USA Natural Language Processing (NLP) Market Size, Overview Report, Company Analysis, Business Challenges and Opportunities

Kenneth Research released a report on USA Natural Language Processing (NLP) Market that consists detailed analysis and industry insights for the forecast period, i.e.  2022-2031. On the basis of analysis of the market value and calculation of the CAGR during the forecast period, the latest trends and business opportunities in the market are discussed in the report.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The USA natural language processing (NLP) market is estimated to garner a revenue of USD 34251.7 Million by the end of 2030, by growing at a CAGR of 27.54% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market in the country registered a revenue of USD 3177.9 Million. The growth of the market can be attributed to the increasing applications of natural language processing (NLP) in different end-use industries, backed by the numerous benefits associated with the technology, such as high affordability, scalability and computational power of the technology. Moreover, the adoption of NLP by businesses also lowers their operational expenditure and increase the efficiency of the work processes. On the other hand, the growing advancements regarding deep learning architecture and algorithms in the field of image recognition and speech processing, is also expected to boost the market growth in the coming years.

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The market is also anticipated to grow on account of the growing digitization along with the merger of natural language processing with machine learning (ML) and deep learning (DL). Moreover, the growing government support for the greater use of artificial intelligence is also expected to drive the market growth in the coming years. For instance, in the United States, a bill was introduced in the House on December 3rd, 2020, which required the National Science Foundation (NSF) to enter into a contract with the National Research Council of the national Academies of Sciences, Engineering, and Medicine, for conducting a study of the current and future impact of AI on the workforce of the country. Additionally, the growing use of internet in the nation is also expected to contribute to the market growth. According to the statistics by the International Telecommunication Union (ITU), the number of individuals using the internet in the Americas grew from 343 Million in the year 2005 to 774 Million in the year 2019.

Growth Drivers and Challenges Impacting the Growth of the USA Natural Language Processing (NLP) Market

Growth Drivers

  • Increasing Demand for NLP in Various End-Use Industries
  • Growing Government Support for the Greater Use of Artificial Intelligence

Challenges

  • Several Complexities Associated with NLP Solutions

USA Natural Language Processing (NLP) Market Segmentation Synopsis

The USA natural language processing (NLP) market is segmented by component into hardware, solutions, and services. Out of these, the services segment is expected to garner the largest revenue of USD 13272.86 Million by the end of 2030, up from a revenue of USD 1268.37 Million in the year 2020. By deployment, the market is segmented into on-premise and cloud. Out of these, the on-premise segment is projected to garner the largest revenue by the end of 2030. Further, by enterprise size, the market is segmented into small and medium-sized enterprises (SMEs), and large enterprises, out of which, the large enterprises segment is expected to grow with the highest CAGR of 27.97% during the forecast period. By type, the market is segmented into rule-based, statistical, and hybrid. Out of these, the statistical segment is projected to display the largest revenue of USD 17291.7 Million by the end of 2030, up from a revenue of USD 1121.2 Million in the year 2020.

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By language, the market is segmented into English, Japanese, Spanish, and other languages. Out of these, the English segment is expected to attain the largest revenue of USD 28964.9 Million by the end of 2030, up from a revenue of USD 2602.9 Million in the year 2020. The market is also segmented by application into sentiment analysis, data extraction, risk & threat detection, automatic summarization, content management, language scoring, and others. Out of these, the data extraction segment is anticipated to garner the largest revenue of USD 8766.5 Million by the end of 2030. By end-use industry, the market is segmented into education, BFSI, healthcare, IT & telecom, retail, manufacturing, media & entertainment, and others. Out of these, the BFSI segment is expected to garner the largest revenue of USD 13647.6 Million by the end of 2030.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the USA natural language processing (NLP) market that are included in our report are Microsoft Corporation, Amazon.com, Inc., Alphabet Inc., Intel Corporation, NVIDIA Corporation, IBM Corporation, Micro Focus International plc, SAS Institute Inc., TaskUs, Inc., Netomi, AG Labs, Inc., Mynd Integrated Solutions, Cogito Tech LLC, and others.

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