Natural Language Processing (NLP) Stats 2023
- Natural Language Processing (NLP) is set to significantly impact the market, with a projected growth of $35 billion in 2023 and 44% of organizations implementing or planning to implement NLP solutions by 2021.
- AI programs are now able to engage in conversation, generate reports, and create original works of literature.
- Organizations should leverage NLP and AI to gain a competitive advantage.
- NLP is expected to have a CAGR growth rate of 77% from 2019 to 2023, creating a total economic impact of $17 billion by 2020.
- 70% of enterprises have already implemented or are in the process of implementing NLP-powered technologies
- The global voice recognition market is expected to have a compound annual growth rate of 18.2% between 2020 and 2023, with the worldwide speech and natural language processing market worth over $23 billion by 2023
- 80% of customer service operations will utilize virtual customer assistants (VCAs) by 2025
- 30% of healthcare providers are already using NLP-based solutions
- NLP is projected to grow from 7% of AI investments today to 18% by 2023
- The global NLP market is expected to reach $16.9 billion by 2023
Natural Language Processing (NLP) has emerged as one of the most promising technologies in recent years, revolutionizing how we interact with computers. From big data analytics to machine translation, NLP’s impact has been far-reaching. In 2023, we expect to see even more advancements and applications built upon NLP technologies, providing unprecedented opportunities for businesses and users alike. This article provides an overview of the projected NLP statistics in 2023, discussing the technology’s latest developments and potential implications.
More NLP Statistics and Interesting Facts
Advances in NLP and AI technology create opportunities for organizations to optimize operations, understand customer queries, identify potential leads, automate tasks, analyze data, and make predictions for improved decision-making.
Natural Language Processing (NLP) is how machines understand natural human language and use the information to generate meaningful responses. According to a report published by Statista, the global market for NLP was valued at around 10 billion US dollars in 2021 and is expected to grow to 27 billion US dollars by 2023. This trend shows an increase of approximately 170% within two years, making NLP one of the most profitable sectors in the AI industry.
The growth of NLP is due to its application in customer service. For example, many companies now offer voice-based customer service solutions powered by NLP, such as Alexa and Google Assistant, to simplify customer service processes. Additionally, the customer service sector relies on virtual agents powered by NLP to automate customer interactions, leading to greater efficiency and customer satisfaction.
The White Paper ‘Achieving Faster ROI with NLP’ highlights that businesses are quickly transitioning to natural language processing technology to gain an edge over competitors. Many companies have already implemented NLP solutions, such as conversational bots, chatbots, natural language search, automated document summarization, and more, to automate mundane tasks and save time and money. Furthermore, companies have also experienced a wide range of benefits due to the implementation of AIpowered NLP solutions, such as cost savings, improved accuracy, and customer satisfaction.
Natural Language Processing (NLP) has seen immense growth in the past few years, which is expected to continue in the next few years. According to IBM’s ‘Enterprise AI Market Survey 2019’, NLP is projected to grow from 7% of AI investments today to 18% by 2023. This growth can be attributed to advancements in deep learning and adaptive machine learning technologies, enabling NLP to become more accurate and reliable than ever before.
According to the IDC’s ‘Worldwide Semiannual Cognitive/AI Systems Spending Guide 2020″, the global NLP market is expected to reach $16.9 billion by 2023. This statistic supports that NLP technology will remain at the forefront of AI investments in the coming years. Such investments would facilitate the development of automated customer service systems and intelligent virtual assistants and streamline document automation. OpenAI‘s ‘The State of Open AI 2020’ report indicates NLPbased AI models are becoming increasingly efficient and accurate in language understanding, with some models being able to read an entire book in a matter of minutes.
Natural Language Processing (NLP) is a rapidly growing field of artificial intelligence. The market size of NLP is projected to grow to $35 billion in 2023. Another study conducted by Forrester Research suggested that investment in NLP would more than double between 2018 and 2023. The same survey found that 44% of organizations had implemented or planned to implement NLP solutions by 2021. The NLP market is expected to reach $27.9 billion in 2023 from $7.3 billion in 2018. This study suggests the NLP market will expand at a compound annual growth rate (CAGR) of 22.5% by 2023.
The impact of these NLP statistics is significant, especially when combined with recent trends. As technology advances, leveraging NLP solutions such as machine translation, speech recognition, and text analytics is becoming cheaper and more efficient. This is making NLP more accessible to organizations and enabling them to gain more significant insights from data, reduce costs and accelerate processes. Furthermore, advancements in deep learning are allowing NLP to process more complex tasks and deliver better solutions. Thus, investment in NLP will continue to rise in the coming years, likely resulting in a substantial transformation in various industries.
Advances in NLP and AI technology are increasingly creating opportunities for organizations to optimize operations and harness data more effectively. For example, natural language processing (NLP) can help businesses automatically understand customer queries to provide better service, identify potential leads from customer feedback, and automate various administrative tasks. Additionally, AIpowered systems can analyze text, audio, and images to glean insights and make predictions for improved decision-making. Moreover, with increasing research and development in the field, AI programs can now engage in conversation, generate reports, and even compose original works of literature.
Natural Language Processing (NLP) has become increasingly popular and widely used in the tech world, with an expected 77% growth rate CAGR from 2019 to 2023. This growth rate reflects the substantial investment and interest seen in the NLP field as companies rush to integrate it into their products. According to a Frost & Sullivan market report, NLP will create a total economic impact of $17 billion by 2020. A survey by Cloud providers revealed that 70% of enterprises have already implemented or are in the process of implementing NLPpowered technologies.
NLP’s most prominent use cases range from customer service automation to digital health applications and retail personalization. According to research conducted by Forrester, the global voice recognition market is expected to have a compound annual growth rate of 18.2% between 2020 and 2023. By 2023, the global speech and natural language processing market will be worth over $23 billion, according to MarketsandMarkets. Analysts at MarketsandMarkets expect the Asia Pacific market to take the lead in growth.
NLP has also revolutionized the way companies interact with customers. According to stats from Gartner, 80% of customer service operations will utilize virtual customer assistants (VCAs) by 2025. This means that customers can access services with the help of AI technology. In the healthcare sector, natural language processing can enable doctors to quickly and accurately diagnose patients. A study by Accenture found that 30% of healthcare providers are already using NLP-based solutions.
These statistics on Natural Language Processing point to significant growth and adoption of the technology across various industries in the coming years. The implications of this can be felt in areas such as customer service, digital health, retail personalization, and more.
IBM’s ‘Enterprise AI Market Survey 2019’: https://www.ibm.com/downloads/cas/89RI5H5G
OpenAI’s ‘The State of Open AI 2020’: https://www.openai.com/reports/stateofopenai2020/
IDC’s ‘Worldwide Semiannual Cognitive/AI Systems Spending Guide 2020″: https://www.idc.com/getdoc.jsp?containerId=prUS45371320