Natural Language Processing Market
Global natural language processing market is estimated to be valued at US$ 26.71 billion in 2024 and is expected to reach US$ 132.91 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 25.8% from 2024 to 2031.
Introduction:
Natural language processing (NLP) is an area of artificial intelligence that deals with the interaction between computers and humans using the natural language. NLP uses machine learning and deep learning algorithms to understand, interpret, and generate human language. By utilizing these technologies, NLP facilitates human-computer interaction in various applications such as text analytics, machine translation, chatbots, virtual assistants, and voice assistants. It is evolving rapidly with advancements in deep learning techniques that offers new opportunities in fields like conversational AI, sentiment analysis, and others.
Market Dynamics:
Global natural language processing market growth is driven by growing online interactions through various digital mediums and rising need for managing large volumes of unstructured text data in organizations. NLP helps to extract useful information from huge amounts of text data through machine learning and linguistic techniques. Developing more accurate and contextual NLP models using deep learning advancements and integrating them into various applications like business software and customer support systems can offer new market growth opportunities. However, lack of quality datasets for training algorithms and difficulties generalizing models can hamper the market growth. Evolving natural languages and interpreting ambiguous texts can also hamper the market growth.
Key features of the study:
- This report provides in-depth analysis of the global natural language processing market, and provides market size (US$ billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global natural language processing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Adobe Inc., Amazon.com, Inc., Baidu Inc., Google, LLC., Hewlett Packard Enterprise Development LP, IBM Corporation, Inbenta Holdings Inc., Intel Corporation, JUST AI LIMITED, Linguamatics, Microsoft Corporation, NetBase Quid, Inc., NVIDIA Corporation, Qualcomm Incorporated, SAP SE, SAS Institute Inc., SoundHound AI, Inc., Texas Instrument, Verint System Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global natural language processing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global natural language processing market
Detailed Segmentation-
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Natural Language Processing Market - Global forecast to 2031”
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