Selbyville, Delaware, Nov. 27, 2024 (GLOBE NEWSWIRE) --
The natural language understanding market valuation is predicted to exceed USD 99.8 billion by 2032, reported in a research analysis by Global Market Insights Inc.
This growth is largely driven by the increasing integration of AI-powered solutions across various sectors, a heightened demand for improved customer experiences, and a growing necessity for efficient data analysis.
The natural language understanding market from solutions segment accounted for over USD 16 billion. The surge in demand for NLU-enhanced applications, such as chatbots, virtual assistants, and text analytics tools, is a key factor contributing to this growth. These sophisticated solutions utilize advanced technologies like deep learning and transformer models to effectively analyze and interpret human language in diverse contexts.
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By providing functionalities such as intent recognition, entity extraction, and sentiment analysis, these tools empower organizations to automate customer interactions, enhance decision-making processes, and extract valuable insights from unstructured text data.
Deployment mode is another critical aspect of the natural language understanding market, with cloud-based and on-premises options available. The cloud-based segment is expected to experience a CAGR of over 18% between 2024 and 2032. The rapid adoption of cloud computing, along with the increasing demand for scalable and flexible NLU solutions, is propelling this trend. Cloud-based deployment offers multiple advantages, including reduced upfront costs, seamless scalability, and access to advanced NLU capabilities without substantial infrastructure investments.
This flexibility allows organizations to implement NLU technologies quickly and update them easily as innovations emerge. Additionally, the incorporation of cloud-based NLU with other cloud technologies, such as data analytics and ML platforms, improves their overall value, making them an appealing choice for businesses of all sizes.
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North America leads the natural language understanding market, capturing a significant share of over 35% in 2023. The region is experiencing notable growth, driven by the presence of major technology firms and a dynamic startup ecosystem. Substantial investments in research and development, combined with early adoption of AI technologies, have established the U.S. as a leader in NLU innovation. Furthermore, an increasing emphasis on improving customer experiences and automating business processes across various sectors is accelerating the adoption of NLU solutions throughout the country
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Natural language understanding market scope & definition
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Natural Language Understanding Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Software providers
3.2.2 Service providers
3.2.3 Distribution channel
3.2.4 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Case study
3.7 Comparative analysis of NLP, NLU, and NLG
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing adoption of AI-powered solutions
3.9.1.2 Growing demand for enhanced customer experience
3.9.1.3 Rising need for efficient data analysis
3.9.1.4 Advancements in machine learning and large language models
3.9.2 Industry pitfalls & challenges
3.9.2.1 Data privacy and security concerns
3.9.2.2 Lack of skilled professionals in NLU technologies
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
