DUBLIN--(BUSINESS WIRE)--The "Global Natural Language Processing (NLP) Market by Component (Solutions & Services), Application (Sentiment Analysis, Social Media Monitoring), Technology (IVR, OCR, Auto Coding), Vertical (BFSI, Retail & eCommerce, IT & ITES) & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The natural language processing (NLP) market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7%
Various factors such as increasing need for predictive analytics to reduce risks and identify growth opportunities, rising demand for cloud-based NLP solutions, and advancements in big data technologies are expected to drive the adoption of NLP.
NLP leverages ML-based techniques to derive the meaningful insights from the text so that the organizations can analyze and extract information related to customers, location.
Moreover, the NLP-based solutions offers organizations to recognize events to better understand customer sentiments and their conversations across social media channel. NLP-based business applications are used to derive insights from unstructured voice or audio data and deliver users the visibility to extract vital information to enhance customer experience and reduce overall operational costs.
Factors such as advancements in computer programs that analyze text, rise in need for enterprise solutions to streamline business operations for better customer experience, surging demand for cloud-based NLP solutions to reduce overall costs and enhance scalability, greater urge for predictive analytics to reduce risks and identify growth opportunities, surge in the developments of big data technology for actionable business intelligence, and increase in investments across healthcare are some of the factors driving the growth of NLP market.
Organizations across the globe are dedicatedly investing in AI and ML technologies to improve user experience and stay competitive in the changing market environment.
The platform segment to register for the highest CAGR during the forecast period
Based on solutions, the NLP market is segmented into software tools and platform. The CAGR of the platform segment is estimated to be the highest during the forecast period.
Platform providers in the NLP market provide users with a tool kit to create and deploy AI applications for analyzing speech and text data. NLP platforms help build document search, text summarization, and sentiment analysis. Microsoft offers Azure, which is a managed bot-building platform that uses NLP technology to offer users the ability to develop, deploy, and host a chatbot in an uncomplicated manner.
The Managed Services to record the highest CAGR during forecast period
Based on services, the NLP market is segmented into professional services and managed services. The managed services segment is expected grow at a higher CAGR during the forecast period.
Managed services mainly deal with client experiences. The managed services offer specialized skills to maintain and update NLP software and services. All pre-and post-deployment questions and needs of clients are covered under the managed services. Managed Service Providers (MSPs) consist of third-party companies that manage and provide support to the IT infrastructure of NLP providers under a subscription model or Service-Level Agreement (SLA).
Asia Pacific to hold highest CAGR during the forecast period
The Asia Pacific NLP market is expected to grow at the highest CAGR during the forecast period owing to the growing industrialization in this region. Countries such as China, Japan, and India are leveraging advanced AI technologies, and NLP is one of the leading technology trends adopted across key industry verticals.
IBM, Google, and AWS are the key vendors operating in the market in the region, along with several other significant NLP solutions and service providers. The adoption of AI technologies by companies across different verticals, such as BFSI, travel, hospitality, and retail, is expected to contribute to the growth of the NLP market across Asia Pacific.
Premium Insights
- Employee Onboarding & Recruiting Application to Grow at the Highest CAGR During the Forecast Period
- Solutions and BFSI Vertical to Account for the Largest Shares Respectively in 2022
- North America to Account for the Largest Share in 2022
Market Overview and Industry Trends
- Natural Language Processing: Evolution
- Natural Language Processing: Architecture
Market Dynamics
Drivers
- Advancements in Computer Programs That Analyze Text
- Rise in Need for Enterprise Solutions to Streamline Business Operations for Better Customer Experience
- Surging Demand for Cloud-Based Nlp Solutions to Reduce Overall Costs and Enhance Scalability
- Greater Urge for Predictive Analytics to Reduce Risks and Identify Growth Opportunities
Restraints
- Lack of Contextual Understanding Leading to Ambiguity
- Complexities due to the Usage of Code-Mixed Language while Implementing Nlp Solutions
- Limitations in the Development of Nlp Technology Using Neural Networks That May Restrict the Usage of Cloud-Based Services
Opportunities
- Surge in the Developments of Big Data Technology for Actionable Business Intelligence
- Increase in Investments Across Healthcare
Challenges
- Regulatory and Privacy Concerns Over Data Security
- Interoperability and Reliability Issues while Deploying NLP Algorithms
Case Study Analysis
Banking, Financial Services, and Insurance
- Case Study 1: National Bank of Greece Transformed with Sas Viya on Azure
- Case Study 2: Hsbc Implemented Liveperson's Conversational Ai Solutions with Intelligent Automation
Healthcare & Life Sciences
- Case Study 3: Value-Based Care at Atrius Health with Linguamatics
- Case Study 4: Huntsman Cancer Institute Optimized Research with Linguamatics Nlp Platform
- Case Study 5: Humana, a Leading Health Insurance Provider, Reduced Costly Pre-Service Calls with Conversational Ai
IT & ITES
- Case Study 6: Telenor Adapts to Rapidly Changing Customer Expectations Using a Hybrid Cloud Approach
Retail & Ecommerce
- Case Study 7: Schuh Stepped Up Customer Experience with Aws
Government & Public Sector
- Case Study 8: Smart City Uses Analytics and IoT to Predict and Manage Flood Events
Media & Entertainment
- Case Study 9: The Associated Press Used Nlg to Automate Ncaa Division I Men's Basketball Previews During the 2018 Season
- Case Study 10: Yahoo! Sports Uses Nlg to Produce Over 70 Million Reports and Match Recaps
Travel & Hospitality
- Case Study 11: Sas Gives Foxwoods Resort Casino a Holistic View of Resort Operations
Technology Analysis
- Artificial Intelligence
- Deep Learning
- Big Data
- Blockchain
- Cybersecurity
- IoT
Regulatory Implications
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act
- Payment Card Industry Data Security Standard
- Sarbanes-Oxley Act of 2002
- Soc 2 Type Ii Compliance
- Iso/Iec 27001
- The Gramm-Leach-Bliley Act
- European Union Data Protection Regulation
- Can-Spam Act
Company Profiles
Key Players
- IBM
- Microsoft
- Aws
- Meta
- 3M
- Baidu
- Apple
- Sas Institute
- Iqvia
- Oracle
- Inbenta
- Health Fidelity
- Liveperson
- Soundhound
- Mindmeld
- Veritone
- Dolbey
- Automated Insights
- Bitext
- Conversica
Startups/Smes
- Addepto
- Ragavera
- Observe.Ai
- Eigen Technologies
- Gnani.Ai
- Crayon Data
- Narrativa
- Deepset
- Ellipsis Health
- Dheeyantra
For more information about this report visit https://www.researchandmarkets.com/r/b6yqbj
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
