The natural language processing market is expected to grow from USD 18.9 billion in 2023 to USD 68.1 billion in 2028, at a CAGR of 29.3% during the forecast period. The expansion of the natural language processing market is driven by multiple factors, such as advancements in text-analyzing computer programs, rising need for enterprise solutions to streamline business operations for better customer experience, surging demand for cloud-based NLP solutions to reduce overall costs and enhance scalability and demand for predictive analytics to reduce risks and identify growth opportunities.
Key players operating in the natural language processing market across the globe are IBM Corporation (IBM), Microsoft Corporation (Microsoft), Alphabet Inc. (Google), Amazon Web Services, Inc. (AWS), 3M Company (3M), Veritone, Inc. (Veritone), Dolbey Systems, Inc. (Dolbey), Apple Inc (Apple), Meta Platforms, Inc. (Meta), SAS Institute Inc. (SAS Institute), Baidu, Inc. (Baidu), Bitext Innovations, S.L. (Bitext), OpenAI, Salesforce, Inc. (Salesforce), IQVIA Inc. (IQVIA), Conversica, Inc. (Conversica), Automated Insights, Inc. (Automated Insights), Inbenta Technologies Inc. (Inbenta Technologies), Oracle Corporation (Oracle), LivePerson, Inc. (LivePerson), SoundHound, Inc. (SoundHound), MindMeld, Addepto LLC (Addepto), RaGaVeRa Indic Technologies Pvt Ltd (RaGaVeRa), Observe.AI, Eigen Technologies Limited (Eigen Technologies), Gnani Innovations Private Limited (Gnani.ai), Crayon Data Pte Ltd (Crayon Data), Narrativa OÜ (Narrativa), deepset GmbH (deepset), Ellipsis Health, Inc. (Ellipsis Health), UiPath, Verbit.AI, Rasa, TextRazor, Cohere, and DheeYantra Research Labs (DheeYantra). These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions, to broaden their presence and offerings within the natural language processing market.
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IBM, a multinational technology corporation, provides a range of technology services, including infrastructure hosting. The company operates through five primary business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM Cloud has emerged as a favored platform for business applications due to its compatibility with artificial intelligence (AI). This unified platform seamlessly integrates IBM's capabilities into a single architecture, encompassing both public and private platforms. This robust cloud platform allows IBM to address the diverse needs of businesses worldwide. IBM serves various industries, including aerospace & defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer products, banking & finance, energy & utility, life sciences, telecommunications, media & entertainment, chemicals, government, manufacturing, travel & transportation, construction, and metals & mining. The company maintains a strong global presence, with clients in over 175 countries across the Americas, Europe, the Middle East, Africa, and Asia Pacific.
IBM is a prominent player in the NLP market, offering services and solutions based on its IBM Watson platform. IBM Watson simplifies complex NLP technologies, making them accessible to non-data scientists within organizations. IBM's products are designed for non-technical users, enabling businesses to streamline operations, enhance employee productivity, and simplify critical business processes effortlessly.
Microsoft holds a prominent position as a global leader and supplier of a diverse range of software products and comprehensive licensing solutions. The company is actively involved in the development and maintenance of software, services, devices, and holistic solutions. Its extensive product portfolio encompasses Operating Systems (OS), productivity applications for various devices, server applications, business solutions, desktop and server management tools, software development tools, and video games. Microsoft also engages in the design, production, and sale of devices, including personal computers, tablets, gaming consoles, intelligent gadgets, and related accessories. The company provides a wide array of services, including solution support, consulting services, and cloud-based solutions that furnish customers with software, services, platforms, and content. Additionally, Microsoft plays a pivotal role in the creation of analytics platforms and delivers production services for the AI-powered intelligent cloud. Revenue generation primarily hinges on software product licensing and support services. Microsoft serves an extensive range of industries, spanning finance and insurance, manufacturing, retail, media & entertainment, the public sector, healthcare, IT, and telecommunications. With a global presence spanning over 190 countries across North America, Asia Pacific, Latin America, the Middle East, and Europe, Microsoft continues to be a dominant force in the technology landscape.
Meta, formerly known as Facebook, is a social media website, web page, commercial, and predictive analytics company. The company builds augmented reality, enabling people to interact and communicate with technologies throughout its virtual-reality goal, the metaverse. Meta is a public company listed on the NASDAQ under the ticker symbol FB. The company’s main products include Meta, Instagram, Messenger, WhatsApp, and Oculus. These products enable people to communicate with peers efficiently. The company is also developing various technologies, such as AI, AR, and VR, which help society become more open and connected. Meta has offices and data centers across 30 countries, with 40 sales offices across the globe. Meta generates most revenues from advertising, such as displaying customer ads on Instagram and Meta. It helps the firm’s potential customers based on age, gender, place, hobbies, and activity by selling ad slots.
Meta majorly generates revenue from selling ads on its platform to enable marketers to target specific users and increase their marketing reach, thereby acquiring, engaging, and retaining customers through payments and other fees received from developers using their payments infrastructure. It also has multiple investments in connectivity efforts, AI, and AR to develop and strengthen the technological base to serve its end users better. Among other technologies, Meta uses built-in NLP to understand and extract meaningful information from user interactions on its platform. It heavily focuses on breaking down language barriers worldwide for everyone by deploying robust language translation solutions through R&D on deep learning, neural networks, NLP, language identification, text normalization, word sense disambiguation, and ML.
Natural Language Processing (NLP) Market 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
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