DUBLIN--(BUSINESS WIRE)--The "Natural Language Processing (NLP): Global Market Analysis and Insights" report has been added to ResearchAndMarkets.com's offering.
The global market for NLP was estimated to be valued at $23.8 billion in 2022. It is projected the NLP market will grow at a compound annual growth rate (CAGR) of 26.1%, and it is forecast to reach $92.7 billion by 2028.
Increasing demand for intelligent virtual assistants such as Siri, Alexa and Google Assistant, a growing volume of unstructured data, advancement in machine learning and deep learning and increasing use of application areas are some of the key factors driving the growth of the current NLP market. Data piracy and security concerns, a lack of skilled professionals, language and cultural barriers, and ethical and bias concerns, however, are hindering the market growth. Apart from drivers and restraints, increasing adoption in healthcare, customer experience enhancement, improving sentiment analysis and social listening, multilingual and cross-cultural applications, compliance and regulatory will create huge opportunities for vendors in the market.
In this report, the NLP market has been segmented based on component, deployment, organization size, type, application, industry vertical and geography. Based on component, the NLP market has been categorized into solution and services. Solution currently dominates the market, and the segment was valued at $15.2 billion in 2022. It is estimated the NLP market for solution will grow at a CAGR of 26.4%, and it is forecast to reach $60 billion by 2028.
Based on deployment, the NLP market has been segmented into cloud and on-premises. Based on organization size, the NLP market has been segmented into large enterprises and SMEs. Based on type, the NLP market has been segmented into rule-based, statistical and hybrid. Based on application, the NLP market has been segmented into sentiment analysis, social media monitoring, automatic summarization, content management and virtual assistants/chatbots. Based on industry vertical, the NLP market has been segmented into BFSI, education, healthcare, retail and e-commerce, IT and telecommunication, media and entertainment, and others.
By geography, the NLP market has been segmented into North America, Europe, Asia-Pacific and Rest of World (RoW). North America is currently the most dominant global NLP market. In 2022, total revenue from the North America NLP market reached $8.6 billion, which is 36.1% of the global market. The presence of leading global companies, robust technology infrastructure, favourable political and economic environment, and high adoption of advanced technologies (e.g., AI, IoT, cloud) are among the key factors driving the North American market. Asia-Pacific is currently the fastest-growing market for NLP. The Asia-Pacific NLP market was valued at $5.8 billion in 2022. It is projected to grow at a CAGR of 28.3%, and it is forecast to reach $25.2 billion by 2028.
The report covers the NLP market with regard to the user base across different regions. It also highlights major trends and challenges that affect the market and the vendor landscape. The report estimates the global market for NLP in 2022 and provides projections for the expected market size through 2028. The report explains the value chain and current trends in the global markets for NLP. It concludes with detailed profiles of the major market players.
Market Drivers
- Rising Adoption of NLP Among Businesses to Enhance Customer Service
- Growing Interest and Investments in Ai Technologies
- Growing Volume of Unstructured Data Through NLP
- Regulatory Compliance and Risk Management
Market Restraints
- Limited Availability of Multiple Languages
- Growing Concern Regarding Data Privacy
Market Opportunities
- Surge in the Developments of Big Data Technology for Actionable Business Intelligence
- Increase in Investment Across Healthcare
The Report Includes
- An overview and up-to-date analysis of the global market for the NLP technologies
- Analyses of the global market trends, with historic market revenue data for 2022, estimates for 2023, forecasts for 2024, and projections of compound annual growth rates (CAGRs) through 2028
- Highlights of emerging technology trends, opportunities and gaps estimating current size and anticipated growth of the overall NLP market and its related market segments, and identification of the major regions and countries involved in market developments
- Estimation of the actual market size and revenue forecast for the global NLP market in USD million values, and corresponding market share analysis based on the component, deployment type, organization size, technology type, application, industry vertical, and region
- Updated information on key market drivers and opportunities, industry shifts and regulations, and other region and industry specific macroeconomic variables that will influence this market in the coming years (2023-2028)
- Review of patents in the NLP market along with the global NLP based patent applications and patents granted for a brief period
- A look at the major growth strategies adopted by leading players operating in the market for NLP technologies, recent developments, strategic alliances, and competitive benchmarking
- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Descriptive company profiles of the leading global players of the industry, including 3M, Apple, IBM, Meta Platforms and SAS Institute.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $29.1 Billion |
| Forecasted Market Value (USD) by 2028 | $92.7 Billion |
| Compound Annual Growth Rate | 26.1% |
| Regions Covered | Global
|
Company Profiles
- 3M
- Alphabet Inc.
- Amazon
- Apple
- Hewlett Packard Enterprise
- IBM
- Inbenta Technologies
- Intel
- Iqvia
- Just Ai
- Meta Platforms
- Microsoft Corp.
- Narrative Science
- Netbase Quid
- Openai
- Oracle Corