The global natural language processing (NLP) market revenue was around US$ 11.1 billion in 2022 and is estimated to reach US$ 242.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 40.9% during the forecast period from 2023 to 2031.
Natural Language Processing (NLP) is a component of artificial intelligence (AI) that enables computers to understand human language, obtain meaning, and facilitate communication through the use of conversational intelligence and voice-enabled AI. Additionally, NLP capabilities like autocomplete and autocorrect tools aid in analyzing individual language patterns and identifying the most suitable choices for the user or audience.
Market Driving Factors
A rising need for sophisticated text analytics benefits the market growth. Text analytics is essential for analyzing consumer behavior and gauging consumer nature in the NLP technology, which fuels the market. Businesses can utilize text analytics to offer their clients personalized deals and discounts. Furthermore, social media platforms are used by the e-commerce and retail sectors since they serve as a major data source for text analytics, estimate demand and supply, and enhance the consumer experience.
Cloud-based NLP solutions and AI-based software are becoming popular among SMEs, which will help the market expansion. Businesses are implementing cloud-based solutions to offer better scalability and lower overall costs. Such solutions lower the time needed for gathering and processing data. loud-based interactive voice recognition systems and AI-powered chatbots help in automating business operations and making data-driven decisions. The chatbots gather information and assist businesses with predictive analysis for a certain product. Technological developments in AI have revolutionized commercial operations. Companies especially SMEs and start-ups are obtaining tailored solutions based on their needs.
The adoption of code-mixed language while implementing NLP solutions and constraints in the development of NLP technology using neural networks limit the usage of cloud-based services, which can impede market expansion.
Regional Analysis
Asia-Pacific is estimated to dominate the market in terms of highest growth during the projection period. This is due to the digitization of economies, rapid technological advancements, and government initiatives surge expandable income among the region's middle-income population is the primary driver of the overall economic growth of the region, which fuels it from the developing to the developed phase. Additionally, this region holds leadership positions in cutting-edge industries like robotics and has a strong IT infrastructure, software, and service offerings. These factors would create profitable growth possibilities for the natural language processing (NLP) market. Furthermore, major players in the region are also concentrating on improving their operations and raising their overall efficiency to remain competitive in the market, which is anticipated to offer profitable prospects for the market.
Segmentation Insights
Component Insight
The solution segment dominated the market and is estimated to continue its dominance during the forecast period. This can be attributed to elements like a surge in company competitiveness, laws, user needs, and project risks as well as an increase in the usage of NLP. In addition, the tools required to analyze both language and numerical data are also provided by NLP solutions, which is beneficial for the market.
The services segment is anticipated to dominate the market during the forecast period. The usage of NLP services offers a variety of advantages to the industry verticals, like accelerating software implementation, maximizing the value of an existing installation through optimization, minimizing deployment costs & risks, and others, which further propels market expansion.
Deployment Mode Insight
The on-premise segment dominated the market in terms of the largest share and is estimated to continue its dominance during the projection period. This segment offers full control, visibility, and authentication security controls over data. Additionally, simple to scale up to meet company demand and improve efficiency with built-in redundancy, which fuels the segment growth.
Industry Vertical Insight
The IT & telecommunication segment is estimated to dominate the market throughout the projection period. Natural language processing technology has enormous potential for the communications field. An NLP engine can automatically correct grammatical problems in messaging applications and also can be utilized to analyze and parse different languages. As a result, a comprehensive system that automatically parses texts in any language can be provided.
Prominent Companies
Segmentation Outline
The global natural language processing (NLP) market segmentation focuses on Component, Deployment Mode, Organization Size, Type, Industry Vertical, and Region.
By Component
By Deployment Mode
By Organization Size
By Type
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: NATURAL LANGUAGE PROCESSING (NLP) MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOLUTION
5.3 SERVICES
6 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY DEPLOYMENT MODE
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD
7 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY ORGANIZATION SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SMES
8 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY TYPE
8.1 OVERVIEW
8.2 RULE BASED NLP
8.3 STATISTICAL NLP
8.4 HYBRID NLP
9 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY INDUSTRY VERTICAL
9.1 OVERVIEW
9.2 IT AND TELECOMMUNICATION
9.3 RETAIL AND E-COMMERCE
9.4 BFSI
9.5 HEALTHCARE
9.6 EDUCATION
9.7 MEDIA AND ENTERTAINMENT
9.8 OTHERS
10 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 VERINT SYSTEMS INC
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 MICROSOFT CORPORATION
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 SAS INSTITUTE INC
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 FACEBOOK
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 GOOGLE INC
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 INTEL CORPORATION
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 APPLE INC
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8. IBM CORPORATION
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 HEWLETT-PACKARD ENTERPRISE
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 NARRATIVE SCIENCE
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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