Chicago, July 16, 2024 (GLOBE NEWSWIRE) -- The global Natural Language Understanding Market is projected to grow from grow from USD 19.2 billion in 2024 to USD 62.9 billion by 2029, at a CAGR of 26.8% during the forecast period, according to a new report by MarketsandMarkets™. The natural language understanding market (NLU) is fueled by the growing consumer demand for personalized and intuitive interactions, increased productivity and reduced call durations in contact centers, heightened demand for effective brand messaging, and the exponential growth of unstructured text data.
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400 - Tables
70- Figures
350- Pages
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Natural Language Understanding Market Dynamics:
Drivers:
- Rising demand for brand messaging drives adoption of robust NLU solutions
- Growing Adoption of AI and Machine Learning
- IoT devices has led to a higher demand for natural language processing (NLP) and NLU technologies
Restraints:
- Lack of uniform standards to implement security solutions across the marine industry.
Opportunities:
- Emotion recognition-based NLU to unlock empathetic AI for personalized user experiences
- Bridge the gap between human communication nuances and machine understanding
- Underlying emotions and sentiments conveyed
List of Top Companies in Natural Language Understanding Market:
- Microsoft (US)
- Google (US)
- IBM (US)
- AWS (US)
- Meta (US)
- SAS Institute
- Oracle (US)
- Salesforce (US)
- OpenAI (US)
- SoundHound AI (US)
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In the NLU market, there are several significant trends that are shaping the industry. One of these trends is the increasing adoption of AI-powered chatbots and virtual assistants in various sectors. This has led to a higher demand for NLU solutions that can accurately understand and respond to human language. Another trend is the focus on sentiment analysis and emotion recognition, as businesses aim to comprehend customer preferences and emotions in order to provide more personalized and engaging experiences. Additionally, there is a growing emphasis on multilingual NLU capabilities to cater to global markets and diverse customer bases. Furthermore, the integration of NLU with other technologies such as machine learning and data analytics is becoming more prevalent, allowing for deeper insights and advanced applications. The development of NLU solutions that prioritize security and ethical use of data is being driven by regulatory compliance and data privacy concerns. This reflects a broader industry shift towards responsible AI deployment.
The training & consulting segment of the market is projected to grow at the highest CAGR during the forecast period. Training and consulting services have emerged as the fastest-growing segment in the natural language understanding (NLU) market, driven by the increasing demand for expertise and guidance in deploying NLU solutions effectively. As businesses recognize the transformative potential of NLU technologies, there is a growing need for specialized training programs to upskill employees and enable them to harness the full capabilities of NLU tools. Consulting services are crucial in helping organizations navigate the complexities of NLU implementation, from strategy development to solution customization and integration. With the rapid evolution of NLU technology and the diversity of applications across industries, training and consulting providers are uniquely positioned to offer tailored solutions that align with specific business objectives, driving innovation and enhancing competitive advantage.
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The on-premises deployment mode expected to be the fastest growing segment in the natural language understanding (NLU) market, driven by several factors that appeal to businesses seeking greater control and security over their AI solutions. With on-premises deployment, organizations can host NLU systems within their own infrastructure, ensuring data privacy, compliance with regulatory requirements, and reduced latency for real-time processing. This deployment mode is particularly attractive to industries such as healthcare, finance, and government, where sensitive data handling and strict security protocols are paramount. On-premises solutions offer customization options and the ability to integrate seamlessly with existing IT systems, providing a more tailored and integrated approach to NLU implementation. The on-premises deployment mode presents a compelling opportunity for NLU providers to meet the evolving needs of enterprise customers.
The natural language understanding (NLU) market presents numerous opportunities for businesses looking to capitalize on the growing demand for AI-driven solutions. One such opportunity is the development of advanced NLU algorithms and models that can accurately interpret and respond to human language across multiple domains and languages serving global clientele. Additionally, there is an increasing demand for NLU applications in different industries such as healthcare chatbots for patient engagement or financial NLU solutions meant for fraud detection and risk assessment. Another opportunity lies in combining NLU with other technologies like data analytics, machine learning, and robotic process automation (RPA) to develop smarter automatic workflows. Companies are also seeking better ways of bringing personalized interactions and easier operations through business-oriented virtual assistants and chatbots based on NLU technology for better customer experiences.
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