Solution as a Top Trend-Setting Product of 2022 for helping organizations derive greater benefit from text-based data by KMWorld, a premier knowledge management publication. The Kyndi Natural Language Search Solution maximizes the relevancy and speed of finding answers in unstructured, text-based data.
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