VANCOUVER, B.C., Dec. 22, 2022 /PRNewswire/ -- The natural language processing market size reached USD 12.43 Billion in 2021 and is expected to register a CAGR of 25.7% during the forecast period, according to latest analysis by Emergen Research. Surging demand for cloud-based NLP solutions to reduce overall costs and enhance scalability is a key factor driving natural language processing market revenue growth. Natural Language Processing (NLP), also referred to as text mining or text analytics, is an Artificial Intelligence (AI) method that converts unstructured, unrestricted text found in databases and documents into normalized, structured data that can be used for analysis or as input for Machine Learning (ML) algorithms.
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Combining NLP on the cloud is a significant benefit given the quick growth of cloud computing services. It enables researchers to use the immense, on-demand computing capacity of the cloud to run NLP-related experiments on vast volumes of data processed using big data approaches. However, it has not sufficiently disseminated its cloud-based tools and applications, and there is little literature that covers the breadth of interdisciplinary effort. Big data, cloud computing, and natural language processing are all broad fields with opportunities and difficulties. These obstacles can be overcome, and a significant deal of potential for NLP and its applications can be unlocked by combining these sciences.
Drivers:
NLP's steady market revenue growth can be attributed to improvements in text-analysis software. NLP is the driving force behind computer programs that translate text between languages, respond to spoken requests, and summarize vast volumes of text fast, even in real-time. One is likely familiar with NLP from voice-activated GPS systems, digital assistants, speech-to-text transcription programs, chatbots for customer support, and other consumer conveniences. However, the application of NLP in corporate solutions is growing as a way to improve worker productivity, streamline mission-critical business processes, and streamline business operations. Natural Language Processing, or NLP, is the ability of computer software to interpret the natural language or human language as it is spoken and written. Artificial Intelligence (AI) includes it.
Another factor driving market revenue growth is the surge in demand for corporate solutions to optimize business operations for better client experiences. Many businesses presently use cutting-edge natural language processing technologies and artificial intelligence in the sphere of customer service and customer care to better comprehend and utilize all parts of customer relationship management. Massive amounts of unstructured text and speech data are gathered by these organizations from a range of sources, such as complaint reports, social media, and survey responses. With the aid of a careful analysis of this data, they will be able to modify their business goals, improve customer retention, forge new connections, and speed up growth.
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Restraints:
Uncertainty resulting from a lack of contextual awareness is a primary factor that is expected to restrain market revenue growth. Ambiguity, a crucial component of human communication, causes problems in Natural Language Understanding (NLU) scenarios. When individuals refer to ambiguous statements, they essentially imply ones that have multiple possible interpretations. Ambiguity is one of the issues in cognitive sciences for which there is no simple answer. The breadth of what constitutes ambiguity in a language varies greatly depending on the speaker. In theory, a language with complex enough grammar allows for several interpretations of each sentence. Most native speakers, however, only pick up on a sentence's main meaning after hearing it, but non-native speakers, who cognitively need to rearrange their brains in order to acquire a new language, can be more conscious of alternative interpretations. Hence, it should be considered how challenging it would be for NLU systems if humans had trouble dealing with ambiguity in communication.
Growth Projections:
The natural language processing market is expected to register a CAGR of 25.7% over the forecast period and revenue is projected to increase from USD 12.43 Billion in 2021 to USD 98.05 Billion in 2030. Advancements in computer programs that analyze text markets are expected to support revenue growth of the market.
Current Trends and Innovations:
Transfer learning is a current commercial trend. The machine learning technique known as transfer learning is used to train a model for one task and then apply it to another similar task. Therefore, instead of building and training a model from scratch, which is expensive, time-consuming, and requires vast amounts of data, one will only need to tweak a pre-trained model. Businesses can complete NLP jobs more rapidly by using less tagged data. Transfer learning is now used in NLP applications such as named entity identification, sentiment analysis, and intent categorization after first becoming popular in the field of computer vision.
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Strategic Initiatives:
Major companies included in the market report are IBM, Microsoft, Google, Amazon Web Services, Inc., Meta, 3M, Baidu, Apple Inc., SAS Institute Inc., and IQVIA.
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On 28 March 2022, Virtual Lawyer (VL), an award-winning tool created by Monaco Solicitors to assist users to write "without prejudice letters" to their employers in order to negotiate a fair settlement agreement exit package deal, is being improved using the most recent advancements in Natural Language Processing (NLP) and Artificial Intelligence (AI), according to research conducted by the Centre for Translation Studies at the University of Surrey in collaboration with lawyers from Monaco Solicitors. The Law Society's Award for Excellence in Technology and Innovation was given to VL as the present version of the app makes it possible for more than 500 individuals every week to access justice.
Scope of Research
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Report Details |
Outcome |
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Market size in 2021 |
USD 12.43 Billion |
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CAGR (2022–2030) |
25.7 % |
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Revenue forecast to 2030 |
USD 98.05 Billion |
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Base year for estimation |
2021 |
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Historical data |
2021–2030 |
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Forecast period |
2022–2030 |
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Quantitative units |
Revenue in USD Million and CAGR in % from 2022 to 2030. |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
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Segments covered |
Component, type, application, vertical, and region. |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
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Country scope |
U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA. |
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Key companies profiled |
IBM, Microsoft, Google, Amazon Web Services, Inc., Meta, 3M, Baidu, Apple Inc., SAS Institute Inc., IQVIA |
|
Customization scope |
10 hours of free customization and expert consultation. |
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For the purpose of this report, Emergen Research has segmented global NLP market on the basis of component, type, application, vertical, and region:
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Platforms
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Software Tools
Services
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Professional Services
Managed Services
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Application Outlook (Revenue, USD Million; 2019–2030)
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Vertical Outlook (Revenue, USD Million; 2019–2030)
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