About Natural Language Understanding (NLU)
Natural language understanding (NLU) is a branch of artificial intelligence (AI) that hereby uses computer software to understand the input in the form of sentences in text or speech format. NLU directly enables human-computer interaction (HCI). Understanding the NLU for the purpose of natural human languages enables the computers to understand commands without the formalized syntax of computer languages, as well as computers to communicate with people in their own language. The field of NLU is important as well as a challenging subset of natural language processing (NLP). While both understand human language, the NLU's job is to communicate with untrained people and understand their intentions, which hereby means that the NLU goes beyond understanding words and interprets meaning. NLU is even programmed with the ability to understand the meaning despite common human errors such as incorrect pronunciations or transposed letters or words. NLU uses algorithms to reduce human language into a structured ontology. AI fishes out things like intent, timing, places, and feelings.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Natural Language Understanding (NLU) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), A.S. Watson Group (Hong Kong), Nuance Communications (United States), Amazon Web Services (United States), Microsoft Corporation (United States), SAS Institute (United States), Idiap Research Institute (United States) and The Aspect NLU Lab (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Natural Language Understanding (NLU) market by Type (Machine Translation, Voice-First Technologies, Chatbots and Conversational Search), Application (Manufacturing, Healthcare and Other) and Region.
On the basis of geography, the market of Natural Language Understanding (NLU) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Natural Language Understanding (NLU) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
The Emergence of Several New Application Areas, The Increasing Use of Voice Recognition in Several Industries and The Rising Spending Capabilities of the People
Market Growth Drivers:
The Rise in the Utility of Smart Devices, The Increasing Demand for Enhanced Customer Experience and The Surging Investments in the Healthcare Sector
Challenges:
The Need for Effective Predictive Technologies and Fluctuating Customer Adoption Trends
Restraints:
The Need to Narrow the Gap between Machine and Man and The Implementation of Strict Government Regulations
Opportunities:
The Increasing Awareness about Perceived Benefits of NLP, Rapid Developments in Infrastructure and The High Adoption of Digital Technologies
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Venture Capitalists, Private Equity Firms, Government Regulatory, Research Organizations and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.