The Rapidly Growing Natural Language Processing Market
The natural language processing (NLP) market is projected to grow at a substantial compound annual growth rate (CAGR) of 24.9% during the forecast period. NLP is a type of artificial intelligence (AI) that is currently being adopted for commercial applications in the fields of textual analysis, sentimental analysis, voice sense (speech analysis), and change impact analysis. The growth of the natural language processing market can be attributed to its affordability, scalability in computing power, a rise in data digitalization, and the convergence of NLP with deep learning (DL) and machine learning (ML).
Impactful Deep Learning Algorithms
The rise of the NLP market can also be attributed to the impressive advancements in deep learning architectures and algorithms, which have enabled the development of image identification and audio processing technologies. This growth is primarily caused by the increasing usage of NLP applications in healthcare and contact centers, the rising demand for advanced text analytics, and the expansion of machine-to-machine technologies. For example, KAID Health, an AI-powered healthcare data analysis, and provider engagement platform, partnered with OPN Healthcare, a US network of community oncology providers, to improve oncology care delivery, by implementing Whole Chart Analysis and NLITE solutions.
Market Segments
The global NLP market is segmented based on its deployment, organization size, type, and processing type. Based on its deployment, the market is categorized into on-premise and cloud. Based on the organization size, it is segmented into large organizations and small and medium organizations. Based on the type, the market is categorized into hardware, software, and solutions. Furthermore, based on processing type, the market is categorized into text, speech/voice, and image. Based on the end-user industry, the market is segmented into education, BFSI, healthcare, IT and telecom, retail & manufacturing, and media & entertainment.
Cloud Sub-Segment
Among the deployment segment, the cloud sub-segment is anticipated to hold a prominent market share. The growth of the cloud sub-segment is attributed to various benefits provided in cloud-based deployments such as quick deployment, anywhere and anytime access, high levels of security, scalability, and others.
Regional Analysis
The NLP market is analyzed based on the regions of North America, Europe, Asia-Pacific, and Rest of the World. The North American region, including the United States and Canada, is expected to have the largest market share during the forecast period. The factors driving the growth of the North American market include the presence of significant NLP vendors and the growth of cloud technologies in the region.
Key Players
Some of the major players operating in the NLP market are Automated Insights, Baidu, Bitext Innovations, Conversica, Google, IQVIA, Netbase Solutions, Oracle, and SoundHound.
Conclusion
The NLP market is projected to grow significantly during the forecast period, with cloud deployments, healthcare and contact centers, text analytics, and machine-to-machine technologies being the major driving factors. Advancements in deep learning architectures and algorithms are expected to further the expansion of the market.
Editor Notes:
The NLP market is set to expand exponentially in the next few years, with cloud deployments being a significant factor in its growth. The use of NLP technology in healthcare and contact centers is also expected to improve the delivery of services. The market is also anticipated to expand significantly in North America due to the presence of significant NLP vendors. Stay up-to-date with all the latest developments in the NLP market by visiting GPT News Room.
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