Natural Language Processing Market Size to Expand USD 361.6 Bn by 2030

Ottawa, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global natural language processing market was valued at USD 18.6 billion in 2021. The rapid acceptance of the newly developed technologies with new innovations and improved software with increased connectivity and wide applications have expanded the growth of natural processing language. Increased research and development and improved digitalization across various regions have increased the market rate with ease of work flow management in various sectors with improve interactions between the individuals and the data can be saved for later reference or as a proof.

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Support from the government increased to increase the awareness regarding natural language processing and increased SAS in various sectors using connectivity and developed infrastructures helped to boost the market to grow at a greater extent. Covid-19 also helped to improve the market of natural language processing increased demand from the health sectors for installing the SAS.

What is the regional impact in the natural language processing market?

• The geographical sector of North America has emerged as the largest market for natural language processing with huge demand from the market for new technologies developed and increased investment for increasing the research and development in internet of things with analysing and understanding the data by the smart devices. It is one of the developed regions with various developments with highest revenue share with continuous new launches striving the natural language processing market to grow high.
• Europe also with increased developments in IOT with increased introductions of the new developments increased technological advancements in this region has the significant position to increase the market rate.
• Other regions such as Asia Pacific region also to hold the significant position in the market with increased demands from the health sectors and other industries with developed IOT and SAS. Latin America, Middle East and Africa also contributes for enhancing the market growth.
  
  

Key Insights

• North America NLP market size was reached at USD 8.2 bn in 2021.
• High tech and telecom segment has made up 23.1% revenue share in 2021.
• Healthcare segment has contributed 10% revenue share in 2021.
• By component, the solution segment accounted 76% market share in 2021.
• By deployment mode, the on-premise segment has garnered 56% market share in 2021.
• North America region hit market share of over 43% in 2021.

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Scope of the Report

Market dynamics

Drivers

Increased rapid acceptance of the newly developed innovations in technology with increased variations have increased the market rate of natural language processing. It involves interconnecting between person and machines and increased interaction and the data can be saved and easily downloaded and can be searched easily without hesitation ease of finding the documents have increased the market rate in health sectors, industries and many more sectors have expanded the market growth. Increased research and development with increased investments from the market players to increase the IoT in development boosted the NLP market.

Restraints

Lack of awareness among the people regarding the developed NLP techniques and increased software development across the regions can hamper the market growth. Due to developed software new updates in the techniques of NLP require new skill updates and professional workers for performing the projects, lack of skill among the people can hamper the market growth of natural processing language. High cost of the newly developed technologies with new improved features in NPL with increased interaction between the individuals and machines have enhanced the market growth.

Opportunities

The emerging underdeveloped countries have proved to be a major opportunity for natural language processing market with newly developed technologies in internet of things with increased interaction between machines and individuals. Increased digitalization with increased urbanization have accelerated the market growth of natural language processing. Support of the government with increase initiative and increased developing NLP in health sector due to high demands from the market and high investments to improved the connectivity for enhancing the market of natural language processing. The key market players involved in the market for innovating new methods and techniques in NLP and increased investing for developing new technologies in NLP for improving connections have rise the market.

Challenges

High costing of the developments and the technologies with the improved benefits in the NLP market could hinder the market growth balance should be maintained with the costing and the developments without any alteration to the new technologies. Increased software update also with increased prices where update is necessary for easy work flow management. Improved technologies also require improved skills among the individuals and the professional individual able to carry out the performance. Lack of skill among the individuals may decline the market growth of NLP. Connectivity is major role player in the NLP lack of connectivity may reduce the work flow and decrease the market size. Interoperability and reliability are issues regarding the natural processing language.

Report highlights

• Industry vertical divided in to different sectors for example such as Banking financial services insurance (BFSI), manufacturing, automobile industry, advertising media, transportation, high tech telecom, government, energy utilities, education, reatil, logistics, health care, ecommerce.
• Enterprise size includes for example such as large size enterprises and small-medium sized enterprises.
• The technology segment involves such as image and pattern recognition, categories and classification, analyzing texts, speech analyzing, optical character reorganization and voice response. Others includes for example professional services, coding, etc.
• The applications segment includes sentiment analysis, data extraction, risk and threat detection, data extraction, automatic summarization, language scoring, content management, others such as advertising, branding, HR ad recruiting, portfolio monitoring.
• Segmentation of geography involves North America, Europe, Asia Pacific, Middle East and Africa, Latin America and rest of the world.
  
  

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Recent Developments

• In the month of February 2020, Kore Ai launched the with the high lead in AL Solution provider with introduction of enterprise-grade VA platform. Improved conversational techniques with newly developed platforms with developer to improve the techniques. Newly developed techniques such as predictive anaytics, deep learning, machine learning, NLU, NLP.
• In the month of August 2020, Introduction of the language interpretability tool (LIT) introduced by the google corporation. A sources available to analyze, audit, understand and visualizing the NLP models. Which is based on the browser for the easy access to the customer for data required with the excellent internet speed for browsing the information with increased connectivity for deep discovery and faults occurred.
• In the month of June 2020, Collaboration of Microsoft with Adaptable Biotechnologies for launching the immune code data base for sharing with the population increased immune response of corona virus.
  
  

Market Segmentation

By Technology

• Interactive voice response
• Optical character recognition
• Text analytics
• Speech analytics
• Classification and categorization
• Pattern and image recognition
• Ohers (Coding, Professional services, etc)
  
  

By Industry Vertical 

• Manufacturing
• Advertising and media
• Automotive and transportation
• Banking financial services and insurance (BFSI)
• High tech and telecom
• Energy utilities
• Government and public sector
• Education
• Transport and logistics
• Retail and ecommerce
• Healthcare
  
  

By Enterprise size

• Small Enterprises
• Medium-sized enterprises
• Large enterprises
  
  

By Type

• Rule-based
• Statistical
• Hybrid 
  
  

By Deployment

• On premises
• Cloud (Public cloud and private cloud)
• Hybrid
  
  

By Component

• Solutions
  • Platform
  • Software tools
• Services
  • Professional Services
    • Consulting
    • System integration and implementation
    • Support and maintenance
  • Managed Services
    
    

By Application

• Language scoring
• Content management
• Automatic summarization
• Risk and threat detection
• Data extraction
• Sentiment analysis
• Others (HR and Recruiting branding, advertising, portfolio monitoring)
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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