The Natural Language Processing Market to grow at a CAGR of 30.22% from 2022 to 2027|The growing demand for NLP applications to drive the market growth - Technavio

NEW YORK, Nov. 7, 2023 /PRNewswire/ -- The natural language processing market is to grow by USD 53,505.91 million from 2022 to 2027 progressing at a CAGR of 30.22% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growing demand for NLP applications is a key factor driving market growth. This is due to the growing demand for NLP applications in industries such as healthcare, e-commerce, and customer service. NLP is used in e-commerce platforms to improve end-user experience and sales. This is done by using sentiment analysis, chatbots, and personalized suggestions. In addition, companies are realizing that using NLP can improve operational efficiency and customer satisfaction. NLP supports virtual assistants and automated chat systems in customer service to ensure effective and customized interactions with customers.  Hence, these factors are expected to drive market growth during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

The report on the natural language processing market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Natural Language Processing Market 2023-2027 - Market Dynamics

Major Trends

The advancement in conversational AI is a major trend in the market. By leveraging simulated human conversations, businesses can improve customer satisfaction, reduce, and streamline time-consuming tasks, and provide more efficient and personalized service. Additionally, improvements in deep learning, machine learning, and NLP algorithms have enabled the creation of more complex conversational AI models that can understand the complexities of context, mood, and natural human language. Hence, such trends are expected to drive market growth during the forecast period.

Significant Challenges

The ambiguity and complexities of natural human language are significant challenges restricting market growth. NLP systems face the challenge of correctly recognizing and interpreting the intended meaning of natural language. Natural language is very nuanced and can be interpreted in many ways depending on the situation. Ambiguity in human natural language causes problems of misunderstandings and errors in NLP models and applications. Advanced techniques, algorithms, and language experts are needed to handle the nuances of real human language and deliver more accurate and contextually relevant natural language processing systems. Therefore, these factors are expected to restrict market growth during the forecast period.

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a  sample report!

Natural Language Processing Market 2023-2027: Market Segmentation

The market is segmented by component (solution and services), deployment (on-premises and cloud), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

• The market share growth by the solution segment will be significant during the forecast period. This growth is driven by the growing need for automation and data-driven decision-making, as well as the need to collect information from all types of unstructured data. Additionally, the processing, analysis, and understanding of human language is enabled by the various technologies and tools that make up an NLP solution. Another factor driving growth is continued innovation in machine learning, deep learning, and natural language understanding algorithms. Hence, these factors are expected to drive segment growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

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Companies Mentioned

• 3M Co.
• Alphabet Inc.
• Amazon.com Inc.
• Apple Inc.
• Baidu Inc.
• Cerebras Systems Inc.
• Edifecs Inc.
• Hewlett Packard Enterprise Co.
• Inbenta Holdings Inc.
• International Business Machines Corp.
• IQVIA Inc.
• Liveperson Inc.
• Meta Platforms Inc.
• Microsoft Corp.
• NetBase Solutions Inc.
• OpenAI L.L.C.
• Oracle Corp.
• SAP SE
• SAS Institute Inc.
• SoundHound Inc.

Vendor Offering

• 3M Co. - The company offers natural language processing namely 3M natural language processing.
• Alphabet Inc. - The company offers a natural language processing platform namely Google BERT.
• Amazon.com - The company offers a natural language processing platform namely Amazon Comprehend.

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Table of Contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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