Global Natural Language Processing Market - Overview

Natural Language Processing (NLP) Market Size was valued at USD 50.9 billion in 2021. The natural language processing (NLP) market industry is projected to grow from USD 64.94 Billion in 2022 to USD 357.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.6% during the forecast period (2022 - 2030).

Natural Language Processing, or NLP, is a branch of artificial intelligence and computer science that focuses on the interactions between computers and humans using natural language. NLP aims to enable machines to understand, interpret, and generate human language. It involves many different subfields and techniques, including information retrieval, text mining, sentiment analysis, machine translation, and speech recognition.

There are many potential applications of NLP, including chatbots and virtual assistants, voice-activated systems, automatic language translation, semi-automated curation of online content, and more. NLP is also being used in various industries such as healthcare, finance, marketing, customer service, and education to improve processes and decision making.

Overall, NLP is an exciting and rapidly developing field that has the potential to greatly enhance our interactions with technology and transform many areas of our daily lives.

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AI uses adaptive learning and computer vision techniques and offers detailed insights to help enterprises with better management decisions. Additionally, increasing demand for NLP technologies in brand building substantiates the growth of the market. The latest market trends, such as growing demand for customer-driven solutions, adaptive NLP, and forecasting models to build AI solutions that unlock actionable insights hidden in unstructured and structured data, influence the market growth.

Furthermore, increasing deployments of natural language processing models with artificial intelligence (AI) by researchers, business analysts, data science teams, and portfolio managers substantiate market growth. Also, the increasing needs of businesses to cut operational costs, generate better risk, and investment insights to experience 24x productivity gain increases the demand for industry-leading NLP solutions. Many organizations use adaptive NLP and forecasting features to build and deploy AI solutions.

On the other hand, complexities associated with the development of NLP are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation in the media entertainment sectors would support market growth throughout the review period. Also, the growing competition across the industries and growing emphasis on business intelligence boost the development of the market.

Natural Language Processing Market - Segments

The report is segmented into six dynamics:

By Technology            : Auto-Coding, Text Analytics, Optical Character Recognition (OCR), Interactive Voice Response, Speech Analytics, Pattern Image Recognition, Speech Analytics, and others.

By Type                      : Rule-Based NLP, Statistical NLP, and Hybrid NLP.

By Service                   : Integration, Consulting, and Maintenance Services.

By Deployment           : On-Premise and On-Demand.

By Vertical                  : Healthcare, Retail Sector, Media Entertainment, Manufacturing, and others.

By Regions                 : Asia Pacific, Americas, Europe, and the Rest-of-the-World.

Natural Language Processing Market - Regional Analysis

North America dominates the global natural language processing market. The largest market share attributes to the presence of a large number of NLP vendors in the region. Besides, the increasing adoption of advanced NLP technology in various industry verticals drives the growth of the regional market.

Moreover, the rising penetration of IIoT devices substantiates the market growth in the region. Substantial investments in RD for the development of natural language processing technology increase the size of the natural language processing market.

Europe stands second in the global market. The market growth attributes to the presence of various notable players and large deployments of NLP platforms. The high adoption of NLP technology across the rapidly growing industry pushes the development of the regional market.

Additionally, the rising numbers of medium and large enterprises act as a major tailwind for the growth of the regional market. Substantial investments transpired by key players in the development of NLP platforms positively impact the growth of the regional market.

The natural language processing market in the Asia Pacific region is growing rapidly. Factors such as the increasing adoption of NLP technology and cloud deployment boost the growth of the regional market.

Furthermore, massive uptake of language processing technology in increasing numbers of large and SMEs to enhance customer satisfaction and operational performance boosts the regional market growth. India and China are the major markets for NLP technology in the region.

Natural Language Processing Market - Competitive Analysis

Highly competitive, the NLP market appears fragmented due to the presence of several well-established players. Mergers acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.

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Major Players:

Players leading the NLP market include 3M Co. (US), IBM Corporation (US), Hewlett-Packard Co. (US), Oracle Corporation (US), Apple Inc. (US), Microsoft Corporation (US), SAS Institute Inc. (US), Dolbey Systems Inc. (US), Verint Systems Inc. (US), and Net base Solutions Inc. (US), among others.

Industry/Innovation/Related News:

September 22, 2020 ---- Accern Corporation (the US), a leading global software company, announced the strategic data partnership with a US-based IT service management company Crux Informatics Inc. The partnership would allow the company to deliver data to consumers faster, more efficiently, and cost-effectively.

Combining Accern's industry-leading, AI-powered data sets with Crux's world-class data-delivery and operations services, financial service enterprises can now access Accern's AI-generated analytics through a streamlined process and with a flexible delivery range of API to Cloud Warehouse formats. Accern Corporation is a no-code artificial intelligence (AI) leader that allows technical and non-technical users to build AI-powered solutions.

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