Modern businesses heavily rely on customer feedback and accurate analysis of customer behaviour patterns. To this end, the ability to understand the feedback and their real-time requests can be a labour-intensive job. Many businesses rely on third-party channels to meet these demands and gain insights into their behaviour patterns and requirements. The use of AI-powered technologies such as natural language processing (NLP) is growing as it allows businesses to analyse and understand their customer feedback in a streamlined and easy manner. As AI and machine learning (ML) technologies continue to improve, the demand and deployment of NPL models in healthcare, finance, retail, education, and IT are expected to increase. Moreover, the growing deployment of the cloud is expected to generate better insights. These trends are collectively steering the global natural language processing market to fruition.
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Innovations in AI-related Technologies to Maintain Positive Growth Trajectory of Natural Language Processing Market
Recent innovations in AI-driven technologies have enabled several fructuous business outcomes. Increasing usage of machine learning, deep learning, and cognitive search is exhibiting tremendous promise in the natural language processing spheres. Their ability to process text and speech and use computer vision to comprehend images and videos have notable business prospects. For instance, the use of virtual assistants and chatbots is proliferating in healthcare, BFSI (banking, financial services, and insurance), and retail industries. These virtual assistants use sophisticated AI and NLP methodologies to assist human needs. In such a business landscape, the global natural language processing market is poised to thrive in the forecast period.
Ascended Demand for Cloud Solutions to Unlock New Avenues of Growth for Natural Language Processing Market
As the effectiveness of modern natural language processing models continues to improve, the user base is expected to expand far and wide. Moreover, industry stakeholders are expected to evolve their methods of providing services. The advancements in cloud technologies are expected to impact the global natural language processing market’s growth momentum. The growing cloud-based deployment of NPL is exhibiting significant potential owing to its scalability and flexibility. The use of the cloud also eases the integration of big data as it provides insights for continual improvements in NLP models. Cloud-based NPL service providers can analyse user-generated content to improve its effectiveness.
North America’s Natural Language Processing Market to Sustain Dominance Owing to Presence of Thriving End-use Industries
North America is expected to maintain the lion’s share in the natural language processing market in the projection period. This is primarily due to the region’s robust technology RD and paced adoption of AI in developing engaging customer experience (CX). Besides, the increasing usage of smart virtual assistants in the region and a growing number of smart homes is creating a significant customer base of NPL among individual users. North America is expected to maintain this status quo due to the flourishing end-use industries and high concentration of major industry stakeholders.
Major Market Entities
Some of the most active players in the global natural language processing market include IBM Corporation, Google Inc., Amazon Web Services Inc., SAS Institute Inc., Intel Corporation, Microsoft Corporation, SAP SE, Veritone Inc, and Baidu Inc.
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