Market Overview:
The global natural language understanding (NLU) software market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for NLU software from various end-user industries, such as BFSI, healthcare, and others. Additionally, the growing demand for text and voice processing applications is also contributing to the growth of this market. However, lack of awareness about NLU software among end-users may restrain the growth of this market during the forecast period.
 Software Industry Outlook.svg)
Product Definition:
NLU software is used to help computers interpret human language. This can be important for a variety of tasks, such as customer service, where it can be used to automatically interpret and respond to customer inquiries, or in machine learning applications where the computer needs to understand the text data in order to learn from it.
Machine Translation:
Machine translation is a computer-assisted process of converting human language to machine language. The whole process is based on the principle that two languages have similar structures and grammars, so it's easier for a computer program to translate one language into another. Machine translation software works on the basis of statistical analysis, which helps in determining the similarities and differences between two languages.
Information Extraction:
The Information Extraction (IE) technology is used in the NLU software to extract information from unstructured text. The technology helps in categorizing the content, extracting data, and relationships within that content. It also extracts useful insights from that data for use by the NLU software.
Application Insights:
The BFSI sector dominated the global natural language understanding software market in 2017. NLU solutions are widely used in banking, financial services, and insurance (BFSI) to process unstructured data such as text, audio & video files, images into structured data. The adoption of these solutions is expected to increase with the growing need for processing large amounts of unstructured data including customer insights and feedback along with the rising demand for personalized services.
Healthcare is another prominent segment that uses natural language understanding technology extensively across all processes from research through diagnosis to treatment planning and beyond. Natural Language Processing (NLP) tools provide clinical professionals with a better picture of their patients¢â‚¬â„¢ health conditions by analyzing medical notes or patient transcripts captured during visits or phone calls with healthcare providers.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of players and increased adoption of advanced technologies across various industries. Moreover, increasing demand for translation services by BFSI companies is expected to drive regional growth over the forecast period. Asia Pacific is expected to witness significant growth over the next eight years owing to increasing investments in artificial intelligence and natural language processing software providers from governments as well as private firms. Furthermore, rising use cases such as customer service automation are driving regional demand for NNLU software solutions.
The European market also contributed significantly towards overall revenue generation in 2017 owing with high adoption rates for emerging technologies such as machine learning.
Growth Factors:
- Increasing demand for NLU software from various industry verticals
- Growing demand for NLU software from small and medium businesses (SMBs)
- Proliferation of big data and the need for better data analytics
- Increased focus on customer experience by organizations
- Advancements in artificial intelligence (AI) and machine learning
Scope Of The Report
Report Attributes
Report Details
Report Title
Natural Language Understanding (NLU) Software Market Research Report
By Type
Machine Translation, Information Extraction, Automatic Summarization, Text and Voice Processing, Other
By Application
BFSI, Healthcare, Other
By Companies
Microsoft, AWS, FuzzyWuzzy, PyNLPl, Stanford CoreNLP, IBM, spaCy, Google, openNLP, MALLET, NLTK, Synthesys, Kapiche, Wordsmith
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
243
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Natural Language Understanding (NLU) Software Market Report Segments:
The global Natural Language Understanding (NLU) Software market is segmented on the basis of:
Types
Machine Translation, Information Extraction, Automatic Summarization, Text and Voice Processing, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
BFSI, Healthcare, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Microsoft
- AWS
- FuzzyWuzzy
- PyNLPl
- Stanford CoreNLP
- IBM
- spaCy
- Google
- openNLP
- MALLET
- NLTK
- Synthesys
- Kapiche
- Wordsmith
 Software Market Overview.svg)
Highlights of The Natural Language Understanding (NLU) Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Machine Translation
- Information Extraction
- Automatic Summarization
- Text and Voice Processing
- Other
- By Application:
- BFSI
- Healthcare
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Natural Language Understanding (NLU) Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
 Software Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Natural language understanding (NLU) software is a type of software that helps computers understand human speech. NLU software can be used to identify the meaning of words, phrases, and sentences in text or audio files.
