Conversational AI Global Market Report 2023 – By Type (IVA, Chatbots), By Component (Platform, Services), By Deployment (Cloud, On Premises), By Technology (Machine Learning, Deep Learning, NLP, Automated Speech Recognition), By End User (BFSI, Retail and E commerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment, Other End Users) – Market Size, Trends, And Global Forecast 2023-2032

Citizen services AI refers to the use of artificial intelligence for citizen services. These include computer programs that simulate human conversations over chat to improve customer support. The citizen services AI is used to access justice, assist users in navigating healthcare systems, and democratize knowledge. The main citizen services AI technologies include machine learning, natural language processing (NLP), image processing, and face recognition. Machine learning is used to expand expert judgement to enormous data sets. The applications of citizen services AI include traffic and transportation management, healthcare, public safety, utilities, and other applications. The global citizen services AI market is segmented - 1) By Technology: Machine Learning, Natural Language Processing (NLP), Image Processing, Face Recognition 2) By Application: Traffic and Transportation Management; Healthcare; Public Safety; Utilities; Other Applications The global citizen services AI market size will grow from $3.08 billion in 2022 to $4.65 billion in 2023 at a compound annual growth rate (CAGR) of 50.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the citizen services AI is expected to grow to $21.76 billion in 2027 at a CAGR of 47.1%. The increasing adoption of automation is expected to drive the growth of the citizen services AI market. Automation refers to technological applications where the amount of human input is reduced and covers a variety of applications, such as home automation, IT automation, and business process automation. Citizen services AI uses different automation resources that enable tasks that formerly required human intelligence, such as interpreting speech, text, or image content and searching for patterns and anomalies, to be handled by artificial intelligence. According to a survey on automating with intelligence conducted by Deloitte, a UK-based professional services company, in 2021, intelligent automation adoption significantly increased by 15% in 2020 over the previous year, with 73% of respondents beginning their journeys. More organizations are turning to automation, artificial intelligence (AI), and machine learning as they continue to pivot and adapt in response to the pandemic. Therefore, the increased adoption of automation will drive the citizen services AI market growth. Major players in the citizen services AI market are Accenture, Huawei Technologies Co. Ltd., Amazon Web Services Inc., IBM, Intel Corporation, Microsoft, NVIDIA Corporation, Pegasystems Inc., ServiceNow, Oracle, Alibaba, Tencent, Baidu, ADDO AI, Tata Consultancy Services Limited, Hyland Software Inc., Cloudbeds, FUJITSU, Wipro Limited, Infosys Limited, Newgen Software Technologies Limited, Allerin Tech Pvt Ltd., AntWorks and Genesys, and Alfresco Software Inc. Technological advancement is a key trend gaining popularity in the citizen services AI market. Major market players are focusing on creating innovative technologies and integrating machine learning into their products for citizen services. For instance, in July 2021, Intel Corporation, a US-based technology company, in collaboration with the Central Board of Secondary Education (CBSE) and the Ministry of Education, today announced the launch of the AI for All initiative, with the goal of providing everyone in India with a basic understanding of artificial intelligence (AI). AI for All is a 4-hour self-paced learning program based on Intel's AI For Citizens program that demystifies AI in an inclusive manner. It applies equally to a student, a stay-at-home parent, a professional in any field, or even a senior citizen. In its first year, the program hopes to reach 1 million citizens. In October 2021, Accenture, an Ireland-based company specializing in information technology services and consulting, acquired BRIDGEi2i for an undisclosed amount. With this acquisition, Accenture will add 800 professional employees to its' Applied Intelligence developing, enhancing, and expanding its worldwide data science, machine learning, and AI-powered insights capabilities. BRIDGEi2i is an India-based company that combines data engineering, sophisticated analytics, proprietary AI accelerators, and consulting services to focus on data-driven digital transformation for businesses across sectors and worldwide. North America was the largest region in the citizen services AI market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the citizen services AI report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the citizen services AI report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The citizen services AI market consists of revenues earned by entities by providing citizen services AI technologies such as reactive machines, artificial narrow intelligence, artificial general intelligence, and artificial super intelligence. