August 21, 2023 10:00 ET
| Source:
MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.
Chicago, Aug. 21, 2023 (GLOBE NEWSWIRE) — The Natural Language Processing (NLP) Market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period, according to a new report by MarketsandMarkets™. Various factors such as rising demand for cloud-based NLP solutions to reduce overall costs and enhance scalability, demand for enterprise solutions to streamline business operations for better customer experience and urge for predictive analytics to reduce risks and identify growth opportunities are expected to drive the adoption of NLP.
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According to IBM, Natural language processing (NLP) refers to the branch of computer science in particular it is the branch of artificial intelligence (AI) concerned with giving computers the ability to understand text and spoken words in much the same way human beings can. NLP combines computational linguistics rule-based modeling of human language with statistical, ML, and deep learning models.
By component, the NLP market has been segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period . For the effective working of any software, services need to be installed to increase the efficiency of the entire process. The services considered in the report are managed services and professional services. Companies such as SAS Institute, Microsoft, and IBM have started providing platforms for embedding NLP technologies with the release of speech recognition solutions and APIs.
The NLP solutions has been segmented by type into rule-based, statistical, and hybrid. The hybrid natural language processing to witness the highest CAGR during forecast period. Hybrid-based NLP is the combination of rule-based NLP and statistical-based NLP. It uses both approaches to provide better results. It can also be used to analyze a huge amount of data.
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The NLP market by organization size has been categorized into SMEs and large enterprise. The SMEs is expected to have the highest growth rate during the forecast period. The scalable functionality of NLP solutions provided by certain NLP vendors, such as Microsoft and AWS helps the SMEs to implement strategies without investing in the infrastructure and reaping on profits attained using their solutions. The SMEs are at an early stage in terms of NLP adoption, with most small enterprises experimenting in the exploratory stage, but they have started showing a greater interest in getting an analytics platform to reap desired outcomes. Most SMEs now view NLP as a strategic initiative and central IT function.
The NLP market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold the highest CAGR during the forecast period. Some large multinational players are showing interests to open new offices in the region, and a lot of new entrepreneur setups are taking place, who are adopting the advanced AI technologies to have a competitive advantage over the established players. China, Japan, and India have shown ample growth opportunities by adopting NLP solutions in the market.
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