The Global Natural Language Processing NLP Market was estimated at USD 13.5 billion in 2022 and is anticipated to reach around USD 91 billion by 2032, growing at a CAGR of roughly 27% between 2023 and 2032.
CMI research report offers a 360-degree view of the Natural Language Processing NLP market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Natural Language Processing market.
Natural Language Processing NLP Market: Overview
A branch of computer science and a part of artificial intelligence (AI) is natural language processing NLP. Through AI and real-time analytics, it assists in bridging the technological and human worlds. Some examples are Siri, Alexa, Google Search, and other systems that use NLP. Through its many products & services, NLP is expected to aid in comprehending, interpreting, and manipulating human language.
As a result, major businesses focus on incorporating NLP into programs for sentiment analysis, machine translation, speech recognition, chatbots, text classification, market intelligence, and spell-checking.
NLP is also becoming quite popular due to its value in data organization while dealing with client questions and feedback through chat-bots. Therefore, NLP also shortens the learning curve for programming languages like Java, C++, Ruby, and C.
The demand for NLP is expected to rise in the upcoming years due to the growing requirement for analysis of the huge amounts of data generated in the present enterprises through forums, sites, emails, web blogs, audio, and other channels.
Browse the full “Natural Language Processing Market Size, Trends and Insights By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Component (Hardware, Software, Services), By Processing Type (Speech/Voice, Text, Image), By End-user (Healthcare, BFSI, Education, Retail, Manufacturing, IT & Telecom, Retail, Media & Entertainment, Manufacturing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/natural-language-processing-market/
Through AI and NLP, businesses improve customer experience and extend their business processes. Due to the growing need for accurate health profiles and diagnostic results for better treatment outcomes, NLP systems, particularly Electronic Health Records (EHR), are gaining enormous interest in the healthcare industry.
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. In the upcoming years, the natural language processing NLP market is projected to experience rapid expansion due to the increased need for NLP technology solutions and text analytics to assess published material, political reviews, and hate speech.
The market for Natural Language Processing NLP is segmented into deployment, component, organization size, and end-user. Based on components, throughout the forecast period, the solutions segment is anticipated to dominate the global market regarding revenue share. There are many benefits to using NLP systems. For instance, numerous professional service providers, such as law or accounting firms, must examine numerous contracts.
The time spent seeking specific provisions can be decreased by developing a natural language processing tool aimed at legal and accounting experts. Since so many of them have similar content, staff members may spend hours looking for the proper contract. A chatbot can be trained to search for certain sentences in various publications without human assistance using NLP technologies.
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Based on end-user, due to a growing demand for it, the Banking, Financial Services, and Insurance (BFSI) category is anticipated to account for a sizable revenue share throughout the projection period. Natural Language Processing (NLP) technology is a great fit for the insurance and financial services sectors.
Banks, insurance companies, and other financial institutions can utilize NLP to automate procedures, enhance customer service, and improve judgment. Businesses in the insurance and financial services sectors utilize natural language processing to extract valuable data from a variety of unstructured sources. This can be especially useful in corporate mergers requiring rapid knowledge transfer. Additionally, it is advantageous to businesses entering multi-year contracts with numerous annexations. They can adhere to the agreements made through legally binding channels like conversations or emails and utilize NLP to track modifications and alterations.
Competitive Landscape/ Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Natural Language Processing market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
Some of the prominent players
- IBM Corporation
- Oracle Corporation
- Dolbey Systems Inc.
- Apple Inc.
- 3M Co.
- Hewlett -Packard Inc.
- Netbase Solutions Inc.
- Microsoft Corporation
- Verint Systems Inc.
- SAS Institute Inc.
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