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The citizen services AI market research report is one of a series of new reports from The Business Research Company that provides citizen services AI market statistics, including citizen services AI industry global market size, regional shares, competitors with a citizen services AI market share, detailed citizen services AI market segments, market trends and opportunities, and any further data you may need to thrive in the citizen services AI industry. This citizen services AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed so that machines can think like humans and mimic their actions. Blockchain AI convergence is inevitable because of both the technology with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP). The blockchain AI is implemented in different verticals such as BFSI, telecom and IT, healthcare and life science, manufacturing, media and environment, automotive, and other sectors and is applied in smart contract, payment, data security, logistics and supply chain management, and business process optimization The global blockchain ai market is segmented - 1) By Technology: Computer Vision, Machine Learning (ML), Natural Language Processing (NLP), Other Technologies 2) By Vertical: BFSI, Telecom & IT, Healthcare and Life science, Manufacturing, Media & Environment, Automotive, Other Verticals 3) By Application: Smart Contract, Payment, Data Security, Logistics and supply chain management, Business process optimization, Other Applications. The global blockchain AI market size will grow from $0.39 billion in 2022 to $0.48 billion in 2023 at a compound annual growth rate (CAGR) of 25.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the blockchain AI is expected to grow to $1.18 billion in 2027 at a CAGR of 25.2%. The growing demand for accessing and managing data efficiently contributed to the growth of the blockchain AI market. Currently, most of the work has become digitalized and is mostly stored on the cloud, which is accessed and managed by blockchain AI. Blockchain AI convergence is inevitable because both the technology deal with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. For instance, Gainify is a healthcare platform that leverages AI, IoT devices, and blockchain and facilitates different tasks such as streamlining appointment scheduling, digital payments, identity verification, medical records management and others. It also allows the monetization of anonymous clinical data through a crypto payment system. The benefits of the deployment of blockchain AI in the process increased its demand and thereby contributed to the blockchain AI market growth. Major players in the blockchain AI market are Cyware Labs, Core Scientific, Ai-Blockchain, AlphaNetworks, Bext360, BurstIQ, Neurochain Tech, Figure Technologies, NetObjex, Fetch.ai, Chainhaus, CoinGenius, and Computable. Growing investment in Blockchain AI technology by enterprises is considered an emerging trend in the blockchain AI market. Artificial Intelligence refers to a machine that performs intelligent tasks performed by humans. Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases. Blockchain technology, in particular, has shown immense potential when coupled with machine learning functionality. According to the report published by USM Systems in 2021, a US-based provider of technology solutions and services, More than 60% of manufacturing businesses are utilizing AI to improve productivity and other business operations. Mostcompanies that were experimenting with using AI are now going ahead and adopting it in their processes. Therefore, investing in blockchain technology by business enterprises plays a major role in the success of businesses. In June 2020, NetObjex acquired VitalGrid for an undisclosed amount. The deal will expand NetObjex’s Digital Transformation product and service offerings. NetObjex is an Operating Platform for Digital Assets utilizing Artificial intelligence, Blockchain & IoT with applications in Manufacturing, Supply Chain, Transportation and Smart Cities. VitalGrid provides business technology and management consulting for improving performance, streamlining processes and reducing risk by delivering technology-enabled business innovation. North America was the largest region in the blockchain AI market in 2022. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the blockchain AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The blockchain AI market includes revenues earned by entities by providing software tools to store and distribute organizational data in distributed immutable ledger systems using AI models to enhance the data security of organizations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The blockchain AI market research report is one of a series of new reports from The Business Research Company that provides blockchain AI market statistics, including blockchain AI industry global market size, regional shares, competitors with a blockchain AI market share, detailed blockchain AI market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain AI industry. This blockchain AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence. The main technology types of artificial intelligence services are machine learning, computer vision, natural language processing (NLP), and others. Machine learning is an artificial intelligence (AI) program that allows systems to automatically learn and improve from experience without being explicitly programmed. The various software tools used include web-based and cloud application programming interface, processing and modeler, archiving, and data storage that are used to provide managed services and professional services. The services are used by different end users such as banking, financial, and insurance (BFSI), IT and telecom, retail, manufacturing, public sector, energy and utility, and healthcare, among others. The global artificial intelligence services market is segmented – 1) By Technology: Machine Learning, Computer Vision, Natural Language Processing (NLP), Other Technology 2) By Services Type: Managed Services, Professional Services 3) By Software Tools: Web-based and Cloud Application Programming Interface, Processing and Modeler, Archiving and Data Storage 4) By Application Type: Fraud Detection, Data Analytics & Visualization, Customer Service and Management, Rsik Management, Compliance & Security 5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users The global artificial intelligence services market size will grow from $12.39 billion in 2022 to $18.34 billion in 2023 at a compound annual growth rate (CAGR) of 48.