NLP Market is growing due to the shift from product-centric to customer-centric experience increased demand from healthcare industry.
New York, US, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Natural Language Processing (NLP) Market Information by Technology, Type, Deployment, Service, Vertical, and Region – Forecast till 2030”, Natural Language Processing (NLP) Market could thrive at a rate of 27.6% between 2022 and 2030. The market size will be reaching around USD 357.7 Billion by the end of the year 2030.
Market Synopsis
Natural Language Processing (NLP) is a field of artificial intelligence (AI) that involves the application of computational techniques to analyze, understand, and generate human language. NLP enables machines to understand, interpret, and respond to human language in a way that is like human communication. It involves various techniques, such as text analysis, machine learning, and computational linguistics, to enable machines to perform tasks such as language translation, sentiment analysis, chatbots, virtual assistants, speech recognition, and more. NLP has a wide range of applications in various industries, including healthcare, finance, retail, and more.
Market Competitive Landscape:
The affluent companies in the Natural Language Processing (NLP) industry include:
- Amazon Web Services
- Microsoft
- IBM
- Apple
- Baidu
- Intel
- Salesforce
- NVIDIA
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Natural Language Processing (NLP) Market Report Overview
| Report Metrics | Details |
| Natural Language Processing (NLP) Market Size by 2030 | USD 357.7 Billion (2030) |
| Natural Language Processing (NLP) Market CAGR during 2020-2030 | 27.6% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Shift from product-centric to customer-centric experience Increased demand from healthcare industry |
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Recent Market Update (April 2022):
Google introduced LaMDA (Language Model for Dialogue Applications), a conversational AI technology that can engage in natural and open-ended conversations with users.
Market USP Covered:
Market Drivers:
The market for Natural Language Processing (NLP) is poised for significant growth in the coming years due to several driving factors. The increasing adoption of NLP in various industries is driving market growth. NLP is being widely used in industries such as healthcare, retail, and finance to improve customer service, automate processes, and enhance decision-making capabilities. NLP has proven to be particularly useful in the healthcare industry, where it is being used to analyze medical data, monitor patients, and assist doctors with diagnoses and treatment plans.
The growing demand for NLP-based applications is further fueling market growth. The use of chatbots and virtual assistants has become increasingly popular in recent years, and NLP is a critical component of these applications. Chatbots and virtual assistants are being used in various industries to enhance customer service, provide personalized recommendations, and improve efficiency.
The increasing focus on developing NLP technologies for various languages is expected to drive market growth. NLP has traditionally been focused on English-language processing, but there is now a growing demand for NLP technologies in other languages. As more businesses and governments seek to communicate with non-English speakers, the demand for NLP technologies that can handle multiple languages is increasing. This has led to the development of NLP technologies that can understand and process multiple languages, including Arabic, Chinese, Spanish, and more.
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Market Restraints:
Some restraints need to be addressed. One of the major challenges is the shortage of skilled professionals in the field of NLP. Developing NLP-based applications requires a high level of expertise in areas such as computational linguistics, machine learning, and data analysis. However, there is currently a shortage of professionals with these skills, which could limit the growth of the NLP market.
Another challenge facing the NLP market is concerns over data privacy and security. NLP technologies rely on large amounts of data to train machine learning models and improve their accuracy. However, there are concerns over how this data is collected, stored, and used. As the use of NLP technologies becomes more widespread, it is essential to ensure that the data is handled securely and that user privacy is protected.
COVID 19 Analysis
The COVID-19 pandemic has impacted the NLP market significantly. The pandemic has led to a surge in demand for NLP-based applications such as chatbots and virtual assistants to provide customer support and manage the increasing workload of healthcare professionals. The post-COVID scenario is expected to see a continued rise in the adoption of NLP-based applications, with a growing emphasis on developing NLP-based solutions for the healthcare and education sectors.
Market Segmentation
- By Technology – The Technology in the market includes Auto-coding, Text analytics, Pattern & Image recognition, and Speech analytics.
- By Type – The Type in the market includes Rule-based, Statistical, and Hybrid.
- By Deployment – The Deployment in the market includes On-Cloud and On-Premise.
- By Service – The Service in the market includes Integration, Consulting & maintenance.
- By Vertical – The Vertical in the market includes Healthcare, Retail Sector, and Media & Entertainment.
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Regional Insights
North America is expected to be the largest market for NLP, due to the high adoption of NLP-based technologies in various industries and the presence of major players in the region. Europe is expected to be the second-largest market, driven by the growing demand for NLP-based applications in the healthcare sector. The Asia-Pacific region is expected to witness the highest growth in the market, driven by the increasing adoption of NLP-based technologies in emerging economies such as China and India.
Browse the Japanese language version of the Natural Language Processing (NLP) Market Report
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