|
(Wireless-NewsWire.Com, January 04, 2024 ) According to a research report "Natural Language Processing Market Size by Offering (Solutions, Services), Type (Rule-based, Statistical, Hybrid), Application (Sentiment Analysis, Social Media Monitoring), Technology (IVR, OCR, Auto Coding), Vertical & Region - Global Forecast to 2028" published by MarketsandMarkets, the market for natural language processing is estimated to grow from USD 18.9 billion in 2023 to USD 68.1 billion by 2028, at a CAGR of 29.3% during the forecast period. Natural Language Processing (NLP) refers to the branch of computer science, specifically the branch of Artificial Intelligence (AI), concerned with giving computers the ability to understand text and spoken words in much the same way human beings can. NLP drives computer programs that translate text from one language to another, respond to spoken commands, and quickly summarize large volumes of text—even in real time.
Browse 376 market data Tables and 70 Figures spread through 446 Pages and in-depth TOC on "Natural Language Processing (NLP) Market - Global Forecast to 2028"
Services segment to account for higher CAGR during the forecast period
NLP market relies heavily on its services segment to achieve effective software operations. To increase the efficiency of the entire process, managed and professional services are installed, which are the services considered in this report. Companies such as Microsoft, IBM, and SAS Institute have started providing platforms for embedding NLP technologies. These platforms can be coded across various programming languages. Major players like Microsoft have formed partnerships with SMBs that develop speech-to-text software, making them available across their integrated platforms. For example, AWS offers an Amazon Comprehend service that uses machine learning for extracting key phrases and identifying the language in each text. Amazon Comprehend works seamlessly with any AWS-supported application and offers useful features such as sentiment analysis, tokenization, and automated text file organization.
Cloud segment is expected to hold the largest market size for the year 2023
Organizations can reap numerous benefits by deploying their systems on the cloud. These benefits include easy availability, scalability, reduced operational costs, and hassle-free deployments. AI platform providers are focusing on developing robust cloud-based deployment solutions for their clients, as many organizations have migrated to either private or public cloud. This mode of deployment offers additional flexibility for business operations and real-time deployment ease to companies implementing real-time analytics. The cloud-based deployment of NLP has made it easy for users to apply predictive capabilities to the entire organization. The major vendors offering cloud-based NLP solutions are IBM, Microsoft, AWS, and Google.
The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period
In the healthcare industry, accuracy and efficiency are crucial because they directly impact human health. Therefore, the margin of error must be close to zero. Natural Language Processing (NLP) offers several applications and use cases that address healthcare challenges. NLP technologies are revolutionizing the healthcare sector by automating the tedious task of transcribing notes from clinical staff, extracting essential information, and enabling clinicians to refine their problem list. With the help of NLP tools, clinicians can quickly filter relevant clinical data from unstructured patient-related documentation, flag any necessary updates, and cross-reference the same with the current problem list. The adoption of Electronic Health Records (EHRs) has increased the demand for NLP solutions in the healthcare sector. NLP solutions are readily implemented in EHRs to convert free text conversations into insights, thereby bridging the gap between complex medical terms and patients' understanding of their health. This helps improve patient interactions, and, in turn, the quality of patient care. NLP solutions also aid in identifying gaps in physicians' performance and potential errors in care delivery, thereby contributing to value-based reimbursements.
The report profiles key players such as IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US) and 3M (US).
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
|
