The global natural language processing (NLP) market was estimated at US$ 10 billion in 2020 and anticipates growing at a significant compound annual growth rate (CAGR) of 20.2% during the forecast period from 2021-2030. The market is expected to reach US$ 63.0 billion by 2030.
The Global Natural Language processing helps to maintain interaction between computer and human language. This component is highly used to understand human language and translate it to machine language.
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Regional analysis
North America is expected to lead during the forecast period by holding the highest share in the global natural language processing (NLP) market. The growing investments to integrate machine learning and NLP, together with rapid technological advancements, would contribute to the growth of the market in North America. Apart from that, rising government funding in AI-based technologies would further accelerate the growth of the global market.
COVID-19 Impact on Global NLP Market
The NLP market witnessed significant obstacles, such as stringent lockdowns, unavailability of raw materials, and a decline in the workforce. The global natural language processing (NLP) market witnessed a sudden slowdown in growth during the pandemic period. However, the market is anticipated to recover at the same pace once the government begins lifting restrictions.
Factors Influencing
The advanced IoT solutions and communication technologies forecast to upscale the demand for natural processing language (NLP) solutions. The NLP solutions help set up an effective communication between various devices. Such an advantageous factor would further surge its adoption for establishing a smart home environment.
Apart from that, digital transformations have altered the way of performance for industries. NLP solutions are considered extremely profitable in establishing communication between users and the system. Moreover, the increasing demand for NLP solutions in smart devices, and smart homes, forecast to accelerate the growth of the global natural language processing (NLP) market during the analysis period. Smart Homes include several smart devices including, thermostats, security and monitoring devices, lights, and climate control devices which demand an interactive interface between users and machines. Moreover, Consumers nowadays prefer the voice method over traditional methods. As a result, it would boost the growth of the overall market.
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The growing era of digitalization in health care verticals would boost the growth of the global natural language processing market. NLP has appeared to be beneficial to collect particular information from a massive volume of data. Thus, the global natural language processing (NLP) market would witness promising growth in the healthcare industry.
Market Segmentation
By Types
- Statistical NLP
- Hybrid based NLP
- Rule NLP
Market by Technology
- Recognition technologies
- Operational technologies
- Analytics technologies
Market by Applications
- Machine translation
- Information extraction
- Report generation
- Question answering
- Others
Market by End-User
- Automotive
- Healthcare
- Banking Financial Services and Insurance
- IT and Telecom
- Government, Defense & Aerospace
- Media & Advertisement
- Academia and Education
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- 3M Company
- Apple Inc.
- Microsoft Corporation
- Verint Systems Inc.
- AWS Inc
- Dolbey Systems Inc.
- Genpact Ltd.
- Alphabet Inc.
- SAS Institute Inc.
- International Business Machines (IBM) Corporation
- Hewlett Packard Enterprise (HPE) Company
- Other Prominent Players
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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