The Global Natural Language Processing (NLP) Market Continues To Grow Owing To the High Demand for Machine Learning and Advanced AI Technologies
Natural Language Processing (NLP) Market, By Component (Platform/Solution and Services), by Application (Machine Translation, Information Extraction, Report Generation, And Predictive Risk Analytics), By Industry (Automotive, BFSI, Government, Healthcare, Media and Entertainment, Retail & E-commerce and Others), By Deployment Type (On-Premise and Cloud) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028.
Market Overview:
Natural
Language Processing (NLP) Market is an area of
artificial intelligence that focuses on the use of computers for the analysis
of human speech and text. This involves analyzing a variety of aspects of the
language, including the grammar and syntax of texts. It helps machines
understand speech and translate it into written form, while also assisting in
improving the user experience. One of the main advantages of natural language
processing is that it can turn massive amounts of data into meaningful insight.
This includes textual data from a wide variety of sources. These can include
social media, documents, and audio signals. The computer can then use
statistical methods to break down and convert the data.
Competitive Landscape:
Major
players operating in the global natural language processing (NLP) market
include NetBase Quid, SAS Institute Inc., Hewlett-Packard Enterprise Company,
3M, Inovalon, IQVIA Holdings Inc., Apple Inc., Google LLC, Dolbey Systems,
Inc., Microsoft Corporation, IBM Corporation.
Key Market Drivers:
Increasing
product launches by key players in the global natural language processing (NLP)
market are expected to augment the growth of the market. For instance, in
September 2021, Melax Tech introduced a new software called Mercury. This
software will be providing clinical textual medical data. NLP is used to
automate a variety of time-consuming tasks. For example, a chatbot can be
programmed to handle customer service calls. Additionally, NLP helps to create
bots that can understand a variety of languages. Whether it's a
Spanish-speaking customer, an English-speaking one, or a Russian-speaking one,
a bot that is able to understand their language can provide better service and
make it easier for the customer to interact with the company. Moreover,
increasing demand for machine learning and social media monitoring is estimated
to enhance the growth of the global natural language processing (NLP) market.
Covid-19 Impact Analysis:
During
the COVID-19 pandemic, there have been several challenges in artificial
intelligence and machine learning. However, post the pandemic, several market
players reported increased sales of natural language services. For instance, in
April 2021, Nuance Communication Inc. was acquired by Microsoft Corporation for
around US$ 19.7 billion.
Key Takeaways:
·
North America is expected
to dominate the growth of the global natural language processing (NLP) market,
owing to the high prevalence of market key players in the region. For instance,
in April 2021, Apple Inc. introduced the advanced 5G infrastructure.
·
The Asia Pacific is
estimated to witness high growth in the global natural language processing
(NLP) market, owing to the increasing introduction of advanced services in the
region by key players. For instance, in July 2022, SecureKloud Technologies
launched an AI-powered and cloud-based data analytics platform.
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