North America Led the Natural Language Processing Market in 2022
The Global Natural Language Processing NLP Market was estimated at USD 13.5 billion in 2022 and is anticipated to reach around USD 91 billion by 2032, growing at a CAGR of roughly 27% between 2023 and 2032.
CMI research report offers a 360-degree view of the Natural Language Processing NLP market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Natural Language Processing market.
Natural Language Processing NLP Market: Overview
A branch of computer science and a part of artificial intelligence (AI) is natural language processing NLP. Through AI and real-time analytics, it assists in bridging the technological and human worlds. Some examples are Siri, Alexa, Google Search, and other systems that use NLP. Through its many products & services, NLP is expected to aid in comprehending, interpreting, and manipulating human language.
As a result, major businesses focus on incorporating NLP into programs for sentiment analysis, machine translation, speech recognition, chatbots, text classification, market intelligence, and spell-checking.
NLP is also becoming quite popular due to its value in data organization while dealing with client questions and feedback through chat-bots. Therefore, NLP also shortens the learning curve for programming languages like Java, C++, Ruby, and C.
The demand for NLP is expected to rise in the upcoming years due to the growing requirement for analysis of the huge amounts of data generated in the present enterprises through forums, sites, emails, web blogs, audio, and other channels.
Browse the full “Natural Language Processing Market Size, Trends and Insights By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Component (Hardware, Software, Services), By Processing Type (Speech/Voice, Text, Image), By End-user (Healthcare, BFSI, Education, Retail, Manufacturing, IT & Telecom, Retail, Media & Entertainment, Manufacturing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/natural-language-processing-market/
Through AI and NLP, businesses improve customer experience and extend their business processes. Due to the growing need for accurate health profiles and diagnostic results for better treatment outcomes, NLP systems, particularly Electronic Health Records (EHR), are gaining enormous interest in the healthcare industry.
The demand for NLP to improve customer experience through inquiry handling and individualized attention is predicted to develop as the e-commerce sector expands, and online platforms become more widely used. In the upcoming years, the natural language processing NLP market is projected to experience rapid expansion due to the increased need for NLP technology solutions and text analytics to assess published material, political reviews, and hate speech.
Global Natural Language Processing Market 2023–2032 (By Component)
The market for Natural Language Processing NLP is segmented into deployment, component, organization size, and end-user. Based on components, throughout the forecast period, the solutions segment is anticipated to dominate the global market regarding revenue share. There are many benefits to using NLP systems. For instance, numerous professional service providers, such as law or accounting firms, must examine numerous contracts.
The time spent seeking specific provisions can be decreased by developing a natural language processing tool aimed at legal and accounting experts. Since so many of them have similar content, staff members may spend hours looking for the proper contract. A chatbot can be trained to search for certain sentences in various publications without human assistance using NLP technologies.
Based on end-user, due to a growing demand for it, the Banking, Financial Services, and Insurance (BFSI) category is anticipated to account for a sizable revenue share throughout the projection period. Natural Language Processing (NLP) technology is a great fit for the insurance and financial services sectors.
Banks, insurance companies, and other financial institutions can utilize NLP to automate procedures, enhance customer service, and improve judgment. Businesses in the insurance and financial services sectors utilize natural language processing to extract valuable data from a variety of unstructured sources. This can be especially useful in corporate mergers requiring rapid knowledge transfer. Additionally, it is advantageous to businesses entering multi-year contracts with numerous annexations. They can adhere to the agreements made through legally binding channels like conversations or emails and utilize NLP to track modifications and alterations.
Global Natural Language Processing Market 2023–2032 (By Processing Type)
Due to rising R&D efforts in the region’s nations, the North American market is anticipated to represent the biggest revenue share in the natural language processing NLP industry throughout the forecast period. For instance, a recent study published in the Journal of the American Medical Association demonstrated that an automated NLP tool using clinical notes and EHR data performed as predictably for risk classification of Severe Maternal Morbidity as a human, previously validated method. NLP is a branch of AI that uses deep learning, machine learning, and computational linguistics to help computers “understand” human language in audio or text data. NLP is used in clinical or research contexts to extract pertinent information from free-text sources, such as clinical notes and electronic health records, that would otherwise be challenging to access and use.
|Feature of the Report||Details|
|Market Size in 2023||USD 21.25 Billion|
|Projected Market Size in 2032||USD 91 Billion|
|Market Size in 2022||USD 13.5 Billion|
|CAGR Growth Rate||27% CAGR|
|Key Segment||By Deployment, Organization Size, Component, Processing Type, End-user, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Competitive Landscape/ Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Natural Language Processing market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
- 2020: Enterprise-grade VA platform was unveiled by Kore Ai, a prominent developer of conversational AI solutions. With the recently announced platforms, programmers can use conversational approaches to build a virtual assistant.
Global Natural Language Processing Market 2023–2032 (By Billion)
Some of the prominent players
- IBM Corporation
- Oracle Corporation
- Dolbey Systems Inc.
- Apple Inc.
- 3M Co.
- Hewlett -Packard Inc.
- Netbase Solutions Inc.
- Microsoft Corporation
- Verint Systems Inc.
- SAS Institute Inc.
The global Natural Language Processing NLP market is segmented as follows:
By Organization Size
- Large Enterprises
By Processing Type
- IT & Telecom
- Media & Entertainment
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America