Global Natural Language Processing Market Size to grow by USD 48.4 Bn in 2030.
The global natural language processing market was valued at USD 10.7 Bn in 2021. The market is projected to grow USD 48.4 Bn in 2030, at a CAGR of 25.4%.
The natural language processing market is predicted to rise due to rising demand for cloud-based NLP solutions to lower overall costs and improve scalability, as well as increased use of smart devices to facilitate smart environments. The increased adoption of NLP-based applications across verticals to improve customer experience, as well as increased investment in the healthcare vertical, should provide possibilities for NLP providers.
In the disciplines of image recognition and audio processing, deep learning architectures and algorithms have made significant progress. Natural language processing (NLP) applications have shown to make important contributions, with state-of-the-art outcomes for several complicated NLP problems. Because of the affordable, scalable, and computational capacity, as well as an increase in data digitalization and the merging of NLP with deep learning (DL) and machine learning, NLP has seen significant growth in recent years (ML).
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The healthcare vertical is generating large amount of data as hospitals and other healthcare facilities accelerate their digitalization. Healthcare firms rely substantially on such enormous amounts of useful data to generate relevant insights, thanks to analytics-driven NLP approaches. As the amount of data generated has expanded due to the vast amount of patient data and electronic health records, the healthcare sector has experienced a significant growth in the need for efficient data storage and advanced data processing in recent years.
In applications such as sentiment analysis, machine translation, speech recognition, chatbots, text categorization, market intelligence, and spell checking, important firms are focusing on integrating NLP. Furthermore, NLP is gaining a lot of traction because of its ability to organise data while dealing with client enquiries and feedback via chatbots. As a result, NLP cuts down on the time it takes to learn computer languages like Java, C++, Ruby, and C. Siri, Alexa, Google Search, and other NLP-based technologies are only a few examples. Through its many solutions and services, NLP is expected to aid in the understanding, interpretation, and manipulation of human language.
The text and speech analytics segment is expected to dominate the market share of global natural language processing market. Text and speech analytics is essential for monitoring customer behaviour and gauging consumer nature, both of which contribute to market expansion. The large enterprises range segment is expected to dominate the market share of global natural language processing market owing to the increasing number of large firms are embracing deep learning and supervision and unsupervised machine learning methodologies for a number of applications, the utilisation of this technology is projected to grow. The cloud is expected to dominate the market share of global natural language processing market owing to the leading players are launching a number of initiatives to integrate cloud-based solutions. The healthcare segment is expected to dominate the market share of global natural language processing market. Predictive analytics, prescriptive analytics, and intelligent voice support systems are three ways NLP can be applied in healthcare. The healthcare industry is predicted to have a high level of application adoption. Virtual assistants assist with activities such as scheduling appointments and patient registration.
North America region is expected to dominate the market share of global natural language processing market owing to the huge number of companies are substantially investing in the evolution of NLP and applications in order to improve customer service programmes by offering extra incentives, attracting more customers, and, as a result, contributing to regional market growth. The expanding advances in the sector, which are being examined by global players situated in the United States, are propelling this market forward and hastening the pace of product launches.
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Proliferation of Smart Devices along with the Integration of Smart Assistant
With the enhancement of IoT and other technologies, it’s been convenient to establish up connection across diverse devices. A smart home environment and connected automobiles have benefited from such a notion. The industries have started to operate and connect with the customers through technological innovation and digital transformation. Natural language processing has shown to be incredibly useful in facilitating communication between humans and computers. Moreover, the increasing usage of smart assistant across smart devices are likely to propel the growth of the global natural language processing market.
Growing Demand for the Improvement of Customer Experience
Technological integration can provide recommendations based on previous data, consumer data, or the client's immediate responses. The usage of sophisticated technology allows for seamless connection between the client and the system. The systems can preserve these communications for future reference. AI and NLP can provide customers with unique and personalised recommendations that are more tailored to their needs.
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