Natural Language Processing (NLP) Market to Witness an Outstanding Growth during 2023-2032

The surge in increasing automation as a result of the integration of NLP with deep learning (DL) and machine learning (ML), drive the market growth.

PORTLAND, PORTLAND, OR, UNITED STATES, September 20, 2023/EINPresswire.com/ -- According to the report, the global natural language processing industry was pegged at $11.1 billion in 2020, and is expected to reach $341.5 billion by 2030, growing at a CAGR of 40.9% from 2021 to 2030.

Natural language processing (NLP) is a subset of artificial intelligence (AI) that empowers computers to comprehend human language, extract meaning, and enhance communication through technologies like voice-enabled AI and conversational intelligence. NLP incorporates features like autocorrect and autocomplete tools, which analyze individual language patterns and offer tailored suggestions for users, whether on a personal or public scale. Additionally, NLP automates many manual processes and provides analytical insights and business intelligence to facilitate growth while streamlining and organizing operations.

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Covid-19 scenario-

• As business experienced operational delays and adjustments as an outcome of COVID-19 outbreak, consumer queries and assistance requests were increased sharply.

• Organizations restored to natural language processing technologies to automate customer care procedures due to a lack of manpower and resources. In order to handle client inquiries, provide information and offer support NLP-powered chatbots and virtual assistance were widely used which minimized the workload on human customer care staff.

• The pandemic has driven the implementation of NLP in customer service, resulting in higher productivity, lower cost, and better client experiences.

• The COVID-19 pandemic has had a major influence on the healthcare sector as well, necessitating an instant and correct analysis of a huge amount of medical data. Medical literature, clinical notes and research articles about the illness were all processed and useful insights were drawn from them using natural language processing. In order to find patterns, retrieve pertinent data, and support COVID-19 treatment development and medical research, NLP algorithms were deployed. The pandemic had drawn attention to the value of NLP in healthcare and inspired development in the field, resulting in better knowledge of the infection and possible solution.

By component, the solution segment held the major share in 2022, garnering more than three-fourths of the global natural language processing market revenue, owing to allows businesses to improve financial workflows, increase efficiency, and lower expenses all at the same time propelling the market growth significantly. The services segment would also showcase the fastest CAGR of 34.5% during the forecast period, owing to providing organizations to integrate the artificial intelligence (AI)-driven NLP services for building AI chat-bot, intent classification, entity recognition, extracting data from PDF, text categorization, sentimental analysis, extract insights using NLP, and Internet of Things (IoT) development among others.

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By deployment mode, the on-premise segment accounted for more than three-fourths of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to provides complete control and visibility over the data, as well as strong authentication security measures. The cloud segment would also display the fastest CAGR of 33.1% throughout the forecast period, owing to lower deployment costs, predictable running expenses, increased flexibility and scalability in AI-driven NLP, and risk reduction for system downtime.

By enterprise size, the large enterprise segment accounted for nearly two-thirds of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to automates much of the physical process and provides analytics and business intelligence for growth and helps to order and organize the processes. The small and medium size enterprise segment would also display the fastest CAGR of 33.7% throughout the forecast period, owing to increase in number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India and rise in number of government initiatives through various digital SME campaigns throughout the world fuels the growth of the market.

By type, statistical NLP segment accounted for nearly half of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to offers quantization, maximum likelihood & related rules and class conditional density function, such advantageous features. The rule-based NLP segment would also display the fastest CAGR of 34.1% throughout the forecast period, owing to offering advantages such as availability, cost efficiency and enhanced Speed.

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By industry vertical, the BFSI segment accounted for more than one-fourth of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to the need for scheduling & real-time tracking of customer requests concerning financial products. The education segment would also display the fastest CAGR of 36.9% throughout the forecast period, owing to help in improving various aspects of education by facilitating rapid learning, student engagement, and even by reducing classroom interruptions by children with behavioral problems.

By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global natural language processing market revenue in 2022, and is projected to retain its dominance by 2032, owing to developed IT infrastructure in countries such as the U.S. and Canada, also increasing usage of NLP in BFSI, IT and government sector to improve businesses and customer experience. The Asia-Pacific region would also portray the fastest CAGR of 35.2% during the forecast period, owing to adoption of process automation across all industry verticals to enhance customer engagement and increase effectiveness of IT infrastructure in Asia-Pacific.

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