Natural Language Processing - North America

The market size in the Natural Language Processing market is projected to reach US$11.08bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 27.54%, resulting in a market volume of US$47.71bn by 2030.
In global comparison, the largest market size will be United States (US$9.71bn in 2024).

Definition:
Natural language processing (NLP) is a branch of artificial intelligence that focuses on the interaction between human language and computers. Natural language processing tools analyze, understand, and generate written, oral, and visual formats of human language. The Natural Language Processing (NLP) market has relevance for the healthcare, finance, and e-commerce industries in the areas of sentiment analysis, chatbots, and language translation.

Structure:

The Natural Language Processing (NLP) market has three markets. The Text-Based NLP market covers applications that analyze written forms of language. The Speech-Based NLP market covers applications that interpret and understand spoken language. The Language Translation NLP market covers applications that convey the content and meaning of a text from one language into another language.

Additional Information:

The market comprises two key performance indicators: market sizes, and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Amazon Web Services (AWS), Microsoft Azure Cognitive Services, and Google.

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Natural language processing tools such as chatbots, virtual assistants, and sentiment analysis that enable machines to understand, interpret, and generate human languages.

Non-artificial intelligence applications such as spell checking and grammar correction, which do not involve semantic analysis or machine learning.

The Artificial Intelligence market in North America has been experiencing steady growth, driven by factors such as increasing adoption of digital technologies, growing health awareness, and the convenience of online health services. The sub-markets of Text-based NLP, Speech-based NLP, and Language translation NLP have also contributed to this average growth rate. However, factors such as high costs and data privacy concerns may impact the market's growth in the future.

Customer preferences: Consumers are increasingly turning to natural language processing (NLP) solutions in the artificial intelligence market to enhance their digital experiences. This trend is driven by the demand for more personalized and efficient interactions with technology, as well as the growing importance of data-driven decision making in various industries. NLP technology is also being utilized in customer service and chatbot applications, allowing for more natural and fluid communication between businesses and consumers. Moreover, the advancements in NLP are opening up new opportunities for voice-controlled devices, further shifting consumer preferences towards more seamless and intuitive interactions with technology.

Trends in the market: In North America, the Natural Language Processing market is experiencing a surge in demand due to the increasing use of voice assistants and chatbots in various industries. This trend is expected to continue as businesses look for ways to enhance customer experience and improve efficiency through automation. Additionally, there is a growing focus on developing NLP solutions for specific sectors such as healthcare and finance, which can lead to more targeted and advanced applications. This trajectory highlights the importance of NLP in the AI market and presents opportunities for stakeholders to capitalize on this growing trend.

Local special circumstances: In North America, the Natural Language Processing Market within the Artificial Intelligence Market is heavily influenced by the advanced technological infrastructure and high adoption rates of AI technologies. Additionally, the strict data privacy regulations and the presence of leading AI companies in the region contribute to the market growth. The cultural acceptance and demand for personalized and efficient solutions also play a significant role in driving the market in this region.

Underlying macroeconomic factors: The Natural Language Processing Market within the Artificial Intelligence Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic growth, supportive regulatory environments, and significant investments in AI are experiencing faster market growth compared to regions with economic challenges. Additionally, the increasing demand for automation and efficiency in various industries, such as healthcare, finance, and retail, is driving the growth of the NLP market in North America. The presence of major players and a highly skilled workforce in the region also contribute to the market's success.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

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Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Natural Language Processing - North America

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Natural Language Processing - North America

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Market Size

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