Pune, India, June 21, 2022 (GLOBE NEWSWIRE) -- The global natural language processing market size is projected to grow from USD 20.98 billion in 2021 to USD 127.26 billion in 2028 at a CAGR of 29.4% in the forecast period. This information is provided by Fortune Business Insights, in its report, titled, "Natural Language Processing Market Forecast, 2021-2028.". As per the report, the market size was USD 16.53 billion in 2020.
Factors such as the increasing adoption of smart devices and the growing adoption of NLP technology in healthcare settings are expected to favor the adoption of the product globally. For instance, in January 2021, Pryon Inc, an AI company, introduced an NLP platform that aids the companies to add no-code AI capabilities and deploy NLP projects easily with the help of virtual assistants and smart devices.
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Industry Development:
February 2020 – Kore.Ai announced the launch of an enterprise-grade VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, Deep Learning, NLP and Predictive Analytics.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 29.4% |
| 2028 Value Projection | USD 127.26 Billion |
| Base Year | 2020 |
| Natural Language Processing Market Size in 2020 | USD 16.53 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Size, Technology, Industry Vertical and Geography |
| Natural Language Processing Market Growth Drivers | Increasing Demand from Healthcare Sector to Aid Growth |
| Product Innovation by Major Companies to Strengthen Their Market Positions |
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Drivers and Restraints:
Increasing Demand from Healthcare Sector to Aid Growth
The growing adoption of digital technology across healthcare institutions has led to the production of significant data. It is vital to handle the data efficiently to gain data-insights. This has led to the increasing adoption of analytics-driven methodologies to easily analyze large amounts of data. Moreover, the massive amount of patient data and electronic health records has enabled the healthcare sector to adopt advanced technologies to review, search, and interpret large volumes of patient data. Therefore, the surging demand from the healthcare sector is expected to contribute to the global NLP market growth during the forecast period.
Report Coverage:
The market for natural language processing report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Market Segmentation:
Based on deployment, the market is trifurcated into on-premises, cloud, and hybrid. On the basis of enterprise size, the market is classified into SMEs and Large Enterprises. Moreover, based on the technology, the market is divided into interactive voice response (IVR), optical character recognition (OCR), text analytics, speech analytics, classification and categorization, pattern and image recognition, and others. On the basis of industry vertical, the market is segmented into healthcare, retail, high tech, and telecom, banking, financial services and insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others. Lastly on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
| Natural Language Processing Market Segments | By Deployment
|
By Enterprise Size
| |
By Technology
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Regional Insights:
North America – The region stood at USD 6.21 billion in 2020 and is expected to hold the largest global natural language processing market share in terms of revenue in the forthcoming years. This is due to the presence of established companies that are focusing on adopting advanced solutions to improve business processes in the region.
Asia-Pacific – The market in the region is expected to gain traction backed by the supportive government initiatives that promote the adoption of advanced technologies such as natural language processing in the businesses.
Competitive Landscape:
Product Innovation by Major Companies to Strengthen Their Market Positions
The market is segmented into several major companies striving to maintain their dominance by introducing innovative natural language processing solutions to cater to the industrial applications. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
List of the Companies Operating in NLP Market:
- Amazon Web Services, Inc. (Washington, United States)
- Baidu, Inc. (Beijing, China)
- Microsoft Corporation (Washington, United States)
- Hewlett Packard Enterprise Development LP (HPE) (California, United States)
- IBM Corporation (New York, United States)
- Google, Inc. (California, United States)
- Intel Corporation (California, United States)
- Inbenta (California, United States)
- SAS Institute Inc. (North Carolina, United States)
- Veritone Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- Narrative Science (Narrative Science)
- Linguamatics (Cambridge, United Kingdom)
- Conversica (Washington, United States)
- SparkCognition, Inc. (Texas, United States)
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Major Table of Contents:
- Global Natural Language Processing Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Natural Language Processing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (Value)
- On-Premises
- Cloud
- Hybrid
- By Enterprise Size (Value)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Technology (Value)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional services, etc.)
- By Industry Vertical (Value)
- Healthcare
- Retail
- High Tech and Telecom
- Banking, Financial Services and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Government, Energy & Power, Etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Deployment (Value)
- North America Natural Language Processing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (Value)
- On-Premises
- Cloud
- Hybrid
- By Enterprise Size (Value)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Technology (Value)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional services, etc.)
- By Industry Vertical (Value)
- Healthcare
- Retail
- High Tech and Telecom
- Banking, Financial Services and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Government, Energy & Power, Etc.)
- By Deployment (Value)
- Global Natural Language Processing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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