Natural Language Processing Market

GMI Research analysis indicates that the Natural Language Processing Market estimated at USD 16.6 billion in 2022 and is slated to register a double digit CAGR of 20.2% over the period 2023-2030 and is projected to reach USD 72.3 billion in 2030.

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Major Natural Language Processing Market Drivers

One of the biggest factors that is contributing to the growth of the global NLP market size includes the rising usage of smart devices to facilitate smart environment. The continuous advancement in the IoT and communication technologies has helped in increasing the communication between several devices. Thus, the technological advancement and rapid digital transformation as changed the way industries are performing their operations and communicate with their customers. The NLP proves to be beneficial in supporting the interactions between users and systems or machines. The increasing demand for voice-based solutions interfaces with NLP-based application which improves functionalities including the verbal command capability with instant query management.

The growing requirement for improved customer experience is increasing the demand for natural language processing market’s demand. There has been an increase in the need to understand the client’s feedback or needs, which is encouraging the organizations to opt for products and services that help in managing the business process. The NLP analyses the individual’s need or comments and convert them into individual solutions. Moreover, the growing adoption of smart devices is further contributing to the market growth. The introduction of smart device and smart assistants including Amazon Alexa, Apple Siri, and other applications have helped in increasing the demand for natural language processing solutions.

Restraint in the NLP Market

Various complexities owing to the usage of code-mixed language while implementing NLP solutions is a major factor that will hamper the market growth.

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Deployment Mode – Segment Analysis

Based on the deployment mode, the cloud segment is anticipated to grow at a higher CAGR during the forecast period. The cloud technology offers various benefits such as highly scalable and flexible for the big data applications which is a key driver that is responsible for the market growth. Moreover, various players are focusing on introducing different initiatives to implement cloud-based NLP solutions. For example, SAS Viya introduced a new engine for the SAS platform.

Organization Size – Segment Analysis

Based on the organization size, the large organization segment is projected to grow at a higher CAGR during the forecast period. The large companies are the major users of the NLP. As these organizations are opting for deep learning and machine learning technologies, there has been an increase in the adoption of NLP. In addition to this, the growing adoption of NLP to improve the internal and external operations is further contributing to the segment growth.

Verticals – Segment Analysis

Based on the vertical, the healthcare and life science segment is expected to dominate the market during the forecast period. The rising healthcare complexities along with the rising requirement for advanced NLP- driven EHRs for the extraction of meaningful insights from the unstructured clinical data is a major factor that is surging the growth of the market.

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Regional – Segment Analysis:

Based on the region, North America region is expected to grow at a higher CAGR during the forecast period. The continuous improvement in the cloud computing platform which are now highly efficient, and affordable have surged the growth of the inexpensive software development tools and plentiful datasets. This is directly increasing the demand for NLP in this region. The online shoppers particularly in the US are increasing using the Google Assistant to get results on different topics. This has also surged the opportunities for other applications developers to target potential customers, thus growing the market’s demand.

Top Market Players

Various notable players operating in the market include IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Series (AWS), Facebook, Inc., Apple Inc., 3M, Intel Corporation, Inbenta, and SAS Institute among others. 

Key Developments:

• • In 2020, IBM Corporation introduced the Watson Works, with an aim to meet the challenges of returning to workplaces. This solution help in managing IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Series (AWS), Facebook, Inc., Apple Inc., 3M, Intel Corporation, Inbenta, and SAS Institute among others, facilities, optimizes space allocation and prioritizes the employee’s health by allowing the employee to make formal decisions.
  • In 2019, AWS improved its AI services for NLP, speech-to-text transcription, and image detection. This new feature enables the users to process texts in the encrypted format as well.

Segments covered in the Report:

The global Natural Language Processing market has been segmented on the basis of Component, Deployment Mode, Organization Size, Type, Application, Vertical, and regions. Based on Component, the market is segmented into Solutions and Services. Based on Deployment Mode, the market is segmented into On-Premises and Cloud. Based on Organization Size, the market is segmented into Small and Medium-sized Enterprises and large Enterprises. Based on Type the market is segmented into Rule-based, Statistical, and Hybrid. Based on the Application, the market is segmented into Sentiment Analysis, data extraction, risk and threat detection, automatic summarization, content management, language scoring, and others. 

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Market Segmentation

Global Natural Language Processing Market by Component

• • Solutions
    • Platform
    • Software Tools
  • Services
    • Professional Services
    • Managed Services

Global Natural Language Processing Market by Deployment Mode

• • On-Premises
  • Cloud

Global Natural Language Processing Market by Organization Size

• • Large enterprises
  • Small and Medium-sized enterprises

Global Natural Language Processing Market by Type

• • Rule-based
  • Statistical
  • Hybrid

Global Natural Language Processing Market by Application

• • Sentiment Analysis
  • Data Extraction
  • Risk And Threat Detection
  • Automatic Summarization
  • Content Management
  • Language Scoring
  • Others

Global Natural Language Processing Market by Vertical

• • Banking, Financial Services, And Insurance
  • IT and Telecom
  • Retail and Ecommerce
  • Healthcare and Life Sciences
  • Transportation and Logistics
  • Government and Public Sector
  • Energy and Utilities
  • Manufacturing
  • Others

Global Natural Language Processing Market by Region

• • North America Natural Language Processing Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Type
    • By Application
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Natural Language Processing Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Type
    • By Application
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Natural Language Processing Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Type
    • By Application
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Natural Language Processing Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Type
    • By Application
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Natural Language Processing (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM Corporation
  • Microsoft Corporation
  • Google LLC
  • Amazon Web Series (AWS)
  • Facebook, Inc.
  • Apple Inc.
  • 3M
  • Intel Corporation
  • Inbenta
  • SAS Institute