| Status : Published | Published On : Jan, 2022 | Report Code : VRICT5139 | Industry : ICT & Media | Available Format :
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Page : 190 |
Global Natural Language Processing (NLP) Market – Analysis and Forecast (2023-2030)
Industry Insights by Type (Statistical, Rule-Based, Hybrid), by Deployment Type ( Public Cloud, Private Cloud, Hybrid Cloud ), by Solution (Auto Coding, Text Analytics, Speech Analytics, Interactive Voice Response [IVR], Pattern & Image Recognition, Optical Character Recognition) by services (Managed, Professional) by Application (Information Extraction, Question Answering, Machine Translation, Report Generation, Text Processing), by Industry ( BFSI, Automotive, Healthcare, Retail, IT & Telecommunication, Others)
Industry Overview
The global natural language processing (NLP) market was valued at USD 10.5 billion in 2022, which is expected to reach USD 25.0 billion by 2030, registering a CAGR of 20.5% during the forecast period. Increasing focus on customer experience, the need for managing large volumes of data, growing demand in contact centers, and the rising shift in businesses toward automation, propelling the growth of the market.
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Market Segmentation
Insight by Type
On the basis of type, the global natural language processing (NLP) market is categorized into statistical, rule-based, and hybrid, wherein the statistical category held the largest share in the market in 2020, owing to the advantages of statistical NLP solutions over traditional rule-based NLP solutions.
Insight by Deployment Type
Based on deployment type, the natural language processing (NLP) market is segmented into cloud and on-premises. Among these segments, the cloud category is expected to exhibit the fastest growth during the forecast period. The growth of this segment is attributed to the fact that various organizations have started deploying AI-based technologies for data translation.
Insight by Component
On the basis of components, the natural language processing (NLP) market is segmented into auto solutions and services. Among the two segments, the solutions segment holds a larger market size during the forecast period.
Insight by Organization Size
On the basis of organization size, the natural language processing (NLP) market is segmented into small and medium-sized enterprises and large enterprises.
Insight by Application
Based on application, the natural language processing (NLP) market is segmented into information extraction, question answering, machine translation, automatic summarization, sentiment analysis text processing, and others. Among these segments, the machine translation category held the largest share of the market in 2022, owing to the increasing demand in organizations for solutions that can facilitate the translation of text into multiple languages.
Insight by Industry
Based on industry, the natural language processing (NLP) market is segmented into BFSI, healthcare, retail and e-commerce, manufacturing, media and entertainment, travel and hospitality, it & telecommunication, and others. Among these segments, the BFSI category held the largest share of the market in 2022.
Natural Language Processing (NLP) Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2022 |
$10.5 Billion |
|
Revenue Forecast in 2030 |
$25.0 Billion |
|
Growth Rate |
CAGR 20.5% |
|
Segments Covered in the Report |
By Type, By Deployment Type, By Component, and By Organization Size, By Application, By Industry |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The global natural language processing (NLP) market has been driven by several key factors, predominantly Increasing focus on customer experience, the need for managing large volumes of data, growing demand in contact centers, and the rising shift in businesses toward automation.
Rising demand for customer service automation: NLP technology is widely used in chatbots, virtual assistants, and customer service automation systems. Organizations are leveraging NLP to improve customer experience by enabling self-service options, automating responses to common queries, and providing personalized interactions.
Growing adoption of NLP in healthcare: NLP is being utilized in the healthcare sector for various applications, including clinical documentation, medical coding, voice recognition, and analyzing patient data. It helps in extracting relevant information from medical records, enabling better decision-making, and improving healthcare outcomes.
Advancements in machine learning and deep learning: NLP techniques have greatly benefited from advancements in machine learning and deep learning algorithms. These advancements have led to significant improvements in language understanding, sentiment analysis, language translation, and other NLP tasks, driving the adoption of NLP solutions across industries.
Increasing focus on data-driven insights: NLP enables organizations to extract valuable insights from unstructured text data, such as social media posts, customer reviews, and news articles. By analyzing this data, businesses can gain a deeper understanding of customer preferences, market trends, and brand sentiment, aiding in decision-making and strategy formulation.
Restraints
Lack of skilled resources is hindering the growth of the natural language processing (NLP) market, globally.
Opportunities
The need for an efficient human–machine interface is the major key opportunity witnessed in the market, globally.
Geography Insight
Geographically, North America has accounted for the largest share in the natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the rising demand for enhanced customer experience, the increasing number of investments related to the integration of machine learning and NLP, rapid technological advancements, and the continuous focus of the government on spending on AI-based technologies in the region.
Competitive Insight
Some of the key players operating in the global natural language processing (NLP) market are 3M Company, Apple Inc., Microsoft Corporation, Verint Systems Inc., AWS Inc, Dolbey Systems Inc., Genpact Ltd., Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, and Hewlett Packard Enterprise (HPE) Company.
Forecast Parameters
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trends.
- Understanding adoption, production, export, import, and regulatory framework.
Data Validation
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Natural Language Processing (NLP) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Type
- Statistical
- Rule-Based
- Hybrid
- By Deployment Type
- Cloud
- On-Premises
- By Component
- Solutions
- Platform
- Software Tools
- Services
- Managed
- Professional
- Consulting
- Support and Maintenance
- Solutions
- By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
- By Application
- Information Extraction
- Question Answering
- Machine Translation
- Automatic Summarization
- Sentiment Analysis
- Text Processing
- Others
- By Industry
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail and E-commerce
- Manufacturing
- Media and Entertainment
- Travel and Hospitality
- IT & Telecommunication
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Natural Language Processing (NLP) Market