The natural language processing market is expected to grow from USD 18.9 billion in 2023 to USD 68.1 billion in 2028, at a CAGR of 29.3% during the forecast period. The expansion of the natural language processing market is driven by multiple factors, such as advancements in text-analyzing computer programs, rising need for enterprise solutions to streamline business operations for better customer experience, surging demand for cloud-based NLP solutions to reduce overall costs and enhance scalability and demand for predictive analytics to reduce risks and identify growth opportunities.
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Services segment to account for higher CAGR during the forecast period
NLP market relies heavily on its services segment to achieve effective software operations. To increase the efficiency of the entire process, managed and professional services are installed, which are the services considered in this report. Companies such as Microsoft, IBM, and SAS Institute have started providing platforms for embedding NLP technologies. These platforms can be coded across various programming languages. Major players like Microsoft have formed partnerships with SMBs that develop speech-to-text software, making them available across their integrated platforms. For example, AWS offers an Amazon Comprehend service that uses machine learning for extracting key phrases and identifying the language in each text. Amazon Comprehend works seamlessly with any AWS-supported application and offers useful features such as sentiment analysis, tokenization, and automated text file organization.
Cloud segment is expected to hold the largest market size for the year 2023
Organizations can reap numerous benefits by deploying their systems on the cloud. These benefits include easy availability, scalability, reduced operational costs, and hassle-free deployments. AI platform providers are focusing on developing robust cloud-based deployment solutions for their clients, as many organizations have migrated to either private or public cloud. This mode of deployment offers additional flexibility for business operations and real-time deployment ease to companies implementing real-time analytics. The cloud-based deployment of NLP has made it easy for users to apply predictive capabilities to the entire organization. The major vendors offering cloud-based NLP solutions are IBM, Microsoft, AWS, and Google.
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Unique Features in the Natural Language Processing (NLP) Market:
Its astounding capacity to understand and process human language is one of NLP’s distinguishing characteristics. This entails both written text and spoken speech, enabling computers to decipher, evaluate, and react to human communication. In order to revolutionise human-computer interactions, chatbots, virtual assistants, and sentiment analysis tools were developed on the foundation of this essential capability.
Language obstacles are commonly overcome by NLP solutions’ Multilingual Support. As a result, they are able to work effectively with a variety of languages and dialects, making NLP an important resource for companies doing business in linguistically diverse international marketplaces. The localization of information and client engagement are improved by this multilingual versatility.
The ability of NLP to detect the emotional undertone, intent, and sentiment of text or speech is provided by Sentiment Analysis, another crucial function. For companies looking to better understand customer sentiment, receive feedback, and keep tabs on social media interactions in order to improve decision-making and customer satisfaction, this tool is priceless.
One of the most important parts of NLP is named entity recognition (NER), which makes it possible to recognise and extract certain entities from text, including names of people, places, businesses, and other entities. Particularly in industries like banking, law, and healthcare, this capability improves information retrieval and data extraction.
The automated translation of text between languages is made possible by NLP as well. The capacity to connect effectively with a variety of audiences and broaden one’s market reach internationally has revolutionised global commercial operations.
Major Highlights of the Natural Language Processing (NLP) Market:
Global industries are changing due to the explosive growth of the natural language processing (NLP) market. Organisations are utilising NLP technologies for improved customer service, effective data processing, and data-driven decision-making across numerous industries as they increasingly recognise the benefits of these solutions. This increase in demand demonstrates how important NLP is to the current technology landscape.
The development of Conversational AI, which has completely changed consumer engagement and assistance, is a notable trend in the NLP market. The use of chatbots and virtual assistants that are NLP-powered enables natural, human-like interactions between users and machines. This innovation not only streamlines customer service but also creates new opportunities for companies to successfully interact with their audiences.
Another distinguishing feature of NLP is sentiment analysis, which enables businesses to extract insightful information from text and speech data. NLP enables companies to improve their goods, manage their brand image, and increase customer happiness based on real-time input by interpreting customer sentiment from sources like social media, reviews, and polls.
NLP supports the financial sector by gleaning insights from a variety of data sources, including as news, market sentiment, and financial reports. This promotes well-informed Financial Insights, assisting with investment selection, risk analysis, and legal compliance.
NLP is essential in the field of cybersecurity enhancement because it can analyse textual data to look for security dangers and abnormalities. It improves organisations’ capacity for data protection while strengthening cybersecurity measures by detecting and responding to potential intrusions more quickly.
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Top Key Companies in the Natural Language Processing (NLP) Market:
Key players operating in the natural language processing market across the globe are IBM Corporation (IBM), Microsoft Corporation (Microsoft), Alphabet Inc. (Google), Amazon Web Services, Inc. (AWS), 3M Company (3M), Veritone, Inc. (Veritone), Dolbey Systems, Inc. (Dolbey), Apple Inc (Apple), Meta Platforms, Inc. (Meta), SAS Institute Inc. (SAS Institute), Baidu, Inc. (Baidu), Bitext Innovations, S.L. (Bitext), OpenAI, Salesforce, Inc. (Salesforce), IQVIA Inc. (IQVIA), Conversica, Inc. (Conversica), Automated Insights, Inc. (Automated Insights), Inbenta Technologies Inc. (Inbenta Technologies), Oracle Corporation (Oracle), LivePerson, Inc. (LivePerson), SoundHound, Inc. (SoundHound), MindMeld, Addepto LLC (Addepto), RaGaVeRa Indic Technologies Pvt Ltd (RaGaVeRa), Observe.AI, Eigen Technologies Limited (Eigen Technologies), Gnani Innovations Private Limited (Gnani.ai), Crayon Data Pte Ltd (Crayon Data), Narrativa OÜ (Narrativa), deepset GmbH (deepset), Ellipsis Health, Inc. (Ellipsis Health), UiPath, Verbit.AI, Rasa, TextRazor, Cohere, and DheeYantra Research Labs (DheeYantra). These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions, to broaden their presence and offerings within the natural language processing market.
IBM, a multinational technology corporation, provides a range of technology services, including infrastructure hosting. The company operates through five primary business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM Cloud has emerged as a favored platform for business applications due to its compatibility with artificial intelligence (AI). This unified platform seamlessly integrates IBM’s capabilities into a single architecture, encompassing both public and private platforms. This robust cloud platform allows IBM to address the diverse needs of businesses worldwide. IBM serves various industries, including aerospace & defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer products, banking & finance, energy & utility, life sciences, telecommunications, media & entertainment, chemicals, government, manufacturing, travel & transportation, construction, and metals & mining. The company maintains a strong global presence, with clients in over 175 countries across the Americas, Europe, the Middle East, Africa, and Asia Pacific.
IBM is a prominent player in the NLP market, offering services and solutions based on its IBM Watson platform. IBM Watson simplifies complex NLP technologies, making them accessible to non-data scientists within organizations. IBM’s products are designed for non-technical users, enabling businesses to streamline operations, enhance employee productivity, and simplify critical business processes effortlessly.
Microsoft holds a prominent position as a global leader and supplier of a diverse range of software products and comprehensive licensing solutions. The company is actively involved in the development and maintenance of software, services, devices, and holistic solutions. Its extensive product portfolio encompasses Operating Systems (OS), productivity applications for various devices, server applications, business solutions, desktop and server management tools, software development tools, and video games. Microsoft also engages in the design, production, and sale of devices, including personal computers, tablets, gaming consoles, intelligent gadgets, and related accessories. The company provides a wide array of services, including solution support, consulting services, and cloud-based solutions that furnish customers with software, services, platforms, and content. Additionally, Microsoft plays a pivotal role in the creation of analytics platforms and delivers production services for the AI-powered intelligent cloud. Revenue generation primarily hinges on software product licensing and support services. Microsoft serves an extensive range of industries, spanning finance and insurance, manufacturing, retail, media & entertainment, the public sector, healthcare, IT, and telecommunications. With a global presence spanning over 190 countries across North America, Asia Pacific, Latin America, the Middle East, and Europe, Microsoft continues to be a dominant force in the technology landscape.
Meta, formerly known as Facebook, is a social media website, web page, commercial, and predictive analytics company. The company builds augmented reality, enabling people to interact and communicate with technologies throughout its virtual-reality goal, the metaverse. Meta is a public company listed on the NASDAQ under the ticker symbol FB. The company’s main products include Meta, Instagram, Messenger, WhatsApp, and Oculus. These products enable people to communicate with peers efficiently. The company is also developing various technologies, such as AI, AR, and VR, which help society become more open and connected. Meta has offices and data centers across 30 countries, with 40 sales offices across the globe. Meta generates most revenues from advertising, such as displaying customer ads on Instagram and Meta. It helps the firm’s potential customers based on age, gender, place, hobbies, and activity by selling ad slots.
Meta majorly generates revenue from selling ads on its platform to enable marketers to target specific users and increase their marketing reach, thereby acquiring, engaging, and retaining customers through payments and other fees received from developers using their payments infrastructure. It also has multiple investments in connectivity efforts, AI, and AR to develop and strengthen the technological base to serve its end users better. Among other technologies, Meta uses built-in NLP to understand and extract meaningful information from user interactions on its platform. It heavily focuses on breaking down language barriers worldwide for everyone by deploying robust language translation solutions through R&D on deep learning, neural networks, NLP, language identification, text normalization, word sense disambiguation, and ML.
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