Natural-Language-Processing-Market
The NLP market grows as AI integration in business rises, driving demand for automated customer service and sentiment analysis tools.
AUSTIN, TX, UNITED STATES, January 10, 2025 /
EINPresswire.com/ -- The SNS Insider report indicates that the
Natural Language Processing market size was valued at USD 40.57 billion in 2023 and is expected to grow to USD 807.4 billion by 2032, growing at a CAGR of 39.42% over the forecast period of 2024-2032.
The Natural Language Processing Market demand is being driven by the rapidly increasing amount of data that businesses are generating, the need for better customer service solutions, and the infusion of AI tools. Natural language processing empowers machines to comprehend, interpret, and generate human language, making it indispensable for everything from chatbots and virtual assistants — to sentiment analysis and content recommendation systems. Moreover, the increasing utilization of NLP in industries including healthcare, finance, and retail is also contributing to the market growth. NLP finds applications in healthcare by analyzing medical records and assisting clinical decision-making, whereas, in finance, it helps with fraud detection and customer support. Retailers are using NLP to provide a better personalized interaction with customers and also, streamline seamless operations.
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Key Players:
The prominent players in the market are Crayon Data, Amazon Web Services, Inc., Apple Inc., Google LLC, Baidu Inc., IQVIA, Meta Platforms Inc., Inbenta, Oracle Inc., LivePerson, SAS Institute Inc., Microsoft Corporation, IBM Corporation, Health Fidelity, 3M
The increasing demand for voice-activated assistants such as Amazon's Alexa, Apple's Siri, and Google Assistant, is also fuelling the growth of NLP technologies.
The dependency of these voice-activated systems on NLP algorithms in order to comprehend and deliver user instructions creates a requirement for more advanced NLP solutions. Massive investment in artificial intelligence innovation and advancement is improving the existing natural language processing models market by helping companies manufacture precise and active models. Advancement of machine learning and deep learning techniques is also improving NLP and making it possible for businesses to extract more relevant information from text and speech data.
Segmentation Analysis
By Component
In 2023, the solution segment dominated the market and held the highest revenue share. The Natural Language Processing (NLP) market is adopting solutions that include text analysis, sentiment analysis, chatbots, and machine translation. These solutions help businesses automate customer support, enhance user experiences, and extract valuable insights from vast amounts of unstructured data. NLP enables improved decision-making, personalized marketing, and efficient communication. As a result, industries are increasingly adopting NLP technologies for tasks like language translation, content moderation, and automated customer interactions, driving growth in the market's component segments.
Services is the fastest-growing segment in terms of value during the forecast period driven by accelerating software implementation, reductions in deployment costs and risks, maximizing returns from existing installations by optimizing them, and associated factors. This section includes the different types of services that provide businesses with tools to create natural language. The growing adoption of natural language generation software across industries is expected to boost the demand for such services, as they not only help organizations implement and deploy natural language generation tools, but also effectively leverage the full capabilities of the software.
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Regional Landscape
In 2023, North America led the market, accounting for a significant revenue share. The region plays a key role in driving the adoption of natural language processing technologies, with a strong influence from advancements in AI and machine learning. Additionally, the presence of major market players in the U.S. is fueling the growth of the natural language processing market in the region, creating a mutually beneficial relationship. The rising adoption of AI, ML, and NLP technologies is further being promoted by the regional governments as well, which is enabling the market players to extend the market foothold in the region.
The Asia Pacific area is expected to grow with the fastest CAGR throughout the forecast period. Growth is supported by, an increase in smartphone usage, advancement in technology, increasing digitalization of economies, and initiatives taken by governments in developing nations from the region. In addition, this area is home to leaders in advanced industries such as robotics and has an extensive IT infrastructure, software, and service sectors. Enabling lucrative growth opportunities for the market owing to these factors.
Recent Developments
February 2024: Microsoft announced the launch of an advanced NLP model, "Project Turing," which enhances machine understanding of complex language structures. The new model is designed to improve customer service automation and content creation across various industries.
March 2024: Google introduced a new NLP API that leverages deep learning to provide more accurate sentiment analysis and entity recognition. The API aims to help businesses better understand customer feedback and improve decision-making.
April 2024: IBM expanded its Watson NLP capabilities by integrating it with their cloud-based AI solutions. This enhancement allows businesses to automate document processing and improve customer interactions through advanced language understanding.
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