Natural Language Understanding Market Outlook 2024-2033: Trends and Projections
Natural Language Understanding Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Natural Language Understanding Market Analysis 2024: Size Forecast and Growth Prospects
Natural Language Understanding Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Natural Language Understanding Market Overview 2024: Size, Growth Rate, and Segments
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The natural language understanding global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Natural Language Understanding Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The natural language understanding market size has grown exponentially in recent years. It will grow from $16.34 billion in 2023 to $21.52 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The growth in the historic period can be attributed to demand for real-time insights, healthcare diagnostics, and monitoring, growth in semantic search, integration with business intelligence tools, and increasing data availability.
The natural language understanding market size is expected to see exponential growth in the next few years. It will grow to $65.06 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. The growth in the forecast period can be attributed to the rapid adoption of chatbots, expanding digital transformation initiatives, demand for multimodal NLU, and growth of conversational AI. Major trends in the forecast period include integration with virtual reality (VR) and augmented reality (AR), advancements in sentiment analysis, advancements in neural network architectures, and IoT integration.
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Scope Of Natural Language Understanding Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Natural Language Understanding Market Overview
Market Drivers –
The growing adoption of artificial intelligence (AI) is expected to propel the growth of natural language understanding going forward. Artificial intelligence (AI) encompasses a broad set of technologies and algorithms that enable machines to simulate human intelligence, including tasks such as problem-solving, learning from data, and making decisions. The expanding adoption of artificial intelligence (AI) can be attributed to several factors: advances in computing power and cloud technology, the availability of extensive data for training algorithms, enhancements in algorithm development and model optimization, and increased investment and funding in AI research and development. Natural language understanding in AI enables systems to interpret and respond to human language, enhancing capabilities in tasks such as sentiment analysis, chatbots, and automated customer service. For instance, in May 2024, according to Eurostat, a Belgium-based governing body, in 2023, large enterprises using AI technologies increased to 30.4%, up from 28.4% in 2021, indicating a notable growth in the adoption of AI solutions among these organizations. Therefore, the growing adoption of artificial intelligence (AI) is driving the growth of the natural language understanding market.
Market Trends –
Major companies operating in the natural language understanding market are focusing on developing data platforms with large language model capabilities to gain a competitive edge. A large language model is an advanced AI system trained on vast amounts of text data to understand and generate human-like language, useful in diverse applications such as translation and content creation. For instance, in May 2024, International Business Machines Corporation, a US-based provider of hybrid cloud and AI partnered with Salesforce Inc., a US-based provider of enterprise cloud computing solutions, to bring together IBM Watsonx AI and data platform capabilities with the Salesforce Einstein 1 Platform for greater customer choice and flexibility in AI and data deployment. The Einstein 1 Platform allows companies to safely connect any data to build AI-powered apps with low code to deliver customer relationship management (CRM) experiences. This will empower teams to make data-driven decisions and take actions directly in their flow of work.
The natural language understanding market covered in this report is segmented –
1) By Type: Rule-Based, Statistical, Hybrid
2) By Offering: Solutions, Services
3) By Deployment Type: Cloud-Based, On-Premise
4) By Application: Chatbots And Virtual Assistants, Customer Experience Management, Text Analysis, Sentiment Analysis, Interactive Voice Response (IVR) And Message Routing, Data Capture, Machine Translation, Other Applications
5) By Vertical: Banking, Financial Services And Insurance, Healthcare And Life Science, Retail And E-commerce, Information Technology And Information Technology Enabled Services (IT And ITeS), Transportation And Logistics, Government And Public Sector, Media And Entertainment, Manufacturing, Telecommunication, Other Verticals
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Regional Insights –
North America was the largest region in the natural language understanding market in 2023. The regions covered in the natural language understanding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the natural language understanding market are Amazon Web Services Inc., Apple Inc., Google LLC, Microsoft Corporation, Meta Platforms Inc., International Business Machines Corporation, Oracle Corporation, Baidu Inc., SAS Institute Inc., OpenAI, DataBricks Inc, Teradata Corporation, Qualtrics, C3.ai Inc, H2O.ai, SoundHound Inc., Iodine Software LLC, Inbenta, Crayon Data, Haptik Inc.
Table of Contents
1. Executive Summary
2. Natural Language Understanding Market Report Structure
3. Natural Language Understanding Market Trends And Strategies
4. Natural Language Understanding Market – Macro Economic Scenario
5. Natural Language Understanding Market Size And Growth
…..
27. Natural Language Understanding Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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