Natural Language Processing (NLP) Market

Global Natural Language Processing (NLP) Market Size (2024 to 2029)

The global natural language processing market size is predicted to reach USD 14.67 billion in 2024 and USD 38.04 billion by 2029, growing at a CAGR of 21% during the forecast 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 more efficiently, such as information extraction, language translation, report generation, etc.

In addition, it was estimated that chatbots will save organizations more than USD 8 billion 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 the healthcare industry, growing deployment of web and cloud-based business applications, and increasing machine-to-machine technologies drive the growth of the 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.

Market Growth and Trends:

Large organizations are among the main drivers and investors in the NLP market. As these organizations increasingly embrace deep learning and 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 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.

Global Natural Language Processing (NLP) Market Drivers:

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.

Global Natural Language Processing (NLP) Market Restraints:

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

Impact of COVID-19 on the global 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 so that recent advances in natural language processing and other artificial intelligence techniques can be applied 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.

GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET REPORT COVERAGE:

The global natural language processing (NLP) market has been segmented and sub-segmented based on the technology, type, service, deployment model, vertical, and region.

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

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

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

Geographically, the market is studied in North America, Latin America, Europe, Japan, Asia-Pacific (APEJ), and the 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 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:

The major players operating in the global natural language processing (NLP) market include IBM Corporation, 3M Co., Hewlett-Packard Co., Apple Inc., Oracle Corporation, Microsoft Corporation, Dolbey Systems Inc., SAS Institute Inc., Netbase Solutions Inc., Verint Systems Inc., and others.

Recent Developments:

• In January 2020, NetBase announced the merger with Quid, 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.

• In 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.