**Natural Language Processing Market Shows Strong Growth Potential**
Hyderabad, July 06, 2023 – The global natural language processing (NLP) market is set to experience substantial growth in the coming years, with an estimated value of USD 25.62 billion in 2023 and a projected compound annual growth rate (CAGR) of 23.97% during the forecast period. The increased digitization of data, affordable and scalable computational power, and the integration of NLP with deep learning (DL) and machine learning (ML) are some of the key factors driving this growth.
**Market Overview and Forecast**
The NLP market has witnessed significant growth, thanks to advancements in technology and the growing demand for advanced text analytics. The healthcare sector and call centers have adopted NLP solutions, driving the market’s expansion. Additionally, the rise of machine-to-machine technology has further fueled the demand for NLP.
According to the market research report, the global NLP market is expected to reach USD 75.01 billion by 2028. The Asia-Pacific region is projected to be the fastest-growing market, while North America currently holds the largest market share.
**Key Drivers of Market Growth**
The integration of NLP with deep learning and machine learning has been a major driver in the market’s growth. This integration has opened up new possibilities and applications for NLP technology, expanding its reach across various industries.
The healthcare industry and call centers have also contributed to market growth by utilizing NLP to enhance their operations. The ability of NLP to analyze and extract valuable insights from vast amounts of text data has made it popular among these sectors.
**Top Companies in the NLP Market**
The NLP market is highly competitive, with several key players striving to establish their dominance in the industry. Companies are focusing on introducing innovative solutions and engaging in deals and mergers to increase their market share and overall profitability.
Some of the significant players in the global NLP market include NVIDIA Corporation, Intel Corporation, Baidu Inc., Qualcomm Incorporated, Texas Instrument, Google Inc., Microsoft Corporation, SAS Institute Inc., Verint System Inc., and Adobe Inc.
Here are some key highlights from the Natural Language Processing Market report:
1. Large Organizations Drive Market Growth: Large organizations are leading the adoption of NLP technology due to their extensive investments in deep learning. Small-scale organizations often perceive the technology as risky, limiting their adoption.
2. North America Leads in Market Growth: The United States has witnessed a preference for using Google Assistant among online shoppers, along with the growing popularity of smart speakers. This trend is expected to drive investments in NLP technology, leading to market growth in the region.
**Latest Developments in the NLP Market**
The Natural Language Processing Market has witnessed significant developments in recent years:
1. IBM unveiled new libraries aimed at helping partners, customers, and developers build and sell AI-powered products effortlessly and cost-effectively.
2. Apple announced plans to provide an open-source reference for the Transformer architecture, making it easier for developers to install Transformer models on Apple devices.
The Natural Language Processing Market is segmented based on various factors, including deployment, organization size, type, processing type, end-user industry, and geography. The regional segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
For startups, industry players, investors, researchers, consultants, business strategists, and anyone interested in understanding the Natural Language Processing Market, the Mordor Intelligence market research report is highly recommended. It provides comprehensive insights, data, trends, and a competitive landscape analysis of the market. Explore the Natural Language Processing Market Report (2023-2028) for more information.
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