What is Natural Language Understanding (NLU) Market?
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.
The market study is being classified by Type (Machine Translation, Voice-First Technologies, Chatbots and Conversational Search), by Application (Manufacturing, Healthcare and Other) and major geographies with country level break-up.
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 profiled in the study.
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. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Natural Language Understanding (NLU) market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Natural Language Understanding (NLU) market by Type, Application 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- The Rise in the Utility of Smart Devices
- The Increasing Demand for Enhanced Customer Experience
- The Surging Investments in the Healthcare Sector
- The Emergence of Several New Application Areas
- The Increasing Use of Voice Recognition in Several Industries
- The Rising Spending Capabilities of the People
- The Need to Narrow the Gap between Machine and Man
- The Implementation of Strict Government Regulations
- The Increasing Awareness about Perceived Benefits of NLP
- Rapid Developments in Infrastructure
- The High Adoption of Digital Technologies
- The Need for Effective Predictive Technologies
- Fluctuating Customer Adoption Trends
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Venture Capitalists, Private Equity Firms, Government Regulatory, Research Organizations and End-Use Industry
Customization in the Report Available:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase