Research Nester published a report titled “Japan Natural Language Processing (NLP) Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Japan natural language processing (NLP) market in terms of market segmentation by component, deployment, enterprise size, type, language, application, and by end-use industry.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Japan natural language processing (NLP) market is anticipated to grow with a CAGR of 25.5% over the forecast period, i.e., 2021 – 2030. The market is segmented by component into hardware, solutions, and services, out of which, the services segment is anticipated to garner the largest revenue of USD 1921.6 Million by the end of 2030. Moreover, in the year 2020, the segment generated the largest revenue of USD 210.9 Million.
The market is also segmented on the basis of application into sentiment analysis, data extraction, risk & threat detection, automatic summarization, content management, language scoring, and others, out of which, the data extraction segment generated the largest revenue of USD 125.5 Million in the year 2020, and is further expected to touch USD 1246.1 Million by the end of 2030.
The Japan natural language processing (NLP) market is estimated to garner a revenue of USD 4739.4 Million by the end of 2030, up from a revenue of USD 509.4 Million in the year 2020. The surge in use of natural language processing (NLP) across different end-use industries, followed by the numerous benefits associated with the use of NLP, such as high scalability, affordability, and exceptional computation power of the technology, are some of the major factors anticipated to drive the market growth during the forecast period.
Increasing Utilization of NLP in Different End-Use Industries
Natural language processing (NLP) is used across a wide range of end-use industries owing to the numerous benefits possessed by this technology. Over the years, with the advancement in deep learning architecture and algorithms, especially in the field of image recognition and speech processing, the adoption of NLPs has grown widely in healthcare centers, call centers, and other end-use industries. The government of Japan, in the recent years, has also driven its focus on promoting the use of artificial intelligence by developing research and development guidelines with the international arena. Moreover, with the increasing focus and advancements towards Society 5.0, businesses in Japan are increasingly using NLPs to outgrow their business and reap profits. Such factors are therefore anticipated to drive the growth of the market in the coming years.
However, the lack of skilled employees to tackle the complexities associated with AI and NLP is expected to operate as key restraint to the growth of Japan natural language processing (NLP) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Japan natural language processing (NLP) market which includes company profiling of Microsoft Corporation, Amazon.com, Inc., Alphabet Inc., IBM Corporation, Micro Focus International plc, SAS Institute Inc., Atilika, Inc., Data Artist Inc., WOW WORLD Inc., Nippon Telegraph and Telephone Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Japan natural language processing (NLP) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.