Natural Language Processing Market By Component (Solutions, and Services). By Deployment Mode (On-premises, and Cloud). By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)). By Type (Rule-based, Statistical, and Hybrid). By Application (Sentiment Analysis, Data Extraction, Risk and Threat Detection, Automatic Summarization, Content Management, Language Scoring, and Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising)). By Vertical (BFSI, IT and Telecom, Retail and Ecommerce, Healthcare and Life Sciences, Transportation and Logistics, Government and Public Sector, Energy and Utilities, Manufacturing, and Others).
Report Code : BII972 Jan-2022 Information & Technology Format : PDF Pages : 208
Natural Language Processing Market Overview
Greater demand for cloud-based NLP solutions to reduce overall costs and enhance scalability, as well as increased usage of smart devices to enable smart environments, will drive NLP market growth. Natural language processing serves as a link between technology and humans. Computers can easily interpret the input instructions provided by humans with its assistance. It is also regarded as a subfield of artificial intelligence (AI) that comprehends, translates, and manipulates human languages. Natural language processing is fast becoming more popular as human-to-machine connections and big data technology become more popular. Furthermore, NLP techniques like as autocorrect and autocomplete help in the study of personal language patterns and the discovery of the most relevant suggestions for specific users or the broader public.
The global natural language processing market is growing due to the increased use of smart devices, increased demand for advanced text analytics, and increased use of the internet and linked devices. Additionally, the social media channel is critical to the growth of the natural language processing business. As rivalry in numerous industries grows, there is a greater need for real-time market knowledge relating to client wants and other aspects. Natural language processing integration into text analytics has led to the expansion of advanced text analytics systems Natural language processing assists in human-to-machine language translation. The growing demand for text analytics in various enterprises to gain better market insights has fuelled the demand for text analytic solutions. Furthermore, NLP innovations are expected to present a wide range of opportunities in the healthcare business over the projection period.
Market Size
According to Business Intelligence Insights “Natural Language Processing Market is expected to grow from USD 19.8 billion in 2021 to USD 149.03 billion by 2030, at a CAGR of 28.7% during the
forecast period 2022-2030
Covid -19 Impact Analysis
Due to the obvious worldwide lockdown, the NLP market is likely to stall considerably in 2020. The COVID-19 pandemic has increased churn and shaken nearly every vertical. The lockdown is affecting global production, supply chain, and logistics, as well as the continuation of operations in a variety of industries. The most difficult difficulties are in manufacturing, transportation and logistics, and retail and consumer products. Although critical commodities are exempt from the lockdown, their availability is hampered due to a lack of staff to work on production lines, supply chains, and transportation. The condition is likely to be under control by early 2021, with growing demand for NLP solutions and services due to the rising need for improving customer experiences and creating personalized relationships with prospects. Several industries are already intending to implement a wide range of NLP solutions and services to support digital transformation programs that address mission-critical procedures, improve operations, and distinguish customer viewing experiences. Reduced operational costs, greater customer experiences, lower customer attrition, increased visibility into processes and operations, and improved real-time decision-making are important commercial and operational priorities that are expected to boost NLP adoption.
Market Dynamics
- Drivers
- There is an increasing demand for cloud-based NLP systems to lower overall costs and improve scalability.
- Predictive analytics is becoming increasingly popular for reducing risks and identifying growth potential.
- Restraints
- Complications resulting from the use of code-mixed language when developing NLP solutions
- Limitations in the development of neural network-based NLP technologies that limit the use of cloud-based services
Segmentation Insights
Solutions category dominated the market with more than 45% of the market share
The global natural language processing (NLP) industry was led by the solution sector in 2020, and this trend is expected to continue during the forecast period. Increased business competitiveness, law, user needs, and project hazards all encourage NLP adoption, which drives market expansion. Furthermore, NLP solutions enable the examination of both numerical and verbal data, which is beneficial to the sector. However, the services sector is predicted to develop the most in the future years. Adoption of NLP services provides various benefits to business verticals, including faster software implementation, the increased value of current installations through optimization, and lower deployment costs and hazards, among other things, which stimulates the market.
On-premises category dominated the market with more than 35% of the market share
The on-premise segment held the largest share in 2020, and this trend is expected to continue throughout the forecast period. The on-premise NLP system provides full data ownership and visibility, as well as robust authentication and security procedures. Furthermore, the capacity to easily scale to meet corporate demand while increasing efficiency with built-in redundancy fosters market growth. The cloud sector, on the other hand, is likely to grow the quickest in the future years, owing to the rising popularity of cloud-based NLP due to cheaper costs and easier maintenance, which is expected to fuel the growth of the natural language processing market in the coming years.
By Component
- Solutions
- Services
By Deployment Mode
- On-premises
- Cloud
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Type
- Rule-based
- Statistical
- Hybrid
By Application
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising).
By Vertical
- BFSI, IT and Telecom,
- Retail and Ecommerce
- Healthcare and Life Sciences
- Transportation and Logistics
- Government and Public Sector
- Energy and Utilities
- Manufacturing
- Others
By Region
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa (MEA)
Key Players
List of Key Players in the Global Natural Language Processing Market:
- 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)
Regional Insights
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North America dominated the market with a major share of the market share
In the forecast period, North America had the most market share. Companies in the region are substantially investing in the advancement of NLP and apps to improve customer service programs by offering more incentives, attracting more customers, and thereby contributing to the regional market's growth. The expanding innovations in the sector researched by global players situated in the United States are propelling this market forward and hastening the pace of new launches. The region's fast-growing tendency can be ascribed to the region's increasing use of patient health record systems as well as digital developments in the healthcare and life sciences industries.
Table
Report Attributes |
Details |
|---|---|
| Market Size Value in 2021 | USD 19.8 Billion |
| Market Size Value in 2030 | USD 149.03 Billion |
| Growth Rate | +28.7% |
| Base Year | 2021 |
| Forecast Period | 2022 – 2030 |
| Historical Data | 2018-2020 |
| Forecast Units | (USD Billion) |
| Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
| Segments Covered | Segments Covered, By Deployment Mode, By Organization Size, By Type, By Application, By Vertical, By Region |
| Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
| Customization is available | If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions |