Natural Language Processing Market - Cloud and AI-Based Software among SMEs Expected to Drive NLP Market Growth | Says InsightAce Study

Jersey City, NJ, Oct. 03, 2023 (GLOBE NEWSWIRE) -- According to the latest research by InsightAce Analytic, the Global Natural Language Processing (NLP) Market is valued at US$ 14.53 Bn in 2022, and it is expected to reach US$ 131.33 Bn by 2031, with a CAGR of 27.8% during a forecast period of 2023-2031.

Natural Language Processing (NLP) is a category within artificial intelligence (AI) that focuses on the dynamic interplay between computers and human language. The primary objective of this endeavour is to facilitate the capacity of robots to comprehend, interpret, and produce human language in a manner that is deemed meaningful and beneficial. It is used in consumer chatbots, digital assistants, and commercial applications such as sentiment analysis, text analysis, voice sense (speech analysis), and change effect analysis.

The NLP market is rapidly expanding because of the quick acceptance of fresh technological breakthroughs. Moreover, the growing need for data management and greater complexity in significant enterprises is fueling the industry's growth. NLP is growing more popular in healthcare settings, as many organizations utilize it to consume and analyze huge amounts of patient data.

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Furthermore, the expanding use of the internet and linked devices, as well as the large volume of patient data, is driving the expansion of the market under consideration. Aside from that, the fast-expanding data security challenges, as well as the limited availability of NLP-based software across organizations are impeding business growth.

Recent Developments:

• In July 2023, Amazon Web Services, Inc. (AWS) announced AWS HealthScribe at AWS Summit New York. It is a new HIPAA-eligible service that lets healthcare software companies make clinical apps that use speech recognition and generative AI to make clinical documentation that saves doctors time.

• In March 2023, Apple emphasised developing Siri's natural language processing capabilities. The company convened its annual AI summit in February to discuss machine learning and AI advancements.

List of Prominent Players in the Natural Language Processing (NLP) Market:

• IBM (US)
• Microsoft (US)
• Google (US)
• AWS (US)
• Meta (US)
• 3M (US)
• Baidu (China)
• Apple (US)
• SAS Institute (US)
• IQVIA (UK)
• Oracle (US)
• Inbenta (US)
• Health Fidelity (US)
• LivePerson (US)
• SoundHound (US)
• MindMeld (US)
• Veritone (US)
• Dolbey (US)
• Automated Insights (US)
• Bitext (US)
• Conversica (US)
• Addepto (US)
• RaGaVeRa (India)
• Observe.ai (US)
• Eigen (US)
• Gnani.ai (India)
• Crayon Data (Singapore)
• Narrativa (US)
• deepset (US)
• Ellipsis Health (US)
• DheeYantra (US)

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Natural Language Processing (NLP) Market Report Scope:

Report Attribute	Specifications
Market Size Value In 2022	USD 14.53 Bn
Revenue Forecast In 2031	USD 131.33 Bn
Growth Rate CAGR	CAGR of 27.8% from 2023 to 2031
Quantitative Units	Representation of revenue in US$ Bn and CAGR from 2023 to 2031
Historic Year	2019 to 2022
Forecast Year	2023-2031
Report Coverage	The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered	By Offering, Type, Application, Technology, End-user
Regional Scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope	U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Market Dynamics:
Drivers- 
The increasing popularity of cloud-based NLP solutions and AI-based software among SMEs is expected to drive market growth. Cloud-based solutions are being used by businesses in order to improve scalability and lower overall expenses. These types of solutions shorten the time required for data collection and processing. AI-powered chatbots and cloud-based interactive voice recognition systems aid in the automation of company operations and the decision-making process based on data. Chatbots gather data and assist organizations with predictive and market analysis for a certain product.

Challenges:
Rising data security concerns, combined with poor interoperability of NLP-based software among organizations, are impeding industry expansion. This software is employed as a basic component of Apple's Siri and IBM's Watson to do authorship attribution and sentiment analysis. These, however, are prone to security issues, which impede industry growth. Data privacy has been a major barrier to business use of AI. Machine learning, deep learning, natural language processing, facial recognition, and emotion detection algorithms mine the stored data for meaningful extracts. Even though NLP has given numerous other benefits, such as automation and improved user experience, NLP-integrated systems pose major security risks to personal data. Chatbots and virtual personal assistants are vulnerable to a number of threats, including spoofing and tampering.

Regional Trends:
The North America Natural Language Processing (NLP) Market is expected to register a major market share in revenue and it is projected to grow at a high CAGR in the near future. The rapid innovation and improvement of AI technologies in the region are key drivers favouring the growth of the NLP market in North America. The region's expanding number of NLP solutions and service providers is likely to fuel market expansion in North America.

Furthermore, various developments from top businesses such as Google, IBM, Microsoft, Meta, and NLP technology have seen advancements in precision, speed, and even approaches that computer scientists rely on to solve challenging issues. Asia Pacific is expected to grow at a substantial CAGR due to increased NLP in Asia Pacific, which is expected to develop significantly in the next years due to governments' increasing focus on adopting AI, machine learning (ML) and deep learning technologies.

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Segmentation of Natural Language Processing (NLP) Market-

By Offerings -

• Solutions 
  • Type
    • Platform
    • Software Tools
  • Deployment Mode
    • Cloud
    • On Premises
• Services   
  • Professional Services
    • Training & Consulting
    • System Integration & Implementation
    • Support & Maintenance
  • Managed Services

By Type-

• Rule-Based
• Statistical
• Hybrid

By Application-

• Customer Experience Management
• Virtual Assistants/Chat-Bots
• Social Media Monitoring
• Sentiment Analysis
• Text Classification & Summarization
• Employee Onboarding & Recruiting
• Language Generation & Speech Recognition
• Machine Translation
• Other applications

By Technology-

• Optical Character Recognition (OCR)
• Interactive Voice Response (IVR)
• Auto Coding
• Text Analysis
• Speech Analytics
• Image & Pattern Recognition
• Simulation & Modeling

By End-user-

• BFSI
• IT & ITeS
• Retail & e-Commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• Government & Public Sector
• Media & Entertainment
• Manufacturing
• Telecom
• Other End-user (Education, Automotive, Travel & Hospitality, And Energy & Utilities)

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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