The rising demand and adoption of cloud-based technologies is expected to drive the market of the Global Natural Language Processing Market during the forecast period of 2024-2028.
According to TechSci Research report, Natural Language Processing (NLP) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028, the Global Natural Language Processing Market is anticipated to register a robust growth during the forecast period, 2024-2028. The Global Natural Language Processing (NLP) market is growing on account of increasing use of smart devices in the industry and increasing adoption of natural language processing by various organizations helps decrease customer effort, improve organization’s analytical skills, and allow automation. Virtual assistants enable customers to communicate with organizations through online chat boxes in their native language which improves the customer experience. Furthermore, NPL assists organizations in enhancing their analytical capabilities. The growing need for text analytics in various enterprises, as well as the growing demand for machine learning processes, and increasing social media monitoring are some of the key driving factors leading to growth of the natural language processing market.
Moreover, the rising shift from product-centric to customer-centric experience and increased adoption of cognitive technology in the field of Artificial Intelligence (AI) are furthermore accelerating the expansion of the natural language processing market across the globe.
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The natural language processing (NLP) market is segmented into component, deployment, organization, type, application, industry vertical and region. Based on component type, the market is divided into services, solution, and managed services. Based on deployment, the market is segmented into on-premises and cloud. Based on organization, the market is further bifurcated into large and small & medium enterprise. Based on type, the market is further split into statistical, hybrid, and rule based. Based on application, the market is categorized into automatic text summarization, semantic analysis, text extraction, sentiment analysis, speech recognition, machine translation, others automatic text summarization, semantic analysis, text extraction, sentiment analysis, speech recognition, machine translation and others. The industry vertical segment is further divided into BFSI, IT & telecommunications, healthcare & life science, retail & e-commerce, government & public sector and others.
On the basis of component, solutions segment is expected to dominate in the natural language processing (NLP) market during the forecast period as NLP is gaining popularity and has become possible due to the availability of a large amount of data. Predictive text, smart assistants, search engine results, text classifications, text extraction and text summarization benefits are allowing more enterprises to adopt and implement NLP solutions to improve the business outcomes. Furthermore, the services segments are also becoming an important entity for building AI chatbot, sentimental analysis, entity recognition, extract information using NLP in various industries such as stocks, laws, finance, healthcare and marketing. Thus, the solution segment is growing enabling the growth of natural language processing market during the forecast period.
On the bases of type segment, statistical segment is expected to dominate in the global natural language processing market owing to factors such as automatic manipulations, interoperability, secure storage, and round-the-clock availability, have enabled the statistical segment to concentrate more on customer-centric business models and the growing adoption of technical languages such as Python, R Language are allowing to summarize the meaning and enabling advanced analytics such as optimization and forecasting. Furthermore, benefits such as better speed, reliability and robustness play a significant role in the statistical services, enabling the adoption of Statistical NLP solutions in the market.
On the bases of industry vertical, BFSI segment has the largest share in the overall natural language processing market and is expected to remain dominant during the forecast period. Financial service providers are adopting NLP solutions to analyze data, make effective decisions, and provide quality products and services to their customers. NLP can help these institutions identify illegal activities such as money laundering and other fraudulent behavior. Moreover, the increase in the adoption of EHR’s which are already incorporating NLP solutions to eliminate the consequences of being unable to transfer free text conversations into insights. Therefore, BFSI segments are expected to increase during the forecast period.
Key market players in the natural processing language market:
- Microsoft Corporation
- IBM Corporation
- Apple Inc.
- 3M Company
- Amazon Inc.
- Google Inc.
- Dolbey Systems, Inc.
- Intel Corporation
- Baidu, Inc.
- Veritone Inc.
On December 09, 2022: Dialpad in an article with eweek, announced the introduction of AI-powered customer intelligence “TrueCaaS” in the solution portfolio. A single stack software that can deliver unified communications as a service (UCaaS) and contact centers as a service (CCaaS). The solutions enable better customer services and employee collaborations.
On May 25, 2022: Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) announced the next phase of strategic collaboration with IBM. Both enterprises had signed a Memorandum of Understanding, aimed to advance fundamental AI research, accelerating the methods of scientific breakthroughs to unlock the potential of AI. The collaboration will also focus on three parameters: Natural Language Processing (NLP), sustainability, and AI applications in the healthcare industry.
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“North America is estimated to hold the largest market share in the natural language processing market owing to the increasing number of new product launches in the United States. However, Asia Pacific has experienced significant growth for the natural language processing market throughout the forecast period. This is due to the presence of established companies that are focusing on adopting advanced solutions to improve business processes. This is due to the increasing data volume across industries, rising demand for enhanced customer experience, and large investments in research and development (R&D) projects of AI-based technologies by various industries, nonprofit organizations, and academia. Additionally, it is anticipated that the market for network technology applications would rise as robust computational infrastructure and connected technologies are increasingly adopted. High-speed networks such as 5G services and the use of digitization in manufacturing, energy & utility, logistics and healthcare are anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Natural Language Processing Market Segmented By Component (Service, Solution and Managed Services), By Deployment (On-Premises and Cloud), By Organization (Large and Small & Medium Enterprise), By Type (Statistical, Hybrid and Rule Based), By Application (Automatic Text Summarization, Semantic Analysis, Text Extraction, Sentiment Analysis, Speech Recognition, Machine Translation, Others), By Industry Vertical (BFSI, IT & Telecommunications, Healthcare & Life Science, Retail & E-Commerce, Government & Public Sector and Others), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of Global Natural Language Processing (NLP) Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Natural Language Processing (NLP) Market.
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