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global artificial intelligence services is expected to grow to $55.38 billion in 2027 at a CAGR of 31.8%. The rise in the adoption of cloud-based solutions is a key factor driving the growth of the artificial intelligence services market. Artificial intelligence (AI) as a service lets businesses experiment with AI for different activities without a high initial investment. Experimentation enables many cloud computing platforms to check different machine learning algorithms and helps streamline how data is analyzed and managed. Businesses are deeply interested in cloud-based machine learning, which lets them experiment through their services and help their clients make informed decisions based on the data. For instance, in March 2020, Google announced the beta launch of Cloud AI Platform Pipelines, which provides its customers with repeatable machine learning pipelines that can be installed easily and used for machine learning workflows securely. The integration of AI applications into its cloud draws more customers, thus enhancing market growth over the forecast period. Therefore, the rise in the adoption of cloud-based solutions is expected to drive the growth of the artificial intelligence services market. Major players in the artificial intelligence services market are Intel Corp., International Business Machines Corp., Microsoft Corp., SAP SE, SAS Institute Inc., Amazon.com Inc., Salesforce, Google LLC., Oracle Corporation, Fair Isaac Corporation, Alphabet Inc., Apple Inc., CognitiveScale, Inc., Baidu, Inc., BigML, H2O.ai and Baidu Inc. The risks associated with data breaches and hacks are hampering the growth of the artificial intelligence services market. The World Economic Forum (WEF) has cautioned that new technologies such as the Internet of Things, artificial intelligence, and quantum computing can turn around human lives, but may also make society more vulnerable to cyber-attacks. It was stated that attacks occur on average once every 39 seconds and a single breach could cost as much as $150 million in 2020. Although companies and organizations are aware of these risks, breach activity still takes around six months to detect, and the long delays between original network breach and security responses allow hackers to take advantage of significant quantities of data. According to the State of the breach June 2020, about 16 billion records including credit card numbers, phone numbers, home addresses, and other sensitive information were exposed through data breaches since 2019. Therefore, the risks associated with data breaches and hacking hampers the growth of the artificial intelligence services market. The use of artificial intelligence as a service for human interaction with machines using natural language processing (NLP) is a key trend shaping the artificial intelligence services market. Natural language processing (NLP) is a type of artificial intelligence that explains how human language and computers interact. Machine translation is an enormous technology for NLP that enables us to overcome the challenges to contact people from all over the world and to understand software manuals and catalogs written in a foreign language. For instance, the Livox app, a customizable application in 25 languages helps the disabled to communicate. In January 2021, ServiceNow, a US-based provider of information technology management software for companies, acquired Element AI for $230 million. The acquisition of Element AI would significantly strengthen ServiceNow's commitment to developing the most intelligent workflow platform in the world, allowing staff members to work more quickly and intelligently, simplify business choices, and reach new heights of productivity. Element Ai is a Canada-based artificial intelligence (AI) company. Asia-Pacific was the largest region in the artificial intelligence services market in 2022. North America was the second largest region in the global artificial intelligence services market share. The regions covered in the global artificial intelligence services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the artificial intelligence services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The artificial intelligence services market includes revenues earned by entities by providing AI services that are used in telecommunications, government, retail, defense and healthcare. Companies in the artificial intelligence market provide outsourced services to cater to business requirements. AI as a service enables individuals and businesses to use AI for different purposes, without significant initial investment and with lower risk. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The artificial intelligence (AI) services market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) services market statistics, including artificial intelligence (AI) services industry global market size, regional shares, competitors with an artificial intelligence (AI) services market share, detailed artificial intelligence (AI) services market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) services industry. This artificial intelligence (AI) services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Artificial intelligence (AI) is a simulation of the human intelligence in machines that are programmed to think and behave like humans. AI helps to complete the job quickly and with relatively few errors. The main technology types of artificial intelligence are machine learning, natural language processing, context-aware computing, computer vision and others. Machine learning is an artificial intelligence (AI) program that allows systems to automatically learn and improve from experience without being explicitly programmed. The AI technology is offered through hardware, software and services that are used by healthcare, automotive, agriculture, retail, marketing, telecommunication, defense, aerospace, media and entertainment and other end use industries. The global artificial intelligence market is segmented – 1) By Offering: Hardware, Software, Services 2) By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition) 3) By End-user Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries The global artificial intelligence market size will grow from $56.89 billion in 2022 to $73.38 billion in 2023 at a compound annual growth rate (CAGR) of 29.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market share of the global artificial intelligence is expected to grow to $167.29 billion in 2027 at a CAGR of 22.9%. Growing investment in AI technologies contributed to the growth of the Artificial intelligence market. Many companies are investing in AI technologies or AI start-ups to increase the efficiency of AI software as AI enables them to make more informed decisions and achieve better results. For instance, Microsoft has invested around $1 billion in OpenAI a San Francisco company. The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft's cloud Azure. AI is useful across multiple sectors. For instance, AI can lead to breakthroughs in R&D and diagnostics in healthcare sector, it can help make better forecasts in finance, and in manufacturing, it can increase production controls and efficiency. Therefore, rise in investment in AI technologies due to its advantages in every sector is driving the market for the Artificial Intelligence market. Major players in the artificial intelligence market are Google, IBM, Baidu, Microsoft, Apple Inc., Ipsoft, NVIDIA corporation, Samsung Electronics Co.Ltd., MicroStrategy Inc., Qlik Technologies Inc., Verint Systems Inc. (Next IT Corp), Qualcomm Technologies, Micron Technology, Xilinx Inc., Intel corporation, ARM Holding, Advanced Micro Devices Inc., Huawei Technologies Co.Ltd., SAP, Intel, Salesforce, Brighterion, KITT.AI, IFlyTek, Megvii Technology, Albert Technologies, H2O.ai, Brainasoft and Yseop. The limited number of AI Experts is a major challenge in the Artificial intelligence market. To develop the AI software the company needs AI experts, practitioners, and researchers. According to Tencent, a Chinese multinational technology conglomerate holding company, there are 300k AI researchers and practitioners worldwide, but the market demand is around millions of roles. The limited number of AI experts may harm the market. Automated machine learning is being implemented by many companies. It is quite complicated to apply traditional machine learning models for real-world business problems. The better solution is to use Automated machine learning which allows non-machine learning (ML) experts to use machine learning algorithms without being machine learning wizards. For instance, tools like Google cloud AutoML are used to train custom-made and high-quality ML models with a minimum ML expertise. In January 2020, Apple acquired a Seattle-based start-up xnor.ai for a deal amount of $200 million. The acquisition is expected to strengthen in delivering AI capabilities. Xnor.ai is a US-based designer and developer of hardware and software solutions. Asia-Pacific was the largest region in the artificial intelligence market in 2022. North America was the second largest region in the global artificial intelligence market share. The regions covered in the global artificial intelligence market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the artificial intelligence market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The artificial intelligence market includes revenues earned by entities by offering artificial intelligence software. Artificial Intelligence (AI) is sometimes referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related to building smart machines that can perform tasks that require human intelligence. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The artificial intelligence market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence market statistics, including artificial intelligence industry global market size, regional shares, competitors with an artificial intelligence market share, detailed artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence industry. This artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Natural language processing (NLP) is a field of artificial intelligence enable computers to understand and analyze human language. NLP helps the computer using artificial intelligence to take real-world input and make sense of it in a way a computer can understand. Computers collect information through microphones and programs. The main types of NLP are text, speech/voice, and image. Text analytics is an artificial intelligence (AI) technique that employs NLP to convert the free (unstructured) text in documents and databases into normalized, structured data suitable for analysis or as input to machine learning (ML) algorithms. NLP can be deployed on-premise, cloud in a hybrid or statistical components that have applications in automatic summarization, sentiment analysis, risk, and threat detection. There are various end-users such as education, BFSI, healthcare, IT and telecom, retail, manufacturing, media and entertainment, and others. The global natural language processing nlp market is segmented - 1) By Processing Type: Text, Speech Or Voice, Image 2) By Deployment: On-Premise, Cloud 3) By Component: Statistical, Hybrid 4) By Application: Automatic Summarization, Sentiment Analysis, Risk And Threat Detection 5) By End User Industry: Education, BFSI, Healthcare, IT And Telecom, Retail, Manufacturing, Media And Entertainment, Other End User Industries The global natural language processing (NLP) market size will grow from $19.48 billion in 2022 to $25.03 billion in 2023 at a compound annual growth rate (CAGR) of 28.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the natural language processing (NLP) is expected to grow to $69.17 billion in 2027 at a CAGR of 28.9%. The increase in usage of smart devices is driving the growth of the NLP market. Smart devices are electronic devices that are connected to networks or other devices via wireless modes. Smart devices are paired with NLP to process and analyze voice commands given by users. For instance, according to DataReportal, an online data, and insights agency, the number of smartphones in use is growing at a 5.7% annual rate, with an average of 1 million new smartphones in use every day. Therefore, increasing usage of smart devices is expected to drive the growth of the NLP market going forward. Major players in the NLP market are 3M Company, Apple Inc., FUJIFILM Holdings Corporation, Google LLC, Intel Corporation, International Business Machines Corporation, Meta Platforms Inc., Microsoft Corporation, NetBase Quid Inc., Nokia Corporation, SAS Institute Inc., Gnani Innovations Private Limited, Mihup Communications Private Limited, and Observe.AI. Technology advancements have emerged as a key trend gaining popularity in the NLP market. Major companies operating in the market are upgrading and launching technologically advanced NLP software for market growth. For instance, in September 2021, Melax Tech, a US-based software company, launched Mercury NLP based on AI technology. The Mercury NLP is new software that includes clinical NLP pipelines for extracting useful unstructured textual medical data for quantitative analytics in fields such as medicine and pharmaceuticals. Mercury NLP software extracts text data from diagnoses, recommended medications, tests, lab results, discharge plans, and more in real-time. The technique can also be used to improve public health by analyzing social determinants of health data. In March 2022, Microsoft Corp., a US-based technology company, acquired Nuance Communications Inc., for an undisclosed amount. This acquisition will help providers to offer more effective, affordable, and accessible healthcare, and help organizations create more personalized customer experiences. Nuance Communications is a US-based company that operates in ambient intelligence, NLP, and conversational AI across industries including financial services, healthcare, retail, and telecommunications. North America was the largest region in the NLP market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the NLP market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the NLP market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The natural language processing market includes revenues earned by entities by providing software tools that automate the processes for text summarization, text extraction, text classification, analyzing user language partners, and smart assistance using machine learning and artificial intelligence technology. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The natural language processing (NLP) market research report is one of a series of new reports from The Business Research Company that provides natural language processing (NLP) market statistics, including natural language processing (NLP) industry global market size, regional shares, competitors with a natural language processing (NLP) market share, detailed natural language processing (NLP) market segments, market trends and opportunities, and any further data you may need to thrive in the natural language processing (NLP) industry. This natural language processing (NLP) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Information technology (IT) is the use of computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. The main type of information technology (IT) are IT services, computer hardware, telecom, and software products. Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop. The services are used by large, small, and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others. The global information technology (IT) market is segmented - 1) By Type: IT Services, Computer Hardware, Telecom, Software Products 2) By Organization Size: Large Enterprise, Small and Medium Enterprise 3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software The global information technology (IT) market size grew from $8179.48 billion in 2022 to $8852.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The information technology (IT) market is expected to grow to $11995.97 billion in 2027 at a CAGR of 7.9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the information technology (IT) market share in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down,' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the information technology (IT) market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology (IT) market. The regions covered in the information technology (IT) industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.