The natural language processing market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period. Various factors such as advancements in computer programs that can analyze text, rise in need for enterprise solutions to streamline business operations for better customer experience, and urge in the developments of big data technologies are expected to drive the adoption of NLP.
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As per Google, NLP uses ML techniques to reveal the structure and meaning of the text. With natural language processing applications, organizations can analyze text and extract information about people, places, and events to better understand social media sentiment and customer conversations. NLP applications are used to derive insights from unstructured text-based data and give you access to extracted information to generate a new understanding of that data.
Healthcare and Life Sciences vertical to witness the highest CAGR during the forecast period
The segmentation of the NLP market by the industrial vertical includes BFSI, IT and telecom, retail & eCommerce, healthcare & life sciences, transportation and logistics, government and public sector, media & entertainment, manufacturing, and others. The demand for NLP solutions within the healthcare & life sciences vertical witnessed growth with the increase in the adoption of EHRs that are readily implementing NLP solutions to remove the drawbacks of not being able to convert free text conversations into insights.
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Some major players in the NLP market include IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Inbenta (US), Health Fidelity (US), LivePerson (US), SoundHound (US), MindMeld (US), Veritone (US), Dolbey (US), Automated Insights (US), Bitext (US), Conversica (US), Addepto (US), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Crayon Data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US), and DheeYantra (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global NLP market.
3M was formerly known as Minnesota Mining and Manufacturing Company. 3M is a diversified global manufacturer, technology innovator, and marketer of a wide variety of products and services. It is a well-known provider of products, such as adhesives, laminates, dental products, orthodontic products, abrasives, and medical appliances. The company operates worldwide and caters to more than 65 nations. It delivers its products through retailing and distributing partners in more than 200 nations. The company offers its products to verticals, such as healthcare; consumer & office; transportation & industry; safety, display, and graphics; security & protection services; and electronics & communication. The company develops, manufactures, and markets its innovative products for the global market. 3M developed its NLP platform for applications in email spam detection, personal assistants, and language translation apps. It further developed various healthcare-specific applications based on this platform for text processing and documentation.
3M has developed an NLP platform for applications in email spam detection, personal assistants, and language translation apps. The company’s NLP platform automates the process of mining clinical concepts from unstructured data. 3M has also developed an NLP software platform named CodeRyte CodeAssist. The platform helps capture the physician’s reports and record diseases. All of this results in improved productivity, performance, and efficiency.
SAS Institute provides business analytics platforms, solutions, and services. Its analytics platform enables enterprises to connect data and gain actionable business insights. Apart from IoT data management solutions and services, the company offers streaming analytics solutions for fraud and security intelligence, cloud analytics, data and decision management, and business intelligence. The company offers a robust, scalable, and open edge-to-enterprise analytics platform, which bridges the gap between IT and operational environments. It incorporates visualization, statistical modeling, and predictive and prescriptive analytics to deliver expertise in IoT analytics and AI, ML, and deep learning, to reduce risks and extract business value. It applies advanced analytics and AI to IoT to reduce downtime. SAS Institute caters to a vast range of industries, including banking, capital markets, communications, education, government, healthcare, insurance, life sciences, manufacturing, and retail. The company has a geographic presence in the Americas, Europe, the Middle East & Africa, and Asia Pacific.
SAS Visual Text Analytics is an open platform NLP solution provided by SAS Institute that aids in data preparation and visualization, parsing, trend analysis, information extraction, hybrid modeling approaches, sentiment analysis, and flexible deployment with native support for 33 languages.
An IQVIA company, Linguamatics, delivers a market-leading natural language processing-based AI platform for high-value knowledge discovery and decision support from texts. The company empowers its customers to speed up drug development and improve patient outcomes by breaking down data silos, boosting innovation, enhancing quality, and reducing risk and complexity. Linguamatics is the world leader in deploying innovative natural language processing (NLP)-based text mining for high-value knowledge discovery, information extraction and decision support. Linguamatics I2E is used by leading hospitals, the US Food and Drug Administration (FDA), premier academic institutions and 18 of the top 20 global pharmaceutical companies. I2E can be used to mine a wide variety of text resources, such as scientific literature, electronic health records, patents, clinical trials data, news feeds and proprietary content. I2E is available as an in-house enterprise system and a software-as-a-service (SaaS) on the cloud.
Linguamatics’ award-winning NLP (natural language processing) platform is proven across multiple real-world use cases. Linguamatics has been trusted for over 15 years to deliver actionable insights that address the most pressing challenges with quantifiable RoI.
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