Natural Language Understanding (NLU) Market
Natural Language Understanding (NLU) Market
Scope: Industry Analysis, Market Size, Growth, Trends Till 2031
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Natural Language Understanding (NLU) Market Size and Growth
The Natural Language Understanding (NLU) market research reports indicate a growing demand for NLU technology in various industries. The market size is estimated to be around $3.5 billion in 2021, with a projected CAGR of 18% from 2021 to 2026. Key drivers include the need for advanced chatbots and virtual assistants. Request
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Companies Covered (Covid 19 Impact Covered)
◍ IBM Watson
◍ Nuance Communications
◍ Amazon AWS
◍ Microsoft
◍ SAS
◍ Idiap
◍ The Aspect NLU Lab
The Natural Language Understanding (NLU) market is highly competitive, with companies such as IBM Watson, Nuance Communications, Amazon AWS, Microsoft, SAS, Idiap, and The Aspect NLU Lab offering NLU solutions. These companies leverage NLU technology to improve customer service, enhance data analysis, and automate processes, driving growth in the NLU market.
- IBM Watson: $21.2 billion in sales revenue
- Nuance Communications: $1.5 billion in sales revenue
- Amazon AWS: $35 billion in sales revenue
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Market Segmentation
By Application
◍ Manufacturing
◍ Healthcare
◍ Other
By Product
◍ Machine Translation
◍ Voice-First Technologies
◍ Chatbots
◍ Conversational Search
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$ X Billion USD
Market Growth
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