"Steady Technology Development to Stimulate the Demand for Natural Language Processing (NLP) Solutions"

Natural language processing market reached the market value of US$ 17.8 Bn in 2021 and projected to witness CAGR of 21% during the forecast period from 2023 to 2030. Natural language processing engages computational techniques to understand, learn and produce human language content. Initial computational approaches to verbal research focused on mechanizing the analysis of the linguistic structure of language and evolving basic technologies such as speech recognition, machine translation, and speech synthesis. From past couple of decades, computational linguistics has grown into scientific research as well as in practical technology that increasingly incorporated in consumer products such as Apple’s Siri and Skype’s Translator among several others. With constant research on such technology, NLP is expected to cater to more dynamic requirements of consumers.

"Machine Translation Referred As the Most Lucrative Application in Natural Language Processing (NLP) Market"

Machine translation was one of the oldest non-numeric application of computation and focused intensively from late in the 1950s. However, the hand-built grammar-based systems of early decades achieved very limited success. As most of the population are now online, the job of making data accessible to all is a challenge. In recent years, various methods proposed to automatically evaluate machine translation quality by comparing hypothesis translations. With growing accuracy and efficiency, machine translation application expected to penetrate with significant growth rate across several industry verticals in following years.

"Swelling Application Area of NLP to Ensure Dominating Position of North America Market"

Presently, North America leads the overall natural language processing market with lion share. In 2017, the region contributed to more than 1/3rd of the total market value generated worldwide. Europe was the second largest contributor to the market followed by Asia Pacific in same year. The U.S. dominated the overall market with presence of key natural language processing companies. These organizations are steadily investing in AI, thereby driving the overall NLP market growth here. For instance, in 2016, Google, LLC announce that AI plays a vital role in organizations strategy for future growth. In 2017, Google, LLC launched the project focusing research on the way people communicate with AI systems called People + AI Research Initiative (PAIR). Further, Spotify uses AI for renowned music recommendation and NLP that interpret audio and text models. With swelling application area, NLP market expected to grow with promising rate throughout the forecast period.

Key players of global enterprise governance, risk and compliance market include Apple Inc., 3M Company, Google LLC, Dolbey Systems, Inc., International Business Machines Corporation, Hewlett-Packard Corporation, Amazon.com, Inc., NetBase Solutions, Inc., Microsoft Corporation, SAS Institute Inc., Verint Systems, SparkCognition, Inc., Naunce Communications, Inc., Inbenta Technologies Inc. and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Natural Language Processing (NLP) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Natural Language Processing (NLP) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Natural Language Processing (NLP) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Natural Language Processing (NLP) market?
• Which is the largest regional market for Natural Language Processing (NLP) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Natural Language Processing (NLP) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Natural Language Processing (NLP) market worldwide?