USA Natural Language Processing (NLP) Market to Grow on Account of the Growing Initiatives of the Government of the Country to Boost the Use of Artificial Intelligence; Market to Grow with a CAGR of 27.54% During 2021-2030
Kenneth Research has released a report titled USA Natural Language Processing (NLP) Market: Demand Analysis & Opportunity Outlook 2030 which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
On December 3rd, 2020, a bill was introduced in the House in the United States, requiring 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.
Natural language processing (NLP), which is a branch of artificial intelligence (AI), is gaining significant attention amongst businesses in the United States. As a result, the Government of the United States is focusing on creating its awareness as well as finding several new opportunities of the said technology. NLP helps businesses to lower operational cost as the technology is highly affordable, scalable and has enhanced computational power. Such factors are therefore anticipated to drive the growth of the USA natural language processing (NLP) market.
The USA natural language processing (NLP) market is anticipated to grow with a CAGR of 27.54% during the forecast period, i.e., 2021-2030. The market is estimated to garner a revenue of USD 34251.7 Million by the end of 2030. Moreover, in the year 2020, the market in the country generated a revenue of USD 3177.9 Million. The market is segmented by type into rule-based, statistical, and hybrid. By the end of 2030, out of all these segments, the statistical segment is projected to display the largest revenue of USD 17291.7 Million, up from a revenue of USD 1121.2 Million in the year 2020.
However, the several complexities associated with NLP solutions is one of the major factors projected to hinder the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the USA natural language processing (NLP) market, which includes company profiling of 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.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “USA Natural Language Processing (NLP) Market: Demand Analysis & Opportunity Outlook 2030”, analyses the overall USA natural language processing (NLP) industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the USA natural language processing (NLP) market in the near future.
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