IMARC Group, a leading market research company, has recently releases report titled “Natural Language Processing 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 (NLP) 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 are Natural Language Processing?
Natural language processing (NLP) is a branch of computer science and artificial intelligence (AI) that enables computers to understand characters, sentences, and words and interpret spoken and written human language. It allows users to have human-like conversations with a computer directly using algorithms and help computers accurately recognize and respond to human communication. It also provides several benefits, such as better data analysis, streamlined processes in real-time, reduced costs, and improved customer satisfaction. As a result, NLP finds extensive applications in research and education, automotive, retail and consumer goods, manufacturing, information technology (IT) and telecom, government, banking, financial services, and insurance (BFSI), health care and life sciences, and media and entertainment industries.
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What are the growth prospects and trends in the Natural Language Processing Industry?
The market is primarily driven by the escalating demand for NPL as it helps perform speech recognition, translate text from one language to another, summarize large volumes of textual data, and increase overall productivity. As a result, corporations are rapidly adopting NLP solutions to enhance their operations with customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.
In addition, the growing digitization of data and the increasing usage of the internet and connected devices are contributing to market growth. Moreover, the widespread adoption of NLP in healthcare and call centers to handle massive volumes of generated data is providing a thrust to market growth.
Furthermore, numerous social media platforms are employing text analytics and NLP technologies to organize published content and monitor activities, including political reviews and hate speeches, which is propelling the market growth.
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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
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
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.Natural Language Processing Market Size,
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