Natural Language Processing Market

Inclination towards Enhancing Customer Experience Likely to Fuel Natural Language Processing Market Growth

Business success largely depends on customer feedback, and customer behaviour. However, understanding feedback of customers or their real-time requirements has become challenging. This is mainly due to the increasing prevalence of different third-party channels that are leveraged by customers to post their feedback, and requirements. To gain analytics on customer inflow, and visibility regarding customer feedback and experience apropos to services and products, companies are engaged in improving and managing their business processes. In wake of this effort, it becomes imperative for companies to track opportunities and improve their customer experience capabilities on a continuous basis. This is likely to boost traction for natural language processing (NLP) technology, pushing the growth of global natural language processing market.

With rapidly evolving technology, companies can leverage Artificial Intelligence and natural language processing and integrate them in their legacy systems to access and analyse customer related intricacies such as customer feedback, comments, and inquiries. That said, using these technologies, companies can provide customised individual solutions to their customers, in turn boosting CX (customer expedience) quotient. Integration of technologies such as NLP (natural language processing) can provide suggestions based on history, customer thought process and response, and customer data. This can facilitate seamless communication between system and customers, which can be saved for future reference. Natural language processing thus can offer customised and unique recommendations specific to customer queries or feedback and can resolve several problems associated with third-party channel management. In this backdrop, effective interactions between customer and company can be established, thus boosting demand for NLP, and Artificial Intelligence (AI), in turn bolstering growth of the natural language processing market.

Adoption of Smart Assistants to Pave New Opportunistic Pathways for NLP

Research and advancements in AI driven technologies such as deep learning, machine learning and cognitive search have significantly transformed the natural language processing space. Natural language processing allows automatic recognition of text and speech, document understanding and provides computer vision that recognises videos, and images. Small, medium, and large-scale organisations have been leveraging these capabilities to develop business values. That said, as smart assistants and devices surface, the need for natural language processing solutions is expected to increase significantly on the global front.

Increasing adoption of virtual assistants such as Siri, and Alexa backed by Google search engine has been witnessed. Likewise, emergence of Chatbots has transformed businesses which are being used in industries including healthcare, retail, and BFSI. These virtual assistants are powered by natural language processing wherein conversations between humans and AI can be analysed and recorded to improve customer journeys. In addition, major players in the natural language processing market are introducing new solutions and platforms that support enterprises in integrating AI abilities in their existing systems. For instance, in 2021, Pryon Inc. introduced a platform that facilitates addition of no-code artificial intelligence capabilities thus enabling easy deployment of projects. Such developments along with adoption of smart assistants are expected to influence growth of the natural language processing market in the coming years.

Cloud-based Deployment of Natural Language Processing Solutions to Witness Boost

From the deployment standpoint, cloud solutions are largely being leveraged owing to their benefits such as higher flexibility and scalability. Moreover, machine learning, and AI projects are included in the big data category, thus driving demand for cloud-based deployment. In addition, cloud platform facilitates users to analyse and utilise user generated and multilingual content. This factor is likely to complement the use of cloud for deployment of natural language processing solutions, thus contributing towards market growth.

North America Becomes a Hub of Opportunities for Natural Language Processing Market

Developed nations in North America are expected to showcase high growth potential for natural language processing market. This can be attributed towards growing new product launches coupled with increasing use of smart assistants. Being one of the major technology hubs, businesses are largely benefiting from new technology solutions and platforms introduced by technology companies in North America. Natural language processing being no exception is being leveraged by a multitude of companies across industries such as healthcare, retail, insurance and banking. Moreover, macroeconomic aspects such as stable growth in GDP and favourable infrastructure have supported technology firms in the region, consequently aiding the natural language processing market growth.

Natural Language Processing Market: Competitive Landscape

New product launches, collaborations and partnerships have been the primary focus of key players in the natural language processing market. For instance, in 2020, Google launched LIT (Language Interpretability Tool) that can visualise natural language processing models and understand audits. Similarly, same year in February, Kore.AI introduced an enterprise grade VA platform that allows developers to build virtual assistants by leveraging conversational AI driven technologies such as machine learning and NLP. In 2021, Baidu Inc. launched Ernie-M. This is a multilingual model that can analyse 96 languages. Same year in May, TCS, and Vertica entered a partnership to enhance and accelerate modernisation initiatives for enterprise data warehouses.

A few of the major players in global natural language processing market include Baidu Inc., IBM Corporation, SAS Institute Inc., Amazon Web Services Inc., Microsoft Corporation, Intel Corporation, SAP SE, Google Inc., and Veritone Inc.

The Global Natural Language Processing Market Is Segmented As Below:

By Component

• Solution
• Services

By Deployment

• On Premise
• Cloud

By Type

• Rule Based NLP
• Statistical NLP
• Hybrid NLP

By Organization Size

• Large Enterprises
• SMEs

By Industry

• IT And Telecommunication
• Retail And E-Commerce
• BFSI
• Healthcare
• Education
• Media And Entertainment
• Others

By Region

• North America

• U.S.
• Canada
• Mexico

• Europe

• UK
• France
• Germany
• Russia
• Rest of Europe

• Asia Pacific

• Japan
• South Korea
• India
• China
• Rest of Asia-Pacific

• LAMEA
  
  
• Latin America
• Middle East
• Africa

Key Elements Included In The Study: Global Natural Language Processing Market

• Natural Language Processing Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2019 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

Post Sale Support, Research Updates & Offerings

We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.

• The report will be prepared in a PPT format and will be delivered in a PDF format.

• Additionally, Market Estimation and Forecast numbers will be shared in Excel Workbook.

• If a report being sold was published over a year ago, we will offer a complimentary copy of the updated research report along with Market Estimation and Forecast numbers within 2-3 weeks’ time of the sale.

• If we update this research study within the next 2 quarters, post purchase of the report, we will offer a Complimentary copy of the updated Market Estimation and Forecast numbers in Excel Workbook.

• If there is a geopolitical conflict, pandemic, recession, and the like which can impact global economic scenario and business activity, which might entirely alter the market dynamics or future projections in the industry, we will create a Research Update upon your request at a nominal charge.

Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.