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The latest report by IMARC, titled “ NaturalLanguageProcessing(NLP)Market:GlobalIndustryTrends,Share,Size,Growth,Opportunity andForecast2023-2028
” finds that the global natural language processing (NLP) market reached a value of US$ 18.1 Billion in 2022.
Natural language processing (NLP) is a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language. It combines computational linguistics and rulebased modeling of human language with statistical, machine learning (ML), artificial intelligence (AI) and conversational intelligence technologies to process the human language in text or voice data.
It also translates text from one language to another, performs speech recognition, and summarizes large volumes of textual data in real-time to make communication more convenient. Owing to these properties, various enterprises are adopting NLP in customer service chatbots, virtual assistants, voiceoperated GPS systems, voice-to-text apps, and other computer programs.
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Nowadays, enterprises are rapidly adopting NLP solutions to enhance customer experience, streamline business operations, simplify mission-critical processes, increase overall productivity, and improve internal and external operations. This represents one of the key factors driving the market growth. Apart from this, the escalating demand for advanced data analytics and significant advancements in image and speech recognition are also contributing to the market growth. In addition, with rapid digitization, healthcare facilities are widely adopting NLP to manage and process the massive amount of data generated. This, coupled with the emergence of smart devices and assistants such as Amazon Alexa and Apple’s Siri, are also catalyzing the demand for NLP solutions across the globe.
Moreover, the emerging NLP applications in various industries, the growing usage of the internet and connected devices, the rising popularity of voice-based solutions, and the increasing product adoption by several social media platforms to manage the published content are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 74.3 Billion by 2028, exhibiting a CAGR of 26.2% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyType:
• Hardware
• Software
• Services
BreakupbyTechnology:
• Interactive Voice Response
• Optical Character Recognition
• Text Analytics
• Speech Analytics
• Classification and Categorization
• Pattern and Image Recognition
• Others
BreakupbyDeploymentMode:
• On-premises
• Cloud-based
BreakupbyOrganizationSize:
• Large Enterprises
• Small and Medium-sized Enterprises
BreakupbyEndUser:
• Education
• BFSI
• Healthcare
• IT and Telecom
• Manufacturing and Retail
• Media and Entertainment
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• 3M Company
• Apple Inc.
• FUJIFILM Holdings Corporation
• Google LLC (Alphabet Inc.)
• Intel Corporation
• International Business Machines Corporation
• Meta Platforms Inc.
• Microsoft Corporation
• NetBase Solutions Inc.
• Nokia Corporation
• SAS Institute Inc.
• Verint Systems
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https://www.imarcgroup.com/natural-language-processing-market
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