Asia Pacific Natural Language Understanding (NLU) Market (2024-2029)

RESEARCH METHODOLOGY

The research study for the natural language understanding market involved extensive secondary sources, sources, directories, and several journals, including the Journal of the American Medical Informatics Association and The Association for Natural Language Processing Providers. Primary sources were mainly industry experts from the core and related industries, preferred NLU, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.

Secondary Research

The market size of companies offering NLU solutions and services was arrived at based on secondary data available through paid and unpaid sources. It was also arrived at by analysing the product portfolios of major companies and rating the companies based on their performance and quality.

In the secondary research process, various sources were referred to, for identifying and collecting information for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as journals, government websites, blogs, and vendor websites. Additionally, NLU spending of various countries was extracted from the respective sources. Secondary research was mainly used to obtain key information related to the industry’s value chain and supply chain to identify key players based on solutions, services, market classification, and segmentation according to offerings of major players, industry trends related to solutions, solution by deployment mode, services, type, application, verticals and regions and key developments from both market- and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and NLU expertise; related key executives from NLU solution vendors, SIs, professional service providers, and industry associations; and key opinion leaders.

Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped in understanding various trends related to technologies, applications, deployments, and regions. Demand-side stakeholders, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Strategy Officers (CSOs), and end-users using NLU solutions were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of NLU solutions and services, which would impact the overall NLU market.

The following is the breakup of primary profiles:

To know about the assumptions considered for the study, download the pdf brochure

Natural Language Understanding Market Size Estimation

Multiple approaches were adopted for estimating and forecasting the natural language understanding (NLU)market. The first approach involves estimating the market size by summation of companies’ revenue generated through the sale of solutions and services.

Natural Language Understanding Market Size Estimation Methodology-Top-down approach

In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the natural language understanding (NLU) market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor's offerings were evaluated based on the breadth of solutions and services, types, application, and vertical. The aggregate of all the companies’ revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets’ repository for validation

Market Size Estimation Methodology-Bottom-up approach

In the bottom-up approach, the adoption rate of NLU solutions and services among different verticals in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of NLU solutions and services among industries, along with different use cases with respect to their regions, was identified and extrapolated. Weightage was given to use cases identified in different regions for the market size calculation.

Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included the analysis of the NLU market’s regional penetration. Based on secondary research, the regional spending on Information and Communications Technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major NLU providers, and organic and inorganic business development activities of regional and global players were estimated. With the data triangulation procedure and data validation through primaries, the exact values of the overall natural language understanding (NLU) market size and segments’ size were determined and confirmed using the study.

Top-down and Bottom-up approaches

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Natural Language Understanding Market Definition

According to IBM, Natural language understanding (NLU) is a subset of NLP that focuses on analyzing the meaning behind sentences. NLU enables software to find similar meanings in different sentences or to process words that have different meanings.

As per Forethought, NLU is a part of artificial intelligence that allows computers to understand, interpret, and respond to human language. NLU helps computers comprehend the meaning of words, phrases, and the context in which they are used.

Stakeholders

• NLU Vendors
• NLU Solution Vendors
• Managed Service Providers
• Support & Maintenance Service Providers
• System Integrators (SIs)/Migration Service Providers
• Value-added Resellers (VARs) and Distributors
• Distributors and Value-added Resellers (VARs)
• System Integrators (SIs)
• Independent Software Vendors (ISV)
• Third-party Providers
• Technology Providers

Report Objectives

• To define, describe, and predict the natural language understanding (NLU) market, by offering (solutions [platform and software tools & frameowrks], solutions by deployment mode, and services), type, application, vertical and region.
• To describe and forecast the NLU market, in terms of value, by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
• To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall NLU market.
• To profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders.
• To analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the NLU market
• To provide the illustrative segmentation, analysis, and projection of the main regional markets.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• The product matrix provides a detailed comparison of the product portfolio of each company.

Geographic Analysis as per Feasibility

• Further breakup of the North American natural language understanding (NLU) Market
• Further breakup of the European natural language understanding (NLU) Market
• Further breakup of the Asia Pacific natural language understanding (NLU) Market
• Further breakup of the Middle East & Africa natural language understanding (NLU) Market
• Further breakup of the Latin American natural language understanding (NLU) Market

Company Information

• Detailed analysis and profiling of additional market players (up to five)