The global natural language processing (NLP) market size is likely to jump from USD 17.08 billion in 2023 to USD 140.23 billion by 2033. This estimated growth is anticipated to result from a remarkable 23.4% CAGR in the demand for natural language processing over the upcoming decade.
The demand for NLP to improve customer experience through inquiry handling and individualized attention is predicted to develop as the e-commerce sector expands and online platforms become more widely used. Furthermore, the market is projected to see significant development potential in the following years due to the growing need for NLP technology solutions and text analytics to assess published material or hate speech.
The combination of NLP with deep learning and machine learning has increased automation, which is ultimately driving market expansion. The industry is expanding, and the size of the natural language processing market is rising due to rising demand for smart devices and advanced text analytics.
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The NLP market is also expanding as a result of an increase in the use of software based on digital technology by corporations and international firms. Many leading companies are investing in creating NLP software based on cutting-edge technology to improve corporate operations. AI technological developments have revolutionized commercial operations. Businesses, especially start-ups and SMEs, are getting customized solutions based on their needs.
Businesses are implementing cloud-based solutions to increase scalability and cut expenses overall. These approaches shorten the time needed for gathering and processing data. Business processes can potentially be automated, and data-driven choices can be made with the help of cloud-based interactive voice recognition systems and chatbots powered by AI. The chatbots gather information and assist firms with market and prediction analysis for a specific product.
The implementation of NLP solutions, however, is projected to be complicated by the use of code-mixed language, which is predicted to slow market expansion. In addition, rising investments in the healthcare industry and an increase in automation brought on by the combination of deep learning and machine learning with NLP are anticipated to open up profitable chances for the natural language processing market prediction.
Software that uses NLP to create valuable data can analyze customer reviews and social media information. With the use of this information, marketers can come up with more effective marketing plans and campaigns, as well as help with content production. Additionally, it assists brands with general service provision, customer service, and product development.
The lead analyst at FMI advocates, “The rapid adoption of digital technologies across both private enterprises and governments is poised to present significant opportunities for natural language processing market players in developing countries. As businesses increasingly incorporate data analytics, AI, blockchain, IoT, cloud computing, and internet-based services into their operations, the demand for advanced NLP solutions is expected to surge.”
Key Takeaways from the Natural Language Processing Market
- In 2022, the global natural language processing industry size stood at US$ 14.02 billion.
- The United States is leading the natural language processing industry with a 23.2% global market share in 2023.
- In 2023, the United Kingdom NLP market tracks the United States, holding an 8.2% global market share.
- China emerged as a prominent player in the Asia Pacific natural language processing industry, capturing a 7.1% global market share in 2023.
- In 2023, Germany possesses a promising 7.4% portion of the global natural language processing industry.
- India’s natural language processing industry secures a market share of 6.5% in 2023.
Key Players and Strategies for Success in the Natural Language Processing Market
The following are prominent players’ approaches to the natural language processing market’s success:
- Prioritize continuous innovation and development of cutting-edge NLP technologies.
- Establish partnerships or acquire companies with complementary technologies.
- Place a premium on the scalability of NLP algorithms and platforms.
- Establish a robust international presence to tap into diverse linguistic markets.
- Quickly adapt strategies to capitalize on new opportunities and address potential challenges.
Key Companies Profiled in the Natural Language Processing Market
- IBM Corporation
- Dolbey Systems Inc.
- Oracle Corporation
- Apple Inc.
- 3M Co.
- Netbase Solutions Inc.
- Hewlett -Packard Inc.
- Microsoft Corporation
- SAS Institute Inc.
- Verint Systems Inc.
Recent Developments in the Natural Language Processing Market
- Hugging Face, a supplier of natural language processing models, and Amazon Web Services (AWS) worked together in February 2023 to hasten the development and deployment of large languages.
- Reddit obtained MeaningCloud in July 2022 to boost machine learning initiatives across its advertising departments. It made interpreting unstructured material easier and delivering pertinent knowledge to Reddit users.
Key Segments Profiled in the Natural Language Processing Market Survey
Natural Language Processing Market by Technology:
- Auto coding
- Text Analytics
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
Natural Language Processing Market by Type:
- Rule Bases
- Statistical
- Hybrid
Natural Language Processing Market by Service:
- Integration Services
- Consulting Services
- Maintenance Services
Natural Language Processing Market by Deployment Model:
- On-Premise
- On-Demand
Natural Language Processing Market by 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)
Natural Language Processing Market by Vertical:
- Healthcare Sector
- Public Sector
- Retail Sector
- Media & Entertainment
- Manufacturing
- Other Sector
Natural Language Processing Market by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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