Posted by IMARC Group, a leading market research company, has recently releases report titled “Natural Language Processing (NLP) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global natural language processing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Natural Language Processing Market?
The global natural language processing market size reached US$ 18.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.3 Billion by 2028, exhibiting a growth rate (CAGR) of 26.2% during 2023-2028.
What is Natural Language Processing?
Natural language processing (NLP) refers to a field of artificial intelligence (AI) and computational linguistics that focuses on the communication between computers and human language. It comprises the development of algorithms and models for allowing computers to understand, interpret, and generate human language in a meaningful and useful way. It helps software programs translate text from one language to another, perform speech recognition, and summarize large volumes of textual data in real time. Its techniques are used to generate human-like text, such as chatbots, machine translation, summarization, and speech synthesis.
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What are the growth prospects and trends in the natural language processing industry?
The increasing adoption of NLP in small and medium-scale enterprises (SMEs) to enhance customer experience, streamline business operations, and improve overall productivity, represents one of the primary factors supporting the market growth around the world.
Moreover, the rising use of NLP in call centers to manage large volumes of generated data is favoring the growth of the market. In addition, the growing demand for advanced data analytics and significant advancements in image and speech recognition are influencing the market positively.
Apart from this, the increasing usage of NLP technologies for social media platforms to manage the published content and monitor activities, including hate speeches and political reviews, is creating a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Hardware
- Software
- Services
Breakup by Technology:
- Interactive Voice Response
- Optical Character Recognition
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by End User:
- Education
- BFSI
- Healthcare
- IT and Telecom
- Manufacturing and Retail
- Media and Entertainment
- Others
Market Breakup by Region:
- 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
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Who are the key players operating in the industry?
The report covers the major market players including:
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. and Verint Systems.
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