The global natural language processing (NLP) market is expected to grow at a CAGR of 20.0% during the forecast period with its market size predicted to reach USD 23.0 billion by 2024. Globally, natural language processing (NLP) industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion.
Machine Translation category held largest share in the natural language processing (NLP) market in 2018
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, machine translation category held largest share in the market in 2018, owing to the increasing demand in organizations for solutions that can facilitate translation of text into multiple languages.
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Based on industry, the natural language processing (NLP) market is segmented into BFSI, healthcare, retail and ecommerce, manufacturing, media and entertainment, travel and hospitality, it & telecommunication, and others. Among these segments, BFSI category held largest share in the market in 2018.
Geographically, North America has accounted for the largest share in natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for enhanced customer experience, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
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.
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global natural language processing (NLP) market on the basis of type, deployment type, component, organization size, application, industry and region.
Global Natural Language Processing (NLP) Market Coverage
Type Insight and Forecast 2014-2024
Deployment Type Insight and Forecast 2014-2024
Component Insight and Forecast 2014-2024
Organization Size Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Industry Insight and Forecast 2014-2024
Natural Language Processing (NLP) Market by Region
Rest of the World (RoW)