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Natural Language Processing - United States

United States
  • The market size in the Natural Language Processing market is projected to reach US$9.71bn 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$41.79bn 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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In-Scope

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

Out-Of-Scope

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

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Artificial Intelligence market in the United States is witnessing significant growth, driven by factors such as increasing adoption of digital technologies, growing awareness about health, and the convenience of online health services. The average growth rate of the Natural Language Processing market is influenced by its sub-markets, including Text-based NLP, Speech-based NLP, and Language translation NLP.

    Customer preferences:     Consumers in the Natural Language Processing Market within the Artificial Intelligence Market are increasingly gravitating towards chatbots and virtual assistants to streamline their interactions with businesses and improve customer service. This trend is driven by the desire for quick and convenient communication, as well as the growing use of voice commands and natural language processing technology. Additionally, there is a growing demand for personalization and customization in AI-powered chatbots, catering to diverse cultural and linguistic preferences.

    Trends in the market:     In the United States, the Natural Language Processing market is experiencing a surge in demand for chatbots and virtual assistants across various industries. This trend is driven by the increasing need for automation and efficiency in customer service and data processing. Additionally, there is a growing focus on sentiment analysis and text mining to extract valuable insights from large volumes of digital content. These developments have significant implications for industry stakeholders, as they strive to stay competitive in the AI market and offer innovative solutions to their clients.

    Local special circumstances:     In the United States, the Natural Language Processing market within the Artificial Intelligence Market is thriving due to the country's advanced technological infrastructure and high adoption of AI-based solutions in various industries. Additionally, the government's initiatives to promote innovation and investment in AI have further boosted the market. However, the strict regulatory framework surrounding data privacy and security has created challenges for companies in this market. The increasing demand for AI-powered virtual assistants and chatbots in the US is also shaping the dynamics of the Natural Language Processing market.

    Underlying macroeconomic factors:     The growth of the Natural Language Processing market in the United States is influenced by macroeconomic factors such as technological advancements, government support, and investment in artificial intelligence infrastructure. The country's robust research and development capabilities, strong regulatory environment, and high adoption of advanced technologies are driving the market growth. Furthermore, the increasing demand for automation and efficiency in various industries is fueling the demand for natural language processing solutions. Additionally, the rising prevalence of data-driven decision-making and the need for enhanced customer experience are boosting the market growth.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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