The global natural language processing NLP market is projected to reach US$ 45 Bn by 2032 and registering a CAGR of 23% during the forecast period (2022-2032). The overall sales in the NLP market are anticipated to expand by 3.8x, exceeding US$ 14 Bn.Natural language processing is a sub-field of computer science and a component of artificial intelligence (AI). It helps in connecting technology and humans through AI and real-time analytics.
Some of the technologies operating on NLP process include Siri, Alexa, Google Search, and others. NLP is likely to help understand, interpret, and manipulate the human language through its various solutions & services.
Hence, key players are concentrating on integrating NLP in applications such as sentiment analysis, machine translation, speech recognition, chat-bots, text classification, market intelligence, and spell checking.
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Additionally, NLP is gaining immense popularity due to its benefit in organizing data during the time of addressing the customer queries and feedbacks with chat-bots. Subsequently, NLP also reduces the time taken to understand computer languages such as Java, C++, Ruby, and C.
Increasing need for analysis of massive data generated in the existing businesses through forums, sites, web blogs, emails, audio, and others is projected to increase the demand for NLP in the coming years.
What are the Primary Factors Boosting the Natural Language Processing Market?
Enterprises are focusing on advancing their customer experience and expanding their business processes through the adoption of AI and NLP. NLP platforms, especially Electronic Health Records (EHR), is gaining immense traction in the healthcare sector due to rising demand for accurate health profile and diagnostic results for better treatment outcome.
Expansion of e-commerce industry and penetration of online platforms is projected to increase the need for NLP to enhance customer experience through query handling and personal attention.
Furthermore, rising demand for NLP technology solutions and text analytics to analyze the published content, political reviews, or hate speeches is likely to create prolific growth opportunities for the market in the coming years.
Which are the Key Challenges Faced by Natural Language Processing Market?
NLP helps computers understand human language using specially designed algorithms for particular tasks. However, rising connectivity issues including inaccessibility, non-contextual answers, and interoperability are projected to impede the growth in the market.
The difficulty in making the machines understand human language is increasing the demand for in-depth analysis of user inputs through NLP. This is likely to increase the complexity, thereby creating a challenging for the key players to sustain in the market.
Subsequently, data ambiguity and overloading information makes real-time contextual understanding difficult for the machine learning based approaches. For instance, the inability in understanding the grammatically incorrect or jargon sentences, along with the gap between machines and human.
According to Facebook AI Research (FAIR) Lab, the challenges of building and using NLP systems could now be surpassed using open-sourcing PyText, an open-source deep learning framework that blurs the boundaries between large scale deployment and experimentation.
How will Sales in North America Natural Language Processing NLP Market Fare?
North America is projected to dominate the global natural language processing NLP market during the assessment period (2022-2032). Growth in the region attributes to the advancements in cloud computing platforms coupled with the affordability of the systems.
The development of AI in the U.S. due to the growing inexpensive software development tools and expanding datasets is projected to increase the demand for NLP in North America.
As per Future Market Insights (FMI), with increasing application of NLP solution in IT companies, key players in the U.S. are increasing product launches and improving their product portfolio to increase their sales.
For instance, in 2019, Inference Solutions, a U.S. based company launched Studio 6.0, which connects NLP and conversational artificial intelligence (AI) technologies from Google and IBM to mitigate complicated interactive voice response menus and speech-enabled, directed dialogue systems for the existing businesses.
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How will Growth in Asia Pacific Natural Language Processing Market Unfold?
FMI estimates, Asia Pacific (APAC) NLP market will register fastest growth rate during the forecast period (2022-2032). Demand in the region is anticipated to increase owing to the rising investments in AI coupled with growing advancements in natural language processing technologies.
The region is expected to hold a prominent position in the market due to the increasing introduction of novel NLP platforms in emerging countries such as India and China.
For instance, in July 2018, e-Aksharayan, an optical character recognition (OCR) engine for seven Indian languages, was launched in India. This tool developed editable text from the printed document images with 90-95% recognition accuracy.
Likewise, in August 2020, Baidu, Inc., a China-based company, introduced Qian Yan – or “thousand words”, the largest Chinese natural language processing (NLP) database.
Market Competition
Some of the key players operating in the global natural language processing NLP market include IBM Corporation, Dolbey Systems Inc., Oracle Corporation, Apple Inc., 3M Co., Netbase Solutions Inc., Hewlett -Packard Inc., Microsoft Corporation, SAS Institute Inc., and Verint Systems Inc., among others.
Key players in the NLP market are introducing advanced solutions and services to gain competitive edge and enhance their customer experience.
Report Of Scope
Key Segments Profiled in the Natural Language Processing NLP Market Survey
Technology:
- Auto coding
- Text Analytics
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
Type:
- Rule Bases Natural Language Processing
- Statistical Natural Language Processing
- Hybrid Natural Language Processing
Service:
- Integration Services
- Consulting Services
- Maintenance Services
Deployment Model:
- On-Premise
- On-Demand
Application:
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising)
Vertical:
- Healthcare Sector
- Public Sector
- Retail Sector
- Media & Entertainment
- Manufacturing
- Other Sector
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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