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Natural Language Processing (NLP) Market Size is valued at USD 14.53 Bn in 2022 and is predicted to reach USD 131.33 Bn by the year 2031 at a 27.8% CAGR during the forecast period for 2023-2031.
Natural Language Processing (NLP) works with artificial intelligence (AI) technology that uses voice-enabled artificial intelligence (AI) and conversational intelligence technologies to enable computers to read human language, derive meaning, and make communication more convenient. NLP deals with various aspects of text and language, including text analysis, language understanding, and language generation.
Factors such as the rising use of smart devices to facilitate smart environments fuel market growth. Furthermore, rising demand for advanced text analytics and increased use of the internet and linked devices are propelling the natural language processing market forward. Furthermore, NLP-based solutions are increasingly accepted across industries to improve customer experience. Furthermore, rising healthcare investment is likely to generate profitable growth possibilities for the industry.
However, the COVID-19 pandemic has had a devastating influence on the global economy, with governments around the world imposing lockdowns and restrictions. However, the COVID-19 epidemic has compelled businesses all over the world to migrate to digital platforms and deploy digital technology-based solutions to streamline their processes.
Competitive Landscape
Some Major Key Players In The Natural Language Processing (NLP) Market:
- IBM (US)
- Microsoft (US)
- Google (US)
- AWS (US)
- Meta (US)
- 3M (US)
- Baidu (China)
- Apple (US)
- SAS Institute (US)
- IQVIA (UK)
- Oracle (US)
- Inbenta (US)
- Health Fidelity (US)
- LivePerson (US)
- SoundHound (US)
- MindMeld (US)
- Veritone (US)
- Dolbey (US)
- Automated Insights (US)
- Bitext (US)
- Conversica (US)
- Addepto (US)
- RaGaVeRa (India)
- Observe.ai (US)
- Eigen (US)
- Gnani.ai (India)
- Crayon Data (Singapore)
- Narrativa (US)
- deepset (US)
- Ellipsis Health (US)
- DheeYantra (US).
Recent Developments:
- In July 2023, Amazon Web Services, Inc. (AWS) announced AWS HealthScribe at AWS Summit New York. It is a new HIPAA-eligible service that lets healthcare software companies make clinical apps that use speech recognition and generative AI to make clinical documentation that saves doctor’s time.
Market Segmentation:
The Natural Language Processing Market comprises some significant segments: Offering, Type, Application, Technology, and End-user. According to Offerings, the market is segmented as Solutions (Type(Platform, Software Tools), Deployment Mode (Cloud, On-Premises)) and Services (Professional Services (Training and consulting, System Integration & Implementation, Support & Maintenance), Managed Services)). Whereas, By Type, the market is divided into Rule-Based, Statistical, and Hybrid. As per the Application, the market is divided into Customer Experience Management, Virtual Assistants/Chat-Bots, Social Media Monitoring, Sentiment Analysis, Text Classification & Summarization, Employee Onboarding & Recruiting, Language Generation & Speech Recognition, Machine Translation, and Other applications.
As per the Technology segment, the market is segmented as Optical Character Recognition (OCR), Interactive Voice Response (IVR), Auto Coding, Text Analysis, Speech Analytics, Image & Pattern Recognition, Simulation & Modeling. At last, By End-user, the market is divided into BFSI, IT & ITeS, Retail & e-Commerce, Healthcare & Life Sciences, Transportation & Logistics, Government & Public Sector, Media & Entertainment, Manufacturing, Telecom, and Other End-user (Education, Automotive, Travel & Hospitality, And Energy & Utilities)).
Based On Offerings, The Solutions Segment Is Accounted As A Major Contributor In The Natural Language Processing (NLP) Market.
The solutions category is expected to hold a major share of the global Natural Language Processing (NLP) Market in 2022. Factors such as increased corporate competitiveness, law, user needs, and project risks promote NLP use, which drives market growth. Furthermore, NLP solutions provide the capabilities required to analyze numerical and verbal data, which is useful to the industry. However, the services sector is predicted to develop the most. Adoption of NLP services delivers several benefits to industry End-user, including faster software implementation, maximizing the value of existing installations by optimizing them and lowering deployment costs and risks, among other things, which stimulates market growth.
The On-Premises Segment Witnessed Growth At A Rapid Rate.
The on-premises segment is likely to grow at a rapid rate in the global Natural Language Processing (NLP) Market. The on-premises NLP deployment provides complete data control, visibility, and authentication security controls. Furthermore, with built-in redundancy, it is easy to scale to meet corporate demand and improve productivity. The rising implementation of cloud-based NLP is expected to drive market growth.
In The Region, The North America Natural Language Processing (NLP) Market Holds A Significant Revenue Share.
The North America Natural Language Processing (NLP) Market is expected to record the maximum market share in terms of revenue in the near future. The region dominates AI and machine learning technology, making it one of the most important markets for natural language processing technologies. Furthermore, the presence of important market participants in the United States fosters innovation in the region, supporting the growth of natural language processing. Regional governments are also progressively encouraging the use of AI, ML, and NLP technologies, allowing market participants to increase their footprint in the region. During the forecast period, Asia Pacific is expected to increase at a rapid pace. The increase can be attributed to increased smartphone usage, rapid technical breakthroughs, economic digitization, and government initiatives in the region's developing countries.
Natural Language Processing (NLP) Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 14.53 Bn |
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Revenue Forecast In 2031 |
USD 131.33 Bn |
|
Growth Rate CAGR |
CAGR of 27.8% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Offering, Type, Application, Technology, End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Salesforce (US), OpenAI (US), Inbenta (US), LivePerson (US), SoundHound AI (US), MindMeld (US), Veritone (US), Dolbey (US), Automated Insights (US), Bitext (US), Conversica (US), UiPath (US), Addepto (US), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Crayon Data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US), DheeYantra (US), Verbit.ai (US), Rasa (US), MonkeyLearn (US), TextRazor (England), and Cohere (Canada). |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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