The global Natural Language Processing (NLP) market stands at US$ 14 Billion as of now and is expected to reach US$ 45 Billion at a staggering CAGR of 23% between 2022 and 2032.
With growing inclination towards digital technology-based software throughout, the demand for Natural Language Processing (NLP) is expected to skyrocket in the forecast period. Along these lines, Apple Inc. plans launching next-gen 5G infrastructure. It has, in fact, announced investing close to US$ 430 Bn for developing 5G for the US economy till the year 2026.
Also, Startup One AI, in May 2022, did launch the novel Natural Language Processing technology business. Venture capitalists like Tech Aviv, Ariel Maislos, SentinelOne Inc., and many others have raised close to US$ 8 MN for establishing the company. Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Natural Language Processing (NLP) Market’.
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Key Takeaways from Natural Language Processing (NLP) Market
- North America holds more than 50% of the market share due to the US being home to majority of key players.
- Europe comes in second with close to 40% of the market share with enterprises increasingly adopting cloud-based services.
- The Asia-Pacific is expected to grow at the fastest rate in the Natural Language Processing (NLP) market with countries like Japan being at the forefront regarding adoption of NLP.
- LATAM is expected to grow in Natural Language Processing (NLP) market on the back of Brazil, wherein more than 20% of the large enterprises are into adoption of ML and AI.
- The GCC governments have also seen to it that close to 25% of the companies use NLP for improving the experience of customers.
Competitive Processing
- SAP Se, in July 2022, did acquire Askdata. The major objective is that of assisting the clientele in making proper choices through AI-driven ‘natural language searches’.
- SAP SE, in July 2021, entered into a strategic collaboration with Google Cloud for helping the end-customers in transfer of critical systems to cloud, thereby catalyzing the existing systems. ML and Ai are deployed over here.
- Inbenta, in June 2021, began a partner ecosystem for working jointly with the enterprise partners who show interest in automation of business processes and reshape the customer service using Artificial Intelligence.
- Inbenta, in October 2020, partnered with IntelePeer for providing intelligent workflows to the clients.
- Apple Inc., in May 2020, acquired Inductiv Inc. (ML start-up) for enhancing the performance of Siri.
- Intel Corporation, in 2020, entered into partnership with China-based Alibaba Group Holding Ltd. and came up with advanced tracking technology backed by AI platform to cater to Tokyo Olympics 2021.
- Expert.ai, in November 2020, tabled advanced tools that work toward Advanced Edge AI and application development. It facilitates smoother deployment of AI technology on private, hybrid, or on-premise cloud.
- Baidu, in December 2021, launched PCL-BAIDU Wenxin (ERNIE 3.0 Titan). It comes across as the very first knowledge-enhanced multi-hundred-billion model (a pre-training language model having 260 Bn parameters). This model excels at NLG as well as NLU. Apple, in June 2022, announced plans for providing open-source reference PyTorch implementation of Transformer architecture.
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Key Segments Profiled in the Natural Language Processing NLP Market Survey
Technology:
- Auto coding
- Text Analytics
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
Type:
- Rule Bases Natural Language Processing
- Statistical Natural Language Processing
- Hybrid Natural Language Processing
Service:
- Integration Services
- Consulting Services
- Maintenance Services
Deployment Model:
- On-Premise
- On-Demand
Application:
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising)
Vertical:
- Healthcare Sector
- Public Sector
- Retail Sector
- Media & Entertainment
- Manufacturing
- Other Sector
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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