DALLAS, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — Global Natural Language Understanding Technology Market Valued at $18.8 billion, it is expected to grow to $355.5 billion by 2030, with a projected CAGR of 38.01%. Rapid growth in digital data, increasing utility of smart devices, and growing demand for better customer experience have contributed significantly to the growth of the global natural language understanding technology market. The global natural language understanding technology market is also expected to benefit from booming investments in the healthcare industry and the emergence of many new application areas.
Increasing the level of digitization across industries and countries by simply accessing vast amounts of information stored on mobile devices. Increased government efforts to improve NLP will positively impact the ability to manage data in complex ways and keep patient health records. The government will also invest more to increase public understanding of emerging technologies and connectivity. Extensive technological advancements, growing market demands, high levels of connectivity and cloud-based systems, and enhanced human-computer interaction drive the global natural language understanding technology market.
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Analysis of Natural Language Understanding Technology Market Players
- SAP overview
- Product portfolio
- recent initiatives
- company finance
- apple
- Hewlett Packard Enterprise
- IBM Corporation
- Intel
- Microsoft
- narrative science
- SAS Institute
- Verint System
Increased demand for NLP in the health industry and easier data storage using high connectivity methods including Wi-Fi, 5G, 4G and 3G connectivity for human-computer interaction. Natural language understanding technologies have grown dramatically over the past few years with the growing necessity to keep large volumes of patient histories and up-to-date information and maintain electronic health records.
Natural Language Understanding Technology Market Analysis by Type
- Parse
- Participle
- Fragmentation
- vote
Market Application Analysis of Natural Language Understanding Technology
- Text Categorization
- text extraction
- machine translation
- natural language generation
Furthermore, during the forecast period, the growth of the global natural language understanding technology market is expected to be more driven by the growth of this technology market and the trend of data analysis through connectivity. The expansion of the global natural language understanding technology market is also expected to benefit from the growing demand for advanced text analytics. The integration of natural language processing facilitates the development of complex text analysis solutions.
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Based on deployment type, the global natural language understanding technology market is segmented into three groups: public cloud, private cloud, and hybrid cloud. During the forecast period, the hybrid cloud segment is expected to grow at the fastest rate in the natural language processing market. This is because many enterprises have already started implementing AI-based data translation technology, and they are expected to choose to separate their data into private and public clouds based on their importance and confidentiality.
North America is dominated by the natural language understanding technology market. This is due to growing data volumes across industries, the need for better customer experiences, and significant investments in research and development (R&D) programs based on AI technologies by various businesses, nonprofits, and academic institutions. In addition, the U.S. market share in North America increased in 2020. The vast majority of financial institutions in the country that employ NLP solutions for efficient business operations may be responsible for this.
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