Some of the major players in the natural language understanding (nlu) software market are Microsoft, AWS, FuzzyWuzzy, PyNLPl, Stanford CoreNLP, IBM, spaCy, Google, openNLP, MALLET, NLTK, Synthesys, Kapiche, Wordsmith.
The natural language understanding (nlu) software market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Natural Language Understanding (NLU) Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Natural Language Understanding (NLU) Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Natural Language Understanding (NLU) Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Natural Language Understanding (NLU) Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Natural Language Understanding (NLU) Software Market Size & Forecast, 2018-2028
4.5.1 Natural Language Understanding (NLU) Software Market Size and Y-o-Y Growth
4.5.2 Natural Language Understanding (NLU) Software Market Absolute $ Opportunity
Chapter 5 Global Natural Language Understanding (NLU) Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Natural Language Understanding (NLU) Software Market Size Forecast by Type
5.2.1 Machine Translation
5.2.2 Information Extraction
5.2.3 Automatic Summarization
5.2.4 Text and Voice Processing
5.2.5 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Natural Language Understanding (NLU) Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Natural Language Understanding (NLU) Software Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 Healthcare
6.2.3 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Natural Language Understanding (NLU) Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Natural Language Understanding (NLU) Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Natural Language Understanding (NLU) Software Analysis and Forecast
9.1 Introduction
9.2 North America Natural Language Understanding (NLU) Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Natural Language Understanding (NLU) Software Market Size Forecast by Type
9.6.1 Machine Translation
9.6.2 Information Extraction
9.6.3 Automatic Summarization
9.6.4 Text and Voice Processing
9.6.5 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Natural Language Understanding (NLU) Software Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 Healthcare
9.10.3 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Natural Language Understanding (NLU) Software Analysis and Forecast
10.1 Introduction
10.2 Europe Natural Language Understanding (NLU) Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Natural Language Understanding (NLU) Software Market Size Forecast by Type
10.6.1 Machine Translation
10.6.2 Information Extraction
10.6.3 Automatic Summarization
10.6.4 Text and Voice Processing
10.6.5 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Natural Language Understanding (NLU) Software Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 Healthcare
10.10.3 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Natural Language Understanding (NLU) Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Natural Language Understanding (NLU) Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Natural Language Understanding (NLU) Software Market Size Forecast by Type
11.6.1 Machine Translation
11.6.2 Information Extraction
11.6.3 Automatic Summarization
11.6.4 Text and Voice Processing
11.6.5 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Natural Language Understanding (NLU) Software Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 Healthcare
11.10.3 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Natural Language Understanding (NLU) Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Natural Language Understanding (NLU) Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Natural Language Understanding (NLU) Software Market Size Forecast by Type
12.6.1 Machine Translation
12.6.2 Information Extraction
12.6.3 Automatic Summarization
12.6.4 Text and Voice Processing
12.6.5 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Natural Language Understanding (NLU) Software Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 Healthcare
12.10.3 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Natural Language Understanding (NLU) Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Natural Language Understanding (NLU) Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Natural Language Understanding (NLU) Software Market Size Forecast by Type
13.6.1 Machine Translation
13.6.2 Information Extraction
13.6.3 Automatic Summarization
13.6.4 Text and Voice Processing
13.6.5 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Natural Language Understanding (NLU) Software Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 Healthcare
13.10.3 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Natural Language Understanding (NLU) Software Market: Competitive Dashboard
14.2 Global Natural Language Understanding (NLU) Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Microsoft
14.3.2 AWS
14.3.3 FuzzyWuzzy
14.3.4 PyNLPl
14.3.5 Stanford CoreNLP
14.3.6 IBM
14.3.7 spaCy
14.3.8 Google
14.3.9 openNLP
14.3.10 MALLET
14.3.11 NLTK
14.3.12 Synthesys
14.3.13 Kapiche
14.3.14 Wordsmith
