Fort Collins, Colorado, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Natural Language Processing Market size was valued at USD 19.2 Billion in 2022 and is anticipated to be valued at USD 205.5 Billion by 2032 at a CAGR of 26.8%.
Natural Language Processing (NLP) is a branch of AI that enables computers to interpret, manipulate, and comprehend human language. NLP finds application in language translation, chatbots, text classification & extraction, and sentiment analysis. The growing adoption of machine intelligence for various use cases such as spam detection, machine translation, text summarization, and others is driving the market growth.
The growing application of chatbots and virtual assistants is another major factor propelling market growth. These applications use natural language processing (NLP) technology, which enables conversational and organic interactions between humans and robots. The desire to streamline information retrieval, enhance user experiences, and automate customer service processes is accelerating the usage of NLP technologies. NLP is crucial across industries for enhancing customer engagement and experience. Demand for customized and interesting customer interactions, chatbots, and virtual assistants motivates the usage of NLP technology.
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Segmentation Overview:
The global natural language processing market has been segmented into component, deployment, application, vertical, and region. The healthcare segment is expected to expand at a substantial CAGR during the forecast period. The growing use of automation tools in this industry is a major factor leading to segment growth. In the healthcare sector, NLP is used for clinical documentation to reduce the load of manual data entry on physicians. North America dominates the Natural Language Processing market in 2022. This can be attributed to the substantial concentration of major technical companies and academic institutions that utilize NLP in this region. Furthermore, government agencies have adopted NLP technologies to gain meaningful insights from large volumes of unstructured data available from different sources, including weather data, traffic data, public websites, and social media.
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Natural Language Processing Market Report Highlights:
- The global natural language processing market growth is anticipated at a CAGR of 26.8% by 2032.
- The rising importance of text analytics for improving customer satisfaction, increasing customer retention, and developing and maintaining brand reputation is boosting market growth.
- The BFSI segment accounted for a remarkable market share in 2022.
- The sentiment analysis segment accounted for a significant market share in 2022.
- Some prominent players in the natural language processing market report include 3M, Apple Inc., Amazon Web Services, Inc., Baidu Inc., Crayon Data, Google LLC, Health Fidelity, IBM Corporation, Inbenta, IQVIA, Meta Platforms Inc., Microsoft Corporation, Oracle Inc. and SAS Institute Inc. among others.
Industry Trends and Insights:
- In 2023, Quantexa, a company developing decision intelligence solutions, acquired Aylien. The latter develops NLP and advanced AI tools. The acquisition offers an entry point for Quantexa in the text analytics market and new offerings to the existing market, promoting business growth.
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Natural Language Processing Market Segmentation:
- By Component: Solution, services
- By Deployment: Cloud, on-premise
- By Enterprise Size: Large enterprises, SMEs
- By Application: Sentiment Analysis, data extraction, risk and threat detection, automatic summarization, content management, language scoring, others.
- By Vertical: BFSI, IT & Telecommunication, healthcare, education, media & entertainment, retail & e-commerce, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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