Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The global natural language understanding technology market was valued at 18.8 billion USD and is projected to grow to 355.5 billion USD by 2030, with a projected CAGR of 38.01%. The rapid increase in digital data, the increased usefulness of smart devices, and the rising need for better customer experiences all significantly contribute to the growth of the global natural language understanding technology market. The global natural language understanding technology market is also projected to benefit from booming investments in the healthcare industry as well as the advent of a number of new application areas.
Increased digitalization across a variety of industries and nations, with simple access to a large amount of information saved on mobile devices. Increased government efforts to improve NLP will have a positive impact on the ability to manage data in a sophisticated way and retain patient health records. Governments will also invest more money to raise public knowledge of emerging technologies and connections. The global natural language understanding technology market has been fueled by wide-ranging technological advancements, rising market needs, high levels of connection, and cloud-based systems, as well as enhanced human-machine interaction.
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Natural Language Understanding Technology Market Players Analysis
- SAP Overview
- Products Portfolio
- Recent Initiatives
- Company Financials
- Apple
- Hewlett Packard Enterprise
- IBM Corporation
- Intel
- Microsoft
- Narrative Science
- SAS Institute
- Verint System
A rise in the need for NLP in the health industry, along with easier data storage employing high-connectivity methods including Wi-Fi, 5G, 4G, and 3G connections for human-machine interaction. With the rising necessity to retain the vast amount of patient history and recent information as well as the maintenance of electronic health records, natural language understanding technology has dramatically increased over the past several years.
Natural Language Understanding Technology Market Type Analysis
- Parsing
- Word segmentation
- Sentence breaking
- Stemming
Natural Language Understanding Technology Market Application Analysis
- Text classification
- Text extraction
- Machine translation
- Natural language generation
Additionally, a bigger degree of global natural language understanding technology market growth has been boosted during the projected period by a rise in the market for the technology and a trend toward data analysis over the connection. The global natural language understanding technology market expansion is also anticipated to benefit from the rising demand for advanced text analytics. The development of complex text analytics solutions has been facilitated by the integration of natural language processing.
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Based on the type of deployment, the global natural language understanding technology market is segmented into three groups: public cloud, private cloud, and hybrid cloud. The hybrid cloud segment is predicted to grow at the quickest rate in the natural language processing market over the course of the forecast period. This is because a number of businesses have begun implementing AI-based data translation technologies, and it is anticipated that they will opt to separate their data into private and public clouds according to its importance and secrecy.
The North American region was held by the natural language understanding technology market. This is a result of the growth in data volume across industries, the demand for better customer experiences, and significant investments in research and development (R&D) initiatives of AI-based technologies by a variety of businesses, nonprofit organizations, and academic institutions. In addition, 2020 saw an increase in the U.S. market share in North America. The vast majority of financial institutions in the country that have adopted NLP solutions for efficient business operations might be held responsible for this.
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