USA Natural Language Processing (NLP) Market Segmentation by Component (Hardware, Solutions, and Software); by Deployment (On-Premise, and Cloud); by Enterprise Size {Small & Medium-Sized Enterprises (SMEs), and Large Enterprises}; by Type (Rule-Based, Statistical, and Hybrid); by Language (English, Japanese, Spanish, and Other Languages); by Application; by End-Use Industry-Demand Analysis and Opportunity Outlook 2020-2030

USA Natural Language Processing (NLP) Market Highlights Over 2020 - 2030

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 increases 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 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 market growth in the coming years. For instance, in the United States, a bill was introduced in the House on December 3^rd, 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 the internet in the nation is also expected to contribute to 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.

Individuals Using the Internet (in Million), North America, 2005 – 2019

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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 components 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. 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.

Latest Developments in the USA Natural Language Processing (NLP) Market:

• July 6^th, 2020: Micro Focus announced that its functional testing process automation application, UFT Family, has been upgraded with artificial intelligence-powered enhancements. The upgrade, which includes a combination of an AI Software Development Kit (SDK) and Natural Language Processing (NLP), would allow technical and non-technical testers to easily write tests and reduce the time taken by the testers in creating or maintaining the automated code.

• December 1^st, 2020: Amazon Web Services, Inc., a subsidiary of Amazon.com, Inc., announced that it has added three new analytical capabilities, namely, Advanced Query Accelerator (AQUA) for Amazon Redshift, AWS Glue Elastic Views, and Amazon QuickSight Q. Amongst these, the Amazon QuickSight Q allows users to use natural language expressions to ask business questions in the Amazon QuickSight Q search bar and further receive highly accurate answers in seconds.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

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