Natural Language Understanding (NLU) Market worth $62.9 billion by 2029- Exclusive Report by MarketsandMarkets™

NEWS PROVIDED BYMarketsandMarkets 

Jul 03, 2024, 10:15 ET

CHICAGO, July 3, 2024 /PRNewswire/ — The Natural Language Understanding (NLU) Market is estimated to grow from USD 19.2 billion in 2024 to USD 62.9 billion in 2029, at a CAGR of 26.8% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the natural language understanding market is driven by an increasing consumer demand for personalized and intuitive interactions, enhanced productivity, shorter call durations in contact centers, a rising need for impactful brand messaging, and the rapid expansion of unstructured text data.

Browse in-depth TOC on “Natural Language Understanding (NLU) Market”

400 – Tables
70 – Figures
350 – Pages

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Scope of the Report

By offering, the services segment to account for higher CAGR during the forecast period.

The demand for services in the NLU market is rapidly increasing, making it the fastest-growing segment. These services include consulting, training, system integration and implementation, and support & maintenance, all aimed at helping organizations effectively deploy NLU solutions. As businesses look to customize NLU solutions to their unique requirements, integrate them with current systems, and enhance their performance, specialized services are becoming essential. Furthermore, with the continuous growth in unstructured data complexity, there is a rising need for services that can assist in data preprocessing, annotation, and quality assurance to maintain the accuracy and reliability of NLU models.

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By Vertical, BFSI is expected to hold the largest market size for the year 2024.

The vertical market in the Natural Language Understanding (NLU) Market is set to be dominated by the Banking, Financial Services, and Insurance (BFSI) sector. This sector holds the largest share due to various factors specific to the BFSI industry. These factors include the growing demand for personalized customer experiences, improved fraud detection and risk assessment capabilities, and the necessity for efficient communication channels. NLU technologies empower BFSI institutions to automate customer interactions through chatbots and virtual assistants, offering real-time assistance, personalized recommendations, and seamless transaction experiences. Sentiment analysis tools are also utilized by NLU that provide financial institutions with the ability to comprehend customer feedback and sentiment, enabling them to customize products and services accordingly. NLU plays a vital role in compliance and regulatory reporting by analyzing and extracting insights from extensive amounts of unstructured data, such as legal documents and customer communications.

By Application, machine translation is projected to grow at the highest CAGR during the forecast period.

The machine translation application segment is experiencing rapid growth in the Natural Language Understanding (NLU) Market due to the increasing demand for seamless communication across languages and cultures. As businesses expand globally and engage with diverse audiences, there is a growing need for accurate and effective translation solutions that can overcome language barriers. Machine translation applications utilize advanced NLU techniques, such as neural machine translation (NMT) and deep learning algorithms, to provide high-quality translations that are more accurate and proficient. The emergence of multilingual digital platforms and global collaboration efforts has further propelled the adoption of machine translation applications, leading to innovation and advancements in NLU technology.

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Asia Pacifc is expected to grow at the highest CAGR during the forecast period.

The NLU growth in Asia Pacifc region is driven by several key factors, including the exponential increase in the digital population and the widespread adoption of smartphones across diverse demographics. Moreover, governments in this region are actively promoting the adoption of Artificial Intelligence (AI) technologies, creating a conducive environment for the expansion of NLU solutions. As a result, there has been a surge in the development and deployment of Natural Language Processing (NLP) applications such as chatbots for enhanced customer service, voice assistants for seamless interaction, and machine translation tools facilitating cross-language communication. This trend reflects the region’s dynamic embrace of advanced technologies and signals a promising trajectory for the NLU market in the Asia-Pacific.

Top Key Companies in Natural Language Understanding (NLU) Market:

The major NLU solutions and service providers Microsoft (US), Google (US), IBM (US), AWS (US), Meta (US), SAS Institute, Oracle (US), Salesforce (US), OpenAI (US), SoundHound AI (US), IQVIA (US), LivePerson (US), Haptik (India), Kapiche (Australia), Rasa (US), MindMeld (US), Hugging Face (US), Conversica (US), Expert.ai (Italy), Verbio Technologies (Spain), Wolfram (US), Cortical.io (Austria), Omilia (Cyprus), Cognigy (Germany), Plasticity (US), Afforai (US), Tune AI (US), Vebrit.ai (US), Synthesys (UK), Picovoice (Canada), Symbl.ai (US), Tisane Labs (Singapore), Prosa.ai (Indonesia), Abacus.AI (US), Forethought (US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the NLU market.

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