The global natural language processing (NLP) market size was worth around USD 13.9 Billion in 2021 and is predicted to grow to around USD 44.79 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 22.96% between 2022 and 2030.
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➤ Expanding applications in the development of intelligent assistants to drive market demand
The global natural language processing (NLP) market is expected to expand as a result of the increasing prevalence of AI in the development of smart assistants, which have become an integral component of the general population’s daily existence. Technology companies are presently utilizing NLP to enhance the consumer experience by developing smart assistants such as Alexa, developed by Amazon, and Siri, developed by Apple. Another prominent illustration of the application of NLP in all tasks is the acquisition of pertinent search data without the necessity of inputting the entire query into the search section of a browser.
➤ The restriction of market expansion by inaccuracies in speech or text
A significant growth constraint for the natural language processing industry is the pursuit of essential accuracy in instances where the user’s words are misspelled or misused. The ultimate text analysis and response can be significantly influenced by such issues. The likelihood of the system being unable to comprehend the writer’s intention is extremely high, despite the fact that grammar rectifying applications or autocorrect may resolve the issue of misspelled words.
➤ Expanding research and product innovation to generate growth prospects
The global natural language processing market is expected to experience significant growth opportunities as a result of the increasing investment in product development and innovation, as well as the increasing release of supportive tools that can enhance the performance of NLP technologies. Advanced versions of existing systems that can perform higher levels of text classification, sentiment analysis, auto-correction, and other essential features are being developed by companies in the segment. Furthermore, the increasing dependence on technological titans such as Amazon and Google may result in increased investments in the future, particularly in the field of voice recognition intelligence.
➤ Inadequate availability of proficient professionals to confront the market’s expansion
The programming and development of natural language processing (NLP) are exceedingly intricate due to the numerous natural languages, each of which has its own set of syntax rules. Undertaking language is further complicated by the ambiguity of terms. The natural language processing industry is presently experiencing a substantial gap in the supply and demand of skilled professionals who can assist companies in achieving the vision for the advanced versions of NLP.
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The Global Natural Language Processing (NLP) Market is segmented based on product, application and region
Global Natural Language Processing (NLP) Market: Product Segment Analysis
● Cloud
● On-Premises
● Hybrid
Global Natural Language Processing (NLP) Market: Application Segment Analysis
● Retail
● Healthcare
● Banking
● High Tech & Telecom
● Automotive & Transportation
● Financial Services
● Manufacturing Media
● Others
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The global Natural Language Processing (NLP) market profiles key players such as:
● Google Inc.
● Microsoft Corporation
● SAS Institute Inc.
● NVIDIA Corporation
● Baidu Inc.
● Qualcomm Incorporated
● Texas Instrument
● Micro Focus International PLC (HPE)
● NetBase Solutions Inc.
● Genpact Limited
● Adobe Inc.
● Amazon Web Services Inc.
● 3M
● Inbenta
● Meta Platforms Inc.
● IQVIA
???? Recent Developments:
• John Snow Labs, a healthcare company that specializes in AI and NLP, announced the release of two NLPs in October 2022: Legal NLP and Finance NLP. The new products or libraries are endowed with a cutting-edge algorithm and new pre-trained models that can perform a variety of activities, including Entity Recognition, Relation Extraction, Entity Resolution, Assertion Status Detection, and Text Classification.
• One AI Inc., a recent entrant in the market, announced its launch in May 2022 along with a USD 8 million funding round. The company utilizes natural language processing technology, and the funding was provided by a variety of reputable technology investors.
➤ North America is expected to exhibit the greatest compound annual growth rate (CAGR).
North America is anticipated to dominate the global natural language processing (NLP) market during the forecast period, primarily due to the pre-existing dominant consumer and provider databases in the United States and Canada. Some of the most prominent names in the global market, who operate at the multi-regional level, are located in the former. They are continuously utilizing NLP technologies to upgrade associated systems and innovate the technology itself for future use.
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