At 29.4% CAGR, Natural Language Processing Market Value

Pune, India, June 21, 2022 (GLOBE NEWSWIRE) — The global market size natural language processing is expected to grow from USD 20.98 billion in 2021 to USD 127.26 billion in 2028 at a CAGR of 29.4% over the forecast period. This information is provided by Fortune Business Insights, in its report entitled “Natural Language Processing Market Forecast, 2021-2028”. According to the report, the market size in 2020 was $16.53 billion.

Factors such as the increasing adoption of smart devices and the increasing adoption of NLP technology in healthcare facilities are expected to drive global adoption of the product. For example, in January 2021, Pryon Inc, an AI company, introduced an NLP platform that helps the companies add AI capabilities without code and easily deploy NLP projects using virtual assistants and smart devices.

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Industry development:

February 2020 – Kore.Ai announces the launch of an enterprise-grade VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, Deep Learning, NLP, and Predictive Analytics.

Reporting scope and segmentation

Reporting coverage Details
Forecast Period 2021 to 2028
Forecast period 2021 to 2028 CAGR 29.4%
2028 Value projection USD 127.26 billion
Base year 2020
Natural Language Processing Market Size in 2020 $16.53 billion
Historical data for 2017 to 2019
Number of pages 160
Segments covered Deployment, company size, technology, industry vertical and geography
Natural Language Processing Market Growth Factors Growing demand from the healthcare sector to support growth
Product innovation by large companies to strengthen their market positions

The drastic effect of the global pandemic, COVID-19, has been felt in several economies facing unprecedented losses. Due to the lockdown announced by the government authorities, several industries have come to a standstill with limited operational activities. However, a collective effort by governments and industries is likely to get the economy back on track and aid in the resumption of industrial activity.

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Drivers and restrictions:

Growing demand from the healthcare sector to support growth

The increasing adoption of digital technology in healthcare facilities has led to the production of significant data. To obtain data insights, it is essential to deal efficiently with the data. This has led to the increasing adoption of analytical methodologies to easily analyze large amounts of data. In addition, the vast amount of patient data and electronic health records has enabled the healthcare industry to use advanced technologies to review, search and interpret large amounts of patient data. Therefore, the rising demand from the healthcare sector during the forecast period is expected to contribute to the global growth of the NLP market.

Reporting coverage:

The Natural Language Processing Market report includes qualitative and quantitative analysis of various factors, such as the major drivers and restraints that will affect its growth. Moreover, the report provides insights into the regional analysis covering different regions, which contribute to the growth of the market. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to announce partnerships, introduce new products and collaborations that will further contribute to the growth of the market between 2021 and 2028. In addition, the research analyst has several research methodologies such as SWOT and PESTEL analysis to extract information on current trends and industry developments that will drive market growth during the forecast period.

Market share:

Based on implementation, the market is divided into on-premises, cloud and hybrid. Based on company size, the market is divided into SMEs and Large Enterprises. In addition, based on the technology, the market is divided into interactive speech response (IVR), optical character recognition (OCR), text analysis, speech analysis, classification and categorization, pattern and image recognition, and others. Based on vertical sector, the market is segmented into Healthcare, Retail, High Tech & Telecom, Banking, Financial Services & Insurance (BFSI), Automotive & Transportation, Advertising & Media, Manufacturing, and Others. Finally, the market is segregated by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Natural Language Processing Market Segments By implementation
By company size

  • Small and Medium Enterprises (SME)
  • Large companies
by technology

  • Interactive Speech Response (IVR)
  • Optical Character Recognition (OCR)
  • Text analysis
  • Speech analysis
  • Classification and categorization
  • Pattern and Image Recognition
  • Others (autocoding, professional services, etc.)

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Regional insights:

North America – The region reached $6.21 billion in 2020 and is expected to have the largest global market share in natural language processing in terms of revenue in the coming years. This is due to the presence of established companies focused on adopting cutting edge solutions to improve business processes in the region.

Asia-Pacific – The market in the region is expected to gain momentum, supported by the supportive government initiatives that promote the adoption of advanced technologies such as natural language processing in the enterprises.

Competitive landscape:

Product innovation by large companies to strengthen their market positions

The market is segmented into several major companies that strive to maintain their dominance by introducing innovative natural language processing solutions to cater to the industrial applications. In addition, the adoption of strategies such as merger and acquisition, cooperation and partnership by other key players is expected to drive market growth during the forecast period.

List of companies operating in the NLP market:

  • Amazon Web Services, Inc. (Washington, United States)
  • Baidu, Inc. (Beijing, China)
  • Microsoft Corporation (Washington, United States)
  • Hewlett Packard Enterprise Development LP (HPE) (California, United States)
  • IBM Corporation (New York, United States)
  • Google, Inc. (California, United States)
  • Intel Corporation (California, United States)
  • Inbenta (California, United States)
  • SAS Institute Inc. (North Carolina, United States)
  • Veritone Inc. (California, United States)
  • SAP SE (Walldorf, Germany)
  • Narrative Science (Narrative Science)
  • Linguamatics (Cambridge, United Kingdom)
  • Conversica (Washington, United States)
  • SparkCognition, Inc. (Texas, United States)

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Main table of contents:

  • Global Natural Language Processing Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiled companies
    • Overview
      • key management
      • Headquarters etc.
    • Offers/Business Segments
    • Key details
      • Employee size
      • Key financial data
        • Past and Current Earnings
        • Geographical sharing
        • Share of business segment
    • Recent developments
  • Attachment / Attachment
    • Global Estimates and Forecasts of Natural Language Processing Market (Quantitative Data), by Segment, 2017-2028
      • By implementation (value)
      • By company size (value)
        • Small and Medium Enterprises (SME)
        • Large companies
      • By technology (value)
        • Interactive Voice Response (IVR)
        • Optical Character Recognition (OCR)
        • Text analysis
        • Speech analysis
        • Classification and categorization
        • Pattern and Image Recognition
        • Others (autocoding, professional services, etc.)
      • By industry vertical (value)
        • healthcare
        • Retail
        • High Tech and Telecom
        • Banking, Financial Services and Insurance (BFSI)
        • Automotive and transportation
        • Advertising media
        • production
        • Others (government, energy and power, etc.)
      • By region (value)
        • North America
        • Europe
        • Asia-Pacific
        • Middle East and Africa
        • Latin America
    • North America Natural Language Processing Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028
      • By implementation (value)
      • By company size (value)
        • Small and Medium Enterprises (SME)
        • Large companies
      • By technology (value)
        • Interactive Speech Response (IVR)
        • Optical Character Recognition (OCR)
        • Text analysis
        • Speech analysis
        • Classification and categorization
        • Pattern and Image Recognition
        • Others (autocoding, professional services, etc.)
      • By industry vertical (value)
        • healthcare
        • Retail
        • High Tech and Telecom
        • Banking, Financial Services and Insurance (BFSI)
        • Automotive and transportation
        • Advertising media
        • production
        • Others (government, energy and power, etc.)

TOC Continued…!

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