Natural Language Processing Market Revenues to Reach USD 75.01 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Int
Hyderabad, July 06, 2023 (GLOBE NEWSWIRE) -- A recent market research report titled "Market Report (2023-2028) on Natural Language Processing" has revealed that the market is valued at approximately USD 25.62 billion in 2023. Experts predict that it is likely to experience a Compound Annual Growth Rate (CAGR) of 23.97% throughout the forecast period.
The natural language processing market worldwide has experienced significant expansion in recent years as a result of the growing digitalization of information, cost-effective and scalable computational capabilities, and the integration of NLP with deep learning and machine learning. The healthcare and call center sectors have particularly seen a surge in NLP adoption, driven by the increasing need for advanced text analysis and the rise of machine-to-machine technology. These factors are the main drivers behind the market's expansion.
Market Forces, Projected Revenue, Division into Categories, Rivalry Scenario and Recent Progress, Market Expansion, Prospects for the Future, and Emerging Patterns
The fusion of natural language processing (NLP) with deep learning (DL) and machine learning (ML).
The utilization of NLP in the healthcare industry and customer service centers is rapidly growing.
Which companies lead the way in the market for Natural Language Processing?
The NLP sector is filled with intense competition as numerous key participants strive to expand their market presence. Crucial approaches in the market involve the introduction of fresh, inventive solutions and forging alliances through mergers and acquisitions. These tactics aid in the augmentation of their market influence and financial success.
The key participants in the worldwide market for natural language processing include:
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Important Points from the Natural Language Processing Market Report:
Big corporations anticipated to experience substantial expansion Amidst the ever-evolving business landscape, it is projected that major enterprises will witness notable advancement in their operations.
Major corporations are the main influencers and financiers in the NLP industry. As these corporations progressively embrace deep learning for diverse uses, the acceptance of NLP is predicted to grow.
A variety of big user organizations from different sectors make use of these technologies to enhance their internal and external activities. As the return on investment (ROI) is typically measured in monetary terms, smaller organizations often perceive it as a risky endeavor to allocate funds towards these technologies.
North America set to experience remarkable market expansion
American internet consumers have a higher inclination towards utilizing Google Assistant compared to other platforms. The adoption of intelligent speakers is also on the rise in the United States, resulting in companies being urged to allocate investments into Natural Language Processing (NLP) technology.
Natural Language Processing (NLP) improves customer experience initiatives and offers diverse additional advantages. This results in a growing customer pool, which positively influences the country's market expansion.
What are the Most Recent Advancements in the Natural Language Processing Industry?
In October 2022, IBM expanded its collection of AI software that can be easily integrated into other applications. The company introduced a range of new libraries designed to assist IBM Ecosystem partners, customers, and developers in creating and marketing their own products infused with artificial intelligence. This approach aims to simplify the process, save time, and reduce expenses.
Apple made an announcement in June 2022 about their intention to release a PyTorch version of the Transformer architecture as open-source. Through this, developers will have the convenience of effortlessly installing Transformer models on Apple devices.
Mordor Intelligence has categorized the Natural Language Processing Market according to various factors such as implementation, company size, category, processing method, target audience, and geographical location.
Small and medium-sized enterprises
The region comprising of countries in the central part of the globe, specifically those in the eastern and western sides of Africa.
In brief, the market study published by Mordor Intelligence is essential reading material for new businesses, individuals involved in the industry, financial backers, scholars, advisors, strategic thinkers, and anyone seeking insights into this field. Take a look at the overview of the Natural Language Processing Market Report spanning from 2023 to 2028.
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Mordor Intelligence operates as a market intelligence and consulting organization. At Mordor Intelligence, our focus is on foreseeing the ripple effects that can bring about transformations or profoundly influence market conditions.
Our in-depth market analysis reports offer extensive and valuable information, including exclusive data, factual evidence, statistical figures, emerging trends, and an overview of the competitive dynamics within the industry.
The Natural Language Processing (NLP) industry is expanding at an impressive rate, as per the latest market research conducted by Mordor Intelligence. NLP involves the use of artificial intelligence to enable computers to understand, interpret, and interact with human language. This advanced technology has widespread applications across various sectors, including healthcare, retail, finance, and telecommunications, among others. The market for NLP is projected to witness substantial growth in the coming years, driven by the increasing demand for efficient and personalized customer experiences, as well as the rising adoption of automated chatbots and virtual assistants. Mordor Intelligence's latest report offers an in-depth analysis of the NLP market, including key players, market trends, and growth factors, providing valuable insights for businesses and investors.
