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Global Natural Language Processing (NLP) Market - Segmentation By Technology (Automatic Encoding, Text Analysis, Optical Character Recognition (OCR), Interactive Voice Response, Pattern Recognition and Image and Speech Analysis), Type (Natural Language Processing (NLP), Statistical Natural Language Processing (NLP), and Hybrid Natural Language Processing (NLP)), Services (Integration Service, Consulting Service and Maintenance Service), Vertical (Healthcare, Public Sector, Retail, Media and Entertainment, Manufacturing, and Others), Deployment (Local and On-Demand), and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2023 – 2028)

Published: March, 2023
ID: 11081
Pages: 150
Formats: report pdf report excel report power bi report ppt

Global Natural Language Processing (NLP) Market Size (2023 - 2028)

The global natural language processing market size is touted to expand from $10.2 billion in 2022 to $26.4 billion by 2028, rising at a compound annual growth rate (CAGR) of 21.0% over the conjecture period.

Natural Language Processing (NLP) is an area of artificial intelligence related to the interaction between humans and machines. The Natural Language Processing (NLP) solution enables communication between humans and machines by analyzing written and spoken content in natural human language and converting it into machine understandable language. The growing amount of big data has increased the demand for solutions that can provide fast, real-time access to important data. The natural language processing solution enables the machine to perform various operations such as information extraction, language translation and report generation, etc. more efficiently.

In addition, it was estimated that chatbots will save more than $8 billion for organizations around the world by 2020. Many industry experts also claim that 25% of all businesses will integrate a chatbot or virtual customer assistant using NLP technologies into their customer services by the end of 2020.

Increased investments in healthcare industry, growing deployment of web and cloud-based business applications, coupled with increasing machine-to-machine technologies, drive the growth of natural language processing market. The demand for natural language processing is expected to increase with the rising need for professional services around the world. Natural Language Processing is an easy-to-implement and cost-effective cloud solution that makes it more preferable for professional services.

Impact of COVID-19 on Natural Language Processing Market

Due to the current coronavirus pandemic, the market is experiencing growth in the healthcare sector. For instance, as a response to this pandemic, the White House and a coalition of leading research groups have made the COVID-19 open research dataset (CORD-19). CORD-19 is a resource for over 200,000 academic papers, including over 100,000 full-text articles, on COVID-19, SARS-CoV-2 and related coronaviruses. This freely accessible dataset is being provided to the global research community to apply recent advances in natural language processing and other artificial intelligence techniques to generate new knowledge in support of the ongoing fight against this. infectious disease. These developments are likely to drive the growth of the natural language processing market during the forecast period.

Recent Developments:

  • January 2020: NetBase announced the merger with Quid, which is one of the leading companies in AI-based text analysis. As a result of this merger, the combined company will have an enhanced portfolio of next-generation business intelligence and consumer solutions. The merged company will provide contextual information that reveals business trends in all forms of structured and unstructured data.
  • January 2020: Royal Wolverhampton NHS Trust and Babylon have signed a 10-year partnership to create an integrated digital health system serving the people of the city of Wolverhampton. Babylon's artificial intelligence will help provide live monitoring of chronically ill patients and personalized care plans.

Market Growth and Trends:

Large organizations are supposed to experience significant growth in the NLP Market in future

  • Large organizations are one of the main drivers and investors in the NLP market. As these organizations increasingly embrace deep learning, as well as supervised and unsupervised machine learning technologies for various applications, the adoption of NLP is likely to increase. Cost and risk are some of the major factors driving the adoption of these technologies in large organizations.
  • Additionally, many small businesses depend on large corporations. This is due to some of the extensive platform offerings from Amazon, Google or Microsoft, which are too general and can still be used in industry verticals.
  • Most large end-user organizations in various industries primarily use these technologies to enhance their internal and external operations. Additionally, the return on investment in technology is not always in monetary form, which is why most small organizations find investing risky.

Market Drivers and Restraints

The increasing rate of adoption of natural language processing (NLP) solutions in the vertical industry is driving the growth of the global natural language processing market. Additionally, the rising need for M2M translation and growing application areas are supposed to drive the growth of the global natural language processing business.

Several government norms and regulations and the less adoption of natural language processing solutions among small and medium end-user industries in emerging nations are a few factors that are impeding the expansion of the worldwide natural language processing (NLP) market.

GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

21.0%

Segments Covered

By Technology, Type, Service, Deployment Model, Vertical, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

IBM Corporation, 3M Co., Hewlett-Packard Co., Apple Inc., Oracle Corporation, Microsoft Corporation, Dolbey Systems Inc., SAS Institute Inc., Netbase Solutions Inc. and Verint Systems Inc. and Others.

 

Market Segmentation

The global Natural Language Processing (NLP) market is categorized based on the following categories:

Global Natural Language Processing (NLP) Market – By Technology:

  • Automatic Encoding
  • Text Analysis
  • Optical Character Recognition (OCR)
  • Interactive Voice Response
  • Pattern Recognition and Image and Speech Analysis

Global Natural Language Processing (NLP) Market – By Type:

  • Natural Language Processing (NLP)
  • Statistical Natural Language Processing (NLP)
  • Hybrid Natural Language Processing (NLP)

Global Natural Language Processing (NLP) Market – By Service:

  • Integration Service
  • Consulting Service
  • Maintenance Service

Global Natural Language Processing (NLP) Market – By Deployment Model:

  • Local
  • On-Demand

Global Natural Language Processing (NLP) Market – By Vertical:

  • Healthcare
  • Public Sector
  • Retail
  • Media and Entertainment
  • Manufacturing
  • Other Sectors

Regional Analysis:
Geographically, the market is studied in the areas of North America, Latin America, Europe, Japan, Asia-Pacific (APEJ), and Middle East and Africa (MEA). Of these, North America holds the dominant portion of the global natural language processing market. The presence of market giants and increasing investments in technology are the major elements boosting the business growth in North America, especially in the United States of America. Canada is also increasing its immigration levels to address the lack of skilled resources in the region.

Key market players:

Some of the major players identified in the global natural language processing (NLP) market are IBM Corporation, 3M Co., Hewlett-Packard Co., Apple Inc., Oracle Corporation, Microsoft Corporation, Dolbey Systems Inc., SAS Institute Inc., Netbase Solutions Inc. and Verint Systems Inc., etc.

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