Natural Language Processing (NLP) Market is estimated to be valued at USD 13,376.3 million in 2021 and is poised to grow at a significant CAGR of 26.4% over 2022-2028. Natural Language Processing (NLP) is a branch of artificial intelligence (AI) that uses voice-enabled artificial intelligence (AI) and conversational intelligence technologies to enable computers to read the human language, derive meaning, and make communication more convenient. Furthermore, NLP capabilities like autocorrect and autocomplete tools help analyze personal language patterns and identify the most relevant suggestions for particular users or the public. Furthermore, natural language processing automates much of the physical process, providing analytics and business insight for development, and aids in process ordering and organization. In addition, growing data and increasing complexities in large businesses would open numerous opportunities for the natural language processing market. Based on deployment mode the Natural Language Processing (NLP) market is segmented in to On-Premise and Cloud. Cloud segmentation is anticipated to grow at significant CAGR over the forecast years owing to large data applications, cloud technology is scalable and adaptable. Furthermore, many AI and machine learning initiatives are classified as big data. The market's major manufacturers are launching several initiatives to integrate cloud-based solutions. Providing this engine will leverage the company's AI and cognitive capabilities, such as natural language processing and machine learning. SAS, for example, is working on projects to integrate natural language interaction with its cloud-based analytics tools. Users will be able to communicate with the software using this cloud-based software. A cloud-based platform allows users to consume and analyze multilingual material, user-generated content, and other online content. A hybrid deployment is expected to see moderate acceptance during the anticipated timeframe. Factors such as the increasing use of smart devices to facilitate innovative environments fuel market growth. Furthermore, rising demand for advanced text analytics and increased internet usage and linked devices are propelling the natural language processing market forward.Â Furthermore, the growing adoption of NLP-based applications across industries boosts customer experience. In addition, rising healthcare investment is likely to generate profitable development possibilities for the industry. Recent Market Developments: In November 2021, IBM launched new natural language processing (NLP) enhancements planned for IBM Watson Discovery, to assist business users in industries such as financial services, insurance, and legal services in improving customer care and speeding up business processes by uncovering insights and synthesizing information from complex documents.
Fastest Growing Market
Understanding the client's input or demand is becoming increasingly challenging as the number of channels via which the clients submit their requirements or feedback grows. Companies require a platform to manage business operations to comprehend these requirements linked with products or services. As a result, they are continually searching for ways to improve their customer experience (CX) skills. AI and NLP integration will assist in assessing client inquiries or comments and converting them into personalized answers. This technology integration can generate recommendations based on information history, existing consumer data, or the client's quick answers. The usage of sophisticated technology allows for a smooth connection between the client and the system. The systems can preserve these communications for future reference. AI and NLP can provide unique and personalized recommendations that are more relevant to consumers' inquiries. Because it may be integrated with more than one channel, the platform can tackle numerous channel management issues. This also leads to more interactions between the client and the organization.
Natural Language Processing Market was valued at USD 13,376.3 Million in 2021 and is projected to grow at a CAGR of 26.4% from 2022 to 2028.
The growing need for enhanced customer experience is one of the key drivers of market growth.