Natural Language Processing (NLP) for Customer Service Market to Reach USD 106.9 Billion Globally, by 2033 at 26.8% CAGR

Global NLP for customer service market is experiencing growth due to rise in adoption of cloud-based NLP and AI-based software among small & medium businesses

WILMINGTON, DE, UNITED STATES, November 25, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Natural Language Processing (NLP) for Customer Service Market by Component (Solution and Services), Application (Language Translation, Speech Recognition, Chatbots and Virtual Assistants, Text Generation, Multimodal Interaction, Analytics and Insights, Compliance and Regulatory Monitoring and Others), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), Deployment Mode (On-premise and Cloud), and End User (BFSI, IT and Telecom, Healthcare, Education, Media and Entertainment, Retail and E-commerce and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033".

The natural language processing (NLP) for customer service market was valued at $10.2 billion in 2023, and is estimated to reach $106.9 billion by 2033, growing at a CAGR of 26.8% from 2024 to 2033.

Prime determinants of growth  

The global natural language processing (NLP) for customer service market is experiencing growth due to rise in adoption of cloud-based NLP, AI-based software among small & medium businesses, and growth in use of internet and connected devices. However, data security concerns hinder the market growth to some extent. Moreover, the increase in automation as a result of the integration of NLP with deep learning and machine learning (ML) offers remunerative opportunities for the expansion of the global natural language processing (NLP) for customer service market.  
 
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 – 293 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A324124

The services segment is expected to experience fastest growth rate throughout the forecast period 

Based on component, the services segment is expected to experience the fastest growth rate throughout the forecast period, accounting for more than one-third of the global natural language processing (NLP) for customer service market revenue, owing to the adoption of AI-powered chatbots and virtual assistants equipped with sophisticated NLP capabilities. These bots can handle a wide range of customer inquiries, from simple FAQ responses to complex troubleshooting, offering immediate assistance and reducing wait times.  

The analytics and insight segment is expected to experience the fastest growth rate throughout the forecast period 

Based on processing type, the analytics and insight segment is expected to experience the fastest growth rate throughout the forecast period, accounting for more than one-third of the global natural language processing (NLP) for customer service market revenue, owing to the use of NLP for sentiment analysis, which involves analyzing customer feedback, reviews, and social media comments to gauge sentiment and emotions. This enables businesses to identify trends, monitor brand perception, and promptly address issues that may impact customer satisfaction. 

The small and medium-sized enterprise segment is expected to experience fastest growth rate throughout the forecast period. 

Based on enterprise size, the small and medium-sized enterprise segment is expected to experience fastest growth rate throughout the forecast period, accounting for more than one-third of the global natural language processing (NLP) for customer service market revenue, owing to the adoption of AI-powered chatbots and virtual assistants that leverage NLP to automate customer interactions. These solutions enable SMEs to provide round-the-clock support, handle a high volume of inquiries efficiently, and reduce the need for extensive customer service teams. By implementing NLP-driven chatbots, SMEs can enhance customer engagement, improve response times, and streamline customer service operations, thereby enhancing overall efficiency and scalability. 

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A324124

The cloud segment is expected to experience fastest growth rate throughout the forecast period. 

Based on deployment mode, the cloud segment is expected to experience fastest growth rate throughout the forecast period, accounting for more than one-third of the global natural language processing (NLP) for customer service market revenue, owing to the shift towards cloud-based NLP services offered by major providers like Google Cloud NLP, Amazon Comprehend, and Microsoft Azure Cognitive Services. These platforms provide scalable and cost-effective solutions for integrating NLP functionalities such as text analysis, sentiment analysis, and language translation into customer service applications. By leveraging cloud-based NLP, businesses can access advanced AI models and APIs without the need for extensive infrastructure investments, enabling faster deployment and flexibility in scaling based on demand. 

The IT and telecom segment is expected to experience fastest growth rate throughout the forecast period. 

Based on end user, the IT and telecom segment is expected to experience fastest growth rate throughout the forecast period, accounting for nearly two-fifths of the global natural language processing (NLP) for customer service market revenue, owing to the integration of AI-powered chatbots and virtual assistants equipped with advanced NLP capabilities. These systems can handle a wide range of customer inquiries, from technical support questions to billing inquiries, improving response times and reducing the workload on human agents. By leveraging NLP, IT and telecom companies can automate routine tasks, such as troubleshooting network issues or updating service plans, thereby freeing up human resources to focus on more complex customer needs. 

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A324124

Asia-Pacific to maintain its dominance by 2033. 

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global natural language processing (NLP) for customer service market revenue and is expected to remain dominant throughout the forecast timeframe, owing to the rapid adoption of AI-powered chatbots and virtual assistants with advanced NLP functionalities. Businesses in countries like China, Japan, India, and South Korea are increasingly leveraging these technologies to automate customer interactions, improve response times, and enhance operational efficiency. This trend is driven by the region's burgeoning digital economy, high mobile penetration rates, and the need to cater to large and diverse customer bases efficiently. 

Major Players Players: - 

• Google LLC 
• IBM Corporation 
• Amazon Web Services (AWS), Inc. 
• Microsoft Corporation 
• Genesys Cloud Services, Inc. 
• Zendesk, Inc. 
• Twilio Inc. 
• Rasa Technologies Inc 
• Apple Inc. 
• Meta Platforms Inc. 

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (293 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/natural-language-processing-for-customer-service-market/purchase-options

The report provides a detailed analysis of these key players in the global natural language processing (NLP) for customer service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

𝑶𝒕𝒉𝒆𝒓 𝑻𝒓𝒆𝒏𝒅𝒊𝒏𝒈 𝑹𝒆𝒑𝒐𝒓𝒕𝒔:

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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