Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-19
As per Business Intelligence Insights (BII) study, the global Natural Language Processing Market attained revenue growth of USD 19.8 billion in 2021 and it is projected to reach around USD 149.03 billion by 2030, growing at a 28.7% CAGR.
Factors such as the increasing use of smart devices to facilitate smart environments fuel market growth. Furthermore, rising demand for advanced text analytics, as well as increased use of the internet and linked devices, are propelling the natural language processing market forward. Natural Language Processing (NLP) is a branch of artificial intelligence (AI) that uses voice-enabled artificial intelligence (AI) and conversational intelligence technologies to enable computers to read the human language, derive meaning, and make communication more convenient. Furthermore, NLP capabilities like as autocorrect and autocomplete tools aid in the analysis of personal language patterns and the identification of the most appropriate suggestions for particular users or the general public. Furthermore, natural language processing automates much of the physical process, providing analytics and business insight for growth, and aids in process ordering and organization. Furthermore, increased data and complexities in major enterprises will create several chances for the natural language processing sector.
The rising demand for advanced text analytics is projected to contribute to the expansion of the natural language processing industry. The incorporation of natural language processing into text analytics has resulted in the expansion of advanced text analytics systems. Natural language processing aids in the conversion of human language to machine language. The increasing demand for text analytics in various organizations in order to acquire better market insights has driven the demand for text analytic solutions. Companies in a variety of industries are actively focusing on keeping a pulse on the market and, as a result, adjusting their product and service offerings to capitalize on emerging trends for increased profitability. Text analytics integration allows businesses to gain market data about their items and their descriptions, which helps them compete in the market and increase their market presence.
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Natural Language Processing Market: Companies Mentioned
• IBM (US)
• Microsoft (US)
• Google (US)
• AWS (US)
• Facebook (US)
• Apple (US)
• 3M (US)
• Intel (US)
• SAS Institute (US)
• Baidu (China)
• Inbenta (US)
• Veritone (US)
• Dolbey (US)
• Narrative Science (US)
• Bitext (Spain)
• Health Fidelity (US)
• Linguamatics (UK)
• Conversica (US)
• SparkCognition (US)
• Automated Insights (US)
• Gnani.ai (India)
• Niki (India)
• Mihup (India)
• Observe.AI (US)
• Hyro (US)
• Just AI (England)
• RaGaVeRa (India)
Key Highlights of the Report
• In 2020, the solution segment dominated the global natural language processing (NLP) industry, and this trend is likely to continue throughout the forecast period. Factors such as increased corporate competitiveness, law, user needs, and project risks promote NLP use, which drives the market growth. Furthermore, NLP solutions provide the capabilities required to examine both numerical and verbal data, which is useful to the industry. However, the services sector is predicted to develop the most in the future years. Adoption of NLP services gives several benefits to industry verticals, such as accelerating software implementation, increasing the value of existing installations by optimizing them, and lowering deployment costs and risks, among other things, which stimulates the market.
• The on-premise segment held the biggest share in 2020 and is likely to maintain this trend throughout the forecast period. The on-premise NLP solution offers complete data ownership and visibility, as well as strong authentication security mechanisms. Furthermore, the ability to easily scale to meet corporate demand and boost efficiency with built-in redundancy promotes the growth of this market. However, the cloud segment is predicted to develop the fastest in the coming years, owing to the increased acceptance of cloud-based NLP due to lower costs and easier maintenance, which is expected to drive the growth of the natural language processing market in the coming years.
• During the projection period, North America is expected to have the greatest market size. Cloud computing platform advancements, which are now more efficient, affordable, and capable of processing complicated information, have resulted in the proliferation of low-cost software development tools and abundant datasets, which are critical to the development of AI technology in the US market. Furthermore, this region has a strong IT infrastructure, reliable software and service offerings, and leading positions in new fields such as robotics, which would present profitable growth possibilities for the natural language processing (NLP) market.
• The report contains qualitative and quantitative research on the global Natural Language Processing Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
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Revenue-generating Segment Highlights
By Deployment Mode
By Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
• Sentiment Analysis
• Data Extraction
• Risk and Threat Detection
• Automatic Summarization
• Content Management
• Language Scoring
• Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising).
• BFSI, IT and Telecom,
• Retail and Ecommerce
• Healthcare and Life Sciences
• Transportation and Logistics
• Government and Public Sector
• Energy and Utilities
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Natural Language Processing Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –
• What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
• What is the current trend taking place in the market space?
• What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
• What market drivers, restraints, and challenges are influencing market demand and growth?
• In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?
The Natural Language Processing Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Natural Language Processing Market Forecast Report 2022- 2030 - Order Now!
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