NEWARK, DE / ACCESSWIRE / November 17, 2022 / the global Natural Language Processing (NLP) Market it stands at US$14Mn as of now and is expected to reach US$45Bn at a staggering CAGR of 23% between 2022 and 2032.
With an increasing trend towards digital technology-based software all the time, the demand for Natural Language Processing (NLP) is expected to skyrocket in the forecast period. In this regard, Apple Inc. plans to launch a next-generation 5G infrastructure. In fact, it has announced to invest close to US$ 430 Bn to develop 5G for the US economy until the year 2026.
In addition, Startup One AI, in May 2022, launched the novel natural language processing technology business. Venture capitalists like Tech Aviv, Ariel Maislos, SentinelOne Inc. and many others have raised close to $8MN to set up the company. Future Market Insights has linked these facts to future prospects in its latest market study titled ‘Natural Language Processing (NLP) Market’.
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Key conclusions of the Natural Language Processing (NLP) Market
North America holds over 50% of the market share as the US is home to most of the key players.
Europe is in second place with close to 40% of the market share and companies are increasingly adopting cloud-based services.
Asia-Pacific is expected to grow at the fastest rate in the Natural Language Processing (NLP) market with countries like Japan leading the way in terms of NLP adoption.
LATAM is expected to grow in the Natural Language Processing (NLP) market thanks to Brazil, where more than 20% of large companies are adopting ML and AI.
The GCC governments have also ensured that about 25% of companies use NLP to improve the customer experience.
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SAP Se, in July 2022, acquired Askdata. The primary goal is to help customers make the right decisions through AI-powered “natural language searches.”
SAP SE, in July 2021, entered into a strategic collaboration with Google Cloud to assist end customers in moving critical systems to the cloud, thereby catalyzing existing systems. ML and Ai are deployed here.
Inbenta, in June 2021, started a partner ecosystem to work together with business partners who show interest in automating business processes and reshaping customer service using Artificial Intelligence.
Inbenta, in October 2020, partnered with IntelePeer to provide intelligent workflows to customers.
Apple Inc., in May 2020, acquired Inductiv Inc. (ML start-up) to improve Siri performance.
Intel Corporation, in 2020, partnered with China-based Alibaba Group Holding Ltd. and introduced advanced tracking technology backed by an AI platform to cater the Tokyo 2021 Olympic Games.
Expert.ai, in November 2020, introduced advanced tools that work for Advanced Edge AI and application development. Facilitates a more seamless deployment of AI technology in the private, hybrid, or on-premises cloud.
Baidu, in December 2021, launched PCL-BAIDU Wenxin (ERNIE 3.0 Titan). It is billed as the first knowledge-enhanced multi-hundred-billion model (a pre-training language model that has 260 billion parameters). This model excels in both NLG and NLU. Apple, in June 2022, announced plans to provide an open source reference PyTorch implementation of the Transformer architecture.
“With Google Search, Alexa, Siri and several others up and running, along with many technologies on the anvil, the global Natural Language Processing (NLP) market is likely to grow by leaps and bounds in the near future,” says a Future analyst. Market information.
How is the Report developed?
The research study is based on technology (automatic encoding, text analysis, OCR (optical character recognition), interactive voice response, pattern and image recognition, and speech analysis), by type (rule-based natural language processing , statistical natural language processing, and hybrid natural language processing), by service (integration services, consulting services, and maintenance services), by deployment model (on-demand and on-premises), by application (sentiment analysis, data mining, risk and threat detection, automatic summarization, content management, language scoring, portfolio tracking, branding and advertising, and HR and recruitment, and by vertical (healthcare, public sector, retail, media and entertainment, manufacturing and others).
With deep learning architectures coupled with algorithms making remarkable advances in the field of speech processing and image recognition, the global Natural Language Processing (NLP) market is sure to witness an exuberance in the forecast period.
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Table of Contents
1. Executive Summary
1.1. World Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
1.5. Global Market: Long-Term Strategies for Lucrative Growth
1.6. Global Market Analysis – Key Findings
1.7. Key success factors
2. Introduction to the market
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market background
3.1. macroeconomic factors
3.1.1. General Economic Outlook
3.1.2. World Population Overview
3.1.3. real GDP growth
3.1.4. Industry value added growth
3.1.5. World GDP by region
3.1.6. Global overview of the construction industry
3.1.7. World automobile production, by region
3.1.8. world energy consumption
3.2. Truck and Trailer Production Outlook
3.3. Global Cold Warehouse Capacity: Overview
3.4. Consumer Spending and Cold Warehouses: An Overview
3.5. Global Manufacturing Production Analysis
3.6. demographic perspective
3.7. Urban Population Growth Outlook
3.8. India Market Analysis: Key Growth Region
3.9. Prognostic factors: relevance and impact
3.10. Value chain
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