Natural Language Processing Market Size, Share & Growth 2029

 

Natural Language Processing Market

Natural Language Processing Market was valued at USD 13.8 billion in 2021 and is estimated to grow at a significant CAGR of 20.2% during 2022-2029 and is projected to reach USD 60.1 billion in 2029.

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The factors driving growth of the Natural Language Processing Market includes rising focus by enterprises on streamlining businesses processes, increasing use of natural language processing in digital assistants and chatbots, textual analysis and voice sense (speech analysis) and huge volumes of data generated across industry verticals such as Healthcare, Transportation and Logistics and BSFI. Natural language processing solution helps in understanding client’s feedback, facilitates communication between different devices, diagnoses diseases in healthcare sector and deliver quality care and positive patient outcomes, are some of the features pushing the market growth. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics and Internet of Things (IoT), increasing number of NLP service providers and rapid urbanization, are some of the additional factors supplementing the Natural Language Processing Market size. In addition, the rising investments by leading players on research and development, increase in the launch of innovative products and growing disposable incomes, are further contributing to the market growth. 

However, growth of the Natural Language Processing Market is hindered due to rising concerns related to data security.

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

Based on Organization Size, the large enterprises segment is predicted to grow at a significant CAGR during the forecast period

Rising adoption of NLP solutions by large enterprise to enhance internal and external business operations, is propelling segment’s growth. 

Based on Vertical, the Healthcare and Life Sciences segment is projected to capture the largest market share over the forecast period

Growing demand for advanced NLP- driven EHRs to gain valuable insights from unstructured clinical data, is pushing segment’s growth.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Natural Language Processing Market Research, presence of the leading players such as Microsoft Corporation, Google LLC and, IBM Corporation, growing adoption of advanced technologies by major companies, increasing tech-savvy population and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

  • In 2020, IBM Corporation launched 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 enhanced its AI services for NLP, speech-to-text transcription, and image detection, which enabled users to process texts in the encrypted format as well.

Market Segmentation

Segmentation by Component

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

Segmentation by Deployment Mode

  • On-Premises
  • Cloud

Segmentation by Organization Size

  • Large enterprises
  • Small and Medium-sized enterprises

Segmentation by Type

  • Rule-based
  • Statistical
  • Hybrid

Segmentation by Application

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

Segmentation 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

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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