New York, Jan. 07, 2022 (GLOBE NEWSWIRE) — According to the statistics by the United States Census Bureau, the total number of firms and establishments recorded in the U.S. in the year 2018 was 6075937 and 7912405 respectively. On the other hand, according to the statistics by the Consumer Financial Protection Bureau (CFPB) of the Government of the United States, in the year 2020, the Bureau received close to 542300 consumer complaints, of which, around 89% of the complaints were received through the website and 5% through the toll-free telephone number of CFPB.
Kenneth Research has recently published a report titled “USA Natural Language Processing (NLP) Market” which includes detailed insights on the players operating in the market, along with their growth strategies and analysis of the product portfolio. Besides this, the impact of COVID-19 on the growth of the market in the coming years has also been studied in the report. The report also focuses on the latest market trends, along with the growth opportunities, and the growth factors for the market.
With the growing number of businesses in the United States, the need for enhanced customer service is also increasing amongst these businesses. Backed by the surge in the number of internet users in the nation, which recorded close to 300 Million by the end of 2020, it has been observed that customers often raise complaints using mobile applications or through web portals directly. As a result, there is a growing need amongst businesses to adopt natural language processing (NLP) applications to help computers understand, interpret and manipulate human language, and ultimately help businesses in providing a greater customer support experience.
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The USA natural language processing (NLP) market registered a revenue of USD 3177.9 Million in the year 2020 and is further expected to reach a revenue of USD 34251.7 Million by the end of 2030, by growing with a CAGR of 27.54% during the forecast period, i.e., 2021-2030. Moreover, the market in the year 2030 is projected to witness a Y-O-Y growth of 32.5% as compared to the previous year. NLP is widely adopted by different end-use industries owing to the affordability, scalability, and high computational power properties of the technology. It helps businesses to enhance their operational efficiency and also lower operational expenditure. Apart from this, the growing advancements in the field of artificial intelligence and machine learning, along with growing digitization and advancement in deep learning and text analytics are some of the additional factors anticipated to accelerate the market growth in the coming years.
The USA natural language processing (NLP) market is segmented by type into rule-based, statistical, and hybrid. Amongst these segments, the statistical segment generated the largest revenue of USD 1550.1 Million in the year 2020 and is further expected to touch USD 17291.7 Million by the end of 2030. Moreover, the hybrid segment is anticipated to grow with the highest CAGR of 28.69% during the forecast period.
The USA natural language processing (NLP) market is further segmented by language into English, Japanese, Spanish, and other languages. Amongst these segments, the English language segment is anticipated to garner 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 segment is also anticipated to grow with the highest CAGR of 27.95% during the forecast period.
Browse to access In-depth research report on USA Natural Language Processing (NLP) Market with detailed charts and figures: https://www.kennethresearch.com/report-details/usa-natural-language-processing-nlp-market/10352260
The USA natural language processing (NLP) market is also segmented on the basis of component, deployment, enterprise size, application, and by end-use industry.
USA Natural Language Processing (NLP) Market, Segmentation by Component
- Professional Services
- Managed Services
USA Natural Language Processing (NLP) Market, Segmentation by Deployment
USA Natural Language Processing (NLP) Market, Segmentation by Enterprise Size
- Small & Medium-Sized Enterprises (SMEs)
- Large Enterprises
USA Natural Language Processing (NLP) Market, Segmentation by Application
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
USA Natural Language Processing (NLP) Market, Segmentation by End-Use Industry
- IT and Telecom
- Media and Entertainment
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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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