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Natural Language Understanding Market Share

Report ID: GMI11898
Published Date: Oct 2024
Report Format: PDF

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Natural Language Understanding Market Share

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Google, Amazon Web Services (AWS), Microsoft Azure hold a significant market share of over 12% in natural language understanding industry. These major players are focusing on continuous innovation and strategic partnerships to enhance their market position. They are investing heavily in research and development to introduce more advanced NLU models that can understand context, handle multiple languages, and integrate with other AI technologies.

Additionally, key players such as Amazon and Google are also prioritizing the development of more efficient and accurate NLU models. They are focusing on reducing the computational requirements of NLU systems while improving their performance, making these technologies more accessible to a wider range of businesses. This focus on efficiency and accessibility not only helps them meet the growing demand for NLU solutions but also addresses the needs of organizations with limited resources.

Natural Language Understanding Market Companies

Major players operating in the natural language understanding industry include:

Amazon Web Services
Cerebras Systems
Cloudera
Google
IBM
Meta Platforms (Facebook)
Microsoft Azure
Oracle
Salesforce
SAP SE

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of natural language understanding reached USD 19.3 billion in 2023 and is set to grow at a 20.1% CAGR from 2024 to 2032, driven by the increasing adoption of AI-powered solutions across various industries.

The solution segment was valued at over USD 16 billion in 2023, due to the increasing demand for NLU-powered applications such as chatbots, virtual assistants, and text analytics tools.

The cloud-based NLU segment is anticipated to register a CAGR of over 18% from 2024 to 2032, propelled by the rapid adoption of cloud computing and the need for scalable, flexible NLU solutions.

The North America market recorded a major share of over 35% in 2023, led by significant growth in the U.S. due to the presence of major technology companies and a robust startup ecosystem.