USD 19.68 billion
Natural Language Processing (NLP) Market Size, Share, Growth Analysis, By Deployment(On-premises, Cloud, and Hybrid), By Technology(Interactive Voice Response, Optical Character Recognition, Text Analytics, Speech Analytics), By Industry(Healthcare, Retail, High Tech and Telecom, Banking), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2230 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
100
|Figures:
76
Natural Language Processing (NLP) Market Insights
Global Natural Language Processing (NLP) Market size was valued at USD 19.68 billion in 2022 and is poised to grow from USD 24.52 billion in 2023 to USD 142.46 billion by 2031, at a CAGR of 24.60% during the forecast period (2024-2031).
The market is likely to witness continued innovation and fierce competition among both established players and emerging startups, making it an exciting space to watch in the coming years.
Natural Language Processing (NLP)is a testament to the escalating demand for sophisticated language comprehension and communication technologies across diverse sectors. Notably, human writers tend to weave a tapestry of sentence lengths, embracing both brevity and expansiveness—a trait often absent in AI-generated content, which tends to lean towards uniform sentence structures.
The surge in the global natural language processing (NLP) market is intricately linked to an escalating need for advanced language understanding and communication technologies across sectors such as healthcare, finance, e-commerce, customer service, and beyond. Industries find solace in the applications of NLP, including chatbots, sentiment analysis, language translation, and voice recognition, which seamlessly integrate into operations, enriching customer engagement and operational efficiency. Noteworthy, the progression is fueled by the imperative for efficient data processing and analysis in a landscape dominated by an incessant surge of information.
Contributing to this upward trajectory are strides in machine learning and deep learning methodologies, amplifying the precision and capabilities of NLP systems. This transformative technology, permeating sectors globally, shapes human interactions with technology and language-based tasks across a spectrum of industries.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
24.60% CAGR
Global Natural Language Processing (NLP) market ($ Bn)
Country Share for NORTH AMERICA Region (%)
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Natural Language Processing (NLP) Market Segmental Analysis
The segmentation of the global Natural Language Processing (NLP) market traverse’s dimensions such as Deployment, Technology, Industry, and region. The deployment landscape unfolds with distinctions in On-Premises, Cloud, and Hybrid models. Cloud deployment prevails, basking in the limelight due to scalability, cost-efficiency, and implementation ease. Notably, Hybrid deployment, straddling on-premises and cloud domains, experiences the zenith of growth, tailor-made for entities weaving data privacy and security concerns into their operational fabric.
Analysis by Technology
In the realm of technology, Interactive Voice Response (IVR) takes center stage as a stalwart. Extensively employed in customer service, telecommunications, and finance, IVR systems, with voice-based menus, emerge as custodians of swift, efficient interactions. In tandem, Text Analytics ascends rapidly, riding the tide of burgeoning unstructured textual data, encompassing social media content, customer reviews, and emails. Text Analytics, leveraging natural language processing and machine learning, extracts profound insights, unfurling a canvas where businesses discern customer sentiment, drive data-driven decisions, and sculpt marketing and product development strategies.
Global Natural Language Processing (NLP) market by Deployment
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Natural Language Processing (NLP) Market Regional Insights
North America emerges as a technological haven, epitomized by Silicon Valley, a citadel of NLP research and development. Concurrently, the Asia Pacific unfurls as the fastest-growing region, buoyed by a burgeoning population, escalating internet penetration, and a burgeoning middle-class consumer stratum. This regional dynamism rides on the strategic recognition of NLP's significance across sectors like e-commerce, healthcare, and customer service, galvanized by substantial investments and government initiatives.
Global Natural Language Processing (NLP) market by Geography
- Largest
- Fastest
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Natural Language Processing (NLP) Market Dynamics
Rise in Demand for Efficiency and Automation
- Propelling the Natural Language Processing (NLP) market are drivers such as the burgeoning demand for automation and efficiency across industries. NLP technology steps into the limelight, automating tasks like customer support, data analysis, and content generation, ushering in cost savings and operational efficacy.
Restraints
- Counteracting this momentum are restraints stemming from the dearth of high-quality training data, a pivotal factor hindering NLP solutions' effective development and deployment, particularly in non-English languages and specialized domains.
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Natural Language Processing (NLP) Market Competitive Landscape
In the realm of the global Natural Language Processing (NLP) market's competitive tapestry, myriad players engage in a symphony of rivalry for market share and technological prowess. Differing in dimensions of size, scope, and specialization, these entities proffer an array of NLP solutions and services. The competitive narrative unfolds with strategic undercurrents, including research and development initiatives, strategic partnerships, and an unwavering focus on customer-centric solutions tailored to industry-specific needs.
Top Players in Natural Language Processing Market:
- Hewlett Packard Enterprise Development LP
- Amazon.com, Inc.
- Google, LLC. (Alphabet)
- SAP SE,
- IBM Corporation,
- Inbenta Holdings Inc.,
- Linguamatics,
- SoundHound Al, Inc.,
- NetBase Quid, Inc.,
- JUST AI LIMITED,
- Baidu, Inc.,
- Facebook, Inc.,
- Microsoft Corporation,
- Apple Inc.,
- OpenAI,
- Nuance Communications, Inc.,
- Lexalytics, Inc.,
- Expert System S.p.A.,
- SAS Institute Inc.,
- Basis Technology Corp.
Recent Developments
- In March 2023, Market witnessed Amazon's collaboration with IIT Bombay, birthing the Amazon IIT-Bombay AI-ML Initiative, fostering advanced research in machine learning and artificial intelligence.
- In February 2023, Amazon Web Services (AWS) joined forces with Hugging Face, expediting the training and deployment of large language models, elevating NLP capabilities.
- in July 2022, SoundHound's collaboration with LG marked a foray into Voice AI Technology for in-vehicle infotainment systems, ushering in innovation within the automotive industry.
Natural Language Processing (NLP) Key Market Trends
- A salient trend in the Natural Language Processing (NLP) arena revolves around the rapid integration of multimodal AI capabilities. This entails the convergence of language understanding with sensory inputs like images, videos, and voice, enhancing the versatility of NLP systems. This evolution herald’s transformative applications, from augmented virtual assistants and chatbots to revolutionized content recommendation systems, casting it as a pivotal trend shaping the NLP market.
Natural Language Processing (NLP) Market SkyQuest Analysis
SkyQuest's Advanced Business Intelligence, Research & Analysis Wing (ABIRAW) delves into the thriving market dynamics of Natural Language Processing (NLP). The market's robust growth is underpinned by a confluence of factors, including the widespread adoption of NLP solutions across healthcare, finance, e-commerce, and customer service sectors. NLP emerges as a linchpin for organizations seeking operational streamlining, heightened customer engagement, and valuable insights extraction from textual data. The journey ahead promises the integration of NLP with emerging technologies like augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT), fostering more immersive and context-aware applications.
As the curtains draw on this exploration, the horizon for the Natural Language Processing (NLP) market unfolds with optimism. The trajectory is sculpted by the symbiosis of technological advancements, strategic market dynamics, and an unwavering commitment to innovation. NLP, poised at the confluence of language, technology, and business, embarks on a journey where its role as a transformative force only intensifies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 19.68 billion |
| Market size value in 2031 | USD 142.46 billion |
| Growth Rate | 24.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Natural Language Processing (NLP) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Natural Language Processing (NLP) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Natural Language Processing (NLP) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Natural Language Processing (NLP) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Natural Language Processing (NLP) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Natural Language Processing (NLP) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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