Natural Language Processing (NLP) Market
Increasing investments in the healthcare sector are expected to provide lucrative growth opportunities for the market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 19, 2023 /EINPresswire.com/ — According to the report, the global natural language processing industry was pegged at $11.1 billion in 2020, and is expected to reach $341.5 billion by 2030, growing at a CAGR of 40.9% from 2021 to 2030.
The rise in the usage of smart devices, the increase in demand for advanced text analytics, and the surge in the use of the internet and connected devices drive the growth of the global natural language processing market. On the other hand, challenges in the implementation of NLP solutions due to the use of code-mixed language and limitations in the development of NLP technologies utilizing neural networks impede market growth. However, a rise in investments in the healthcare sector is expected to create lucrative opportunities in the industry.
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COVID-19 scenario:
• The outbreak of the COVID-19 pandemic has favorably impacted the adoption of NLP-based services. This is owing to the imposed lockdown by governments of different countries.
• NLP delivers endless scalability and continuous functionality enhancements, both of which are crucial in achieving digital transformation, thus growing number of businesses are investing in natural language processing (NLP).
• Moreover, as the world is getting back to normalcy, companies are focusing on advanced technology such as machine learning (ML), artificial intelligence (AI), computing technology, and analytics across various industries including healthcare, BFSI, IT, and telecom and others, for contactless operation. This factor also drives demand for AI-driven NLP technology, which in turn drives the global adoption of natural language processing (NLP).
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Based on deployment mode, the on-premise segment held the lion’s share in 2020, contributing to more than three-fifths of the global natural language processing industry, and is expected to continue its lead during the forecast period. The on-premise NLP deployment provides complete control and visibility over data, strong authentication security measures, easy scale to meet business demand, and increase efficiency with built-in redundancy. However, the cloud segment is expected to witness the highest CAGR of 43.5% by 2030. This is owing to rise in adoption of cloud-based NLP because of its low cost and easier maintenance.
By region, North America garnered the major share in 2020, contributing to nearly two-fifths of the global natural language processing market, and is anticipated to dominate the market during the forecast period. This is due to the developed IT infrastructure in countries such as the United Statesand Canada, NLP technology hasseen widespread acceptance in the North America region.
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However, the region across Asia-Pacific is expected to witness the fastest CAGR of 44.0%. This region has a robust IT infrastructure and solid software and service offerings, as well as leadership positions in emerging fields including robotics, which would provide lucrative growth opportunities for the natural language processing (NLP) market.
By component, the solutions segment accounted for nearly four-fifths of the global natural language processing market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to increase in competition in businesses, legislation, user needs, and project risks, and increase in adoption of NLP.
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The services segment, however, would showcase the fastest CAGR of 42.6% by 2030. The adoption of NLP services provides numerous benefits to the industry verticals such as maximizingthe value of existing installation by optimizing it, speedingup software implementation, and minimizingthe deployment cost & risks, and others, which further fuels the market growth.
This report gives an in-depth profile of some key market players in the natural language processing market share, which includes Apple Inc., Facebook, Google Inc. (Alphabet Inc.), Hewlett-Packard Enterprise, IBM Corporation, Intel Corporation, Microsoft Corporation, Narrative Science, SAS Institute Inc., and Verint Systems, Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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Related Report:
1. Cloud Natural Language Processing (NLP) Market
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