NEWARK, DE /ACCESSWIRE/November 17, 2022/ The global natural language processing (NLP) market currently stands at US$14 million and is expected to reach US$45 billion at a staggering CAGR of 23% between 2022 and 2032.
With an increasing trend towards software based on digital technology, the demand for natural language processing (NLP) is expected to skyrocket over the forecast period. In this sense, Apple Inc. plans to launch a next-generation 5G infrastructure. He has indeed announced that he will invest nearly 430 billion US dollars to develop 5G for the American economy until 2026.
Additionally, Startup One AI in May 2022 launched the new natural language processing technology business. Venture capitalists like Tech Aviv, Ariel Maislos, SentinelOne Inc. and many more have raised nearly US$8 million for the establishment of the company. Future Market Insights presented these facts with future outlook in its latest market study titled “Natural Language Processing (NLP) Market”.
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Key Takeaways from the Natural Language Processing (NLP) Market
North America holds more than 50% of the market share, as the United States is home to the majority of major players.
Europe comes second with nearly 40% market share as enterprises increasingly adopt cloud-based services.
Asia-Pacific is expected to see the fastest growth in the natural language processing (NLP) market, with countries like Japan being at the forefront of NLP adoption.
LATAM is expected to grow in the natural language processing (NLP) market thanks to Brazil, where more than 20% of large enterprises are adopting ML and AI.
GCC governments have also ensured that nearly 25% of enterprises are using NLP to improve customer experience.
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SAP Se, in July 2022, acquired Askdata. The main goal is to help customers make the right choices through AI-driven “natural language searches”.
SAP SE, in July 2021, entered into a strategic collaboration with Google Cloud to help end customers move critical systems to the cloud, catalyzing legacy systems. ML and Ai are deployed here.
Inbenta, in June 2021, launched a partner ecosystem to work jointly with partner companies interested in automating business processes and redesigning customer service using artificial intelligence.
Inbenta, in October 2020, partnered with IntelePeer to deliver intelligent workflows to customers.
Apple Inc., in May 2020, acquired Inductiv Inc. (ML start-up) to improve the performance of Siri.
Intel Corporation, in 2020, entered into a partnership with the Chinese company Alibaba Group Holding Ltd. and proposed advanced tracking technology supported by an AI platform to respond to the Tokyo 2021 Olympics.
Expert.ai, in November 2020, introduced advanced tools that work towards Advanced Edge AI and application development. It facilitates a smoother deployment of AI technology on a private cloud, hybrid or on-premises.
Baidu, in December 2021, launched PCL-BAIDU Wenxin (ERNIE 3.0 Titan). It appears as the very first multi-hundred billion enhanced knowledge model (a pre-training language model having 260 billion parameters). This model excels at the NLG as well as the NLU. Apple, in June 2022, announced its intention to provide an open-source reference PyTorch implementation of the Transformer architecture.
“With Google Search, Alexa, Siri and various others in operation coupled with numerous technologies on the anvil, the global natural language processing (NLP) market is likely to grow by leaps and bounds in the near future,” says a Future Market Insight analyst.
How is the report going?
The research study is based on technology (automatic coding, text analysis, OCR (optical character recognition), interactive voice response, pattern and image recognition and speech analysis), by type (language processing rule-based natural language processing, statistical natural language processing, and hybrid natural language processing), by service (integration services, consulting services, and maintenance services), by deployment model (on-demand and on-premises), by application (sentiment analysis, data mining, risk and threat detection, automatic summarization, content management, linguistic scoring, portfolio monitoring, branding and advertising, HR and recruitment, and by vertical sector (healthcare, public sector , retail, media and entertainment, manufacturing and others).
With deep learning architectures and algorithms making notable advancements in speech processing and image recognition, the global natural language processing (NLP) market is expected to experience exuberance during the forecast period.
Application Methodology @
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
1.5. Global market: long-term strategies for lucrative growth
1.6. Global Market Analysis – Key Findings
1.7. Key factors of success
2. Presentation of the market
2.1. Market coverage/taxonomy
2.2. Market Definition/Scope/Limitations
3. Market context
3.1. Macroeconomic factors
3.1.1. Global Economic Outlook
3.1.2. World population overview
3.1.3. Real GDP growth
3.1.4. Value Added Industry Growth
3.1.5. World GDP by region
3.1.6. Overview of the global construction industry
3.1.7. World automobile production, by region
3.1.8. World energy consumption
3.2. Truck and Trailer Production Prospects
3.3. Overall capacity of cold stores: overview
3.4. Consumer spending and cold storage: overview
3.5. Global Manufacturing Production Analysis
3.6. Demographic prospects
3.7. Prospects for urban population growth
3.8. India Market Analysis – Key Growth Region
3.9. Prediction factors: relevance and impact
3.10. Value chain
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