Owing to the increase in demand for cloud-based NLP solutions helps reduce costs and improve scalability which has led to growth in the global market
Covid Impact and Market Status
The Covid-19 pandemic has impacted NLP-based services positively. Companies have been focusing on emerging technologies like machine learning, artificial intelligence, data analytics, and computing in sectors like healthcare, BFSI, manufacturing, and telecom which help perform contactless transactions and operations. These technologies have created a rise in demand for NLP-based courses globally. Companies have invested heavily in these sectors for the development and enhancement of the same.
Text Analytics application to be in demand
Advanced text analysis has an increasing demand in the technology-based NLP market. It is crucial in analyzing customer behavior and nature. Large-scale companies have been using text analytics to cater to personalized or customized discounts and schemes for customers. This is also used by the retail & e-commerce sector as well as media & entertainment platforms. TCS has a partnership with Vertica, for the enhancement of the modernization of business data using the same text analytics framework. This segment has significant potential in the future.
On-premise deployment mode is the most used in the global NLP market
The global NLP market has been divided into two parts based on the deployment modes which are on-premise and cloud-based software. The on-premise software is said to have a large share of the market size up till 2029 as it has complete control, visibility, and authentication of the application software. Additionally, this segment offers scalability and increased efficiency in the growth of the global market. Along with this, the cloud-based segment also has risen in demand due to the low costs and low maintenance costs of the software.
The deep learning-based courses NLP helps you gain an understanding of the users and generate more leads. It makes the AI languages more accurate.
Deep Learning courses have been applied for NLP which are used in the healthcare sector, IT & Telecom, education, media & entertainment, and retail e-commerce. These sectors use NLP courses for sentiment analysis, language translation, chatbots, text summarization, auto-correct, machine translation, and text extraction.
Advantages like customer satisfaction, a better understanding of your market, gaining insights, and getting accurate analysis have encouraged the need to study natural language processing. This helps businesses efficiently run the operations, improve customer satisfaction, reduce costs, and process text data quantities.
The Natural Language Processing (NLP) global market is considered to reach US$ 342.2 billion with a 41.2% growth rate within the forecast period. The Asia Pacific market is said to be the fastest-growing market due to the growing digitization and technological advancements that have increased the overall economy of the Asia Pacific market. Apart from this, it has a strong IT infrastructure and provides profitable opportunities in the future.
The NLP (Natural Language Processing) is a subset of Artificial Intelligence that enables computers to learn and replicate human language and create communication more efficiently by a using voice-enabled system. Additionally, the NLP has certain features like autocorrect and personal language pattern tools and helps in the analytics and business growth. It also helps organize data and decrease complexities. NLP is a subset of comp science and artificial intelligence and can recognize text and words spoken as humans do. This helps computers communicate with human beings in their language.
An increase in the use of smart devices, data analytics, and the rising use of internet-connected devices is driving the growth of the global NLP market. NLP-based applications also help in improving the experience of the customer. The healthcare sector is said to be providing the most opportunities for NLP-based courses. Advanced text analytics have an advantage due to the increased demand for the same. It is crucial in the analysis of customer behavior. Businesses use them to provide personalized discounts and schemes.
The global NLP market faces challenges like complexities in the coding systems while using the NLP solutions and the neural networks are causing limitations in the use of cloud-based services which can hinder the market growth. The implementation of these technologies is very expensive and also requires heavy investments which is a barrier for start-up companies. The accuracy for NLP capabilities is higher. The neural network algorithms are expensive and complex to manage which is also a challenge faced by the global market.
However, the increasing demand for natural processing language in the healthcare sector can boost the demand for the product. Healthcare organizations deal with a lot of data and have used the analytics-driven approach. Here, natural processing language can be used to take out meaningful data and insights. Healthcare organizations are anticipated to see this as an opportunity for the expansion of the global natural processing language market.
The major market players in the global natural processing market are IBM, Microsoft, AWS, Google, Apple, Oracle, SAS Institute, Dolbey, Inbenta, Meta, Health Fidelity, and Baidu. These companies have implemented new types of technologies, business expansions, mergers & acquisitions, and partnerships.
Latest Innovations in the Global Natural Processing Market: A Snapshot
- Meta launched an AI platform, MyoSuite in May 2022, that builds realistic simulations and develops prosthetics. It can also help build avatars in the metaverse. This platform is yapping the markets for novel surgery and rehabilitation.
- AWS Diagnostic Development Initiative was launched by AWS in May 2020, which supports customers and makes an accurate diagnosis for COVID-19 tests. They are funding these research projects for future infectious outbreaks and pandemics.
- Baidu, a China-based company has introduced PCL-BAIDU which is an enhanced billion-dollar model which is pre-trained in languages. It is distinguishable from the MoE system.
- Apple also has made available an open source PyTorch which helps developers a way to deploy transformer models in all Apple devices.
Deep Learning Courses for NLP Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 342.2 billion|
|Growth Rate||CAGR of 41.2% during 2021-2028|
|Segment Covered||Deployment Model, Industry, End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||IBM, Microsoft, AWS, Google, Apple, Oracle, SAS Institute, Dolbey, Inbenta, Meta, Health Fidelity, and Baidu|
Key Segments of the Deep Learning Courses for NLP Market
Deployment Model Overview, 2022-2029 (USD Billion)
Industry Overview, 2022-2029 (USD Billion)
- IT & Telecom
- Retail & E-commerce
- Transportation & Logistics
- Media & Entertainment
- Travel & Hospitality
End Use Overview, 2022-2029 (USD Billion)
- Customer Experience Management
- Text classification & Summarization
- Data Mining
- Spam Detection
- Sentiment Analysis
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of the Asia Pacific
- Rest of South America
The Middle East and South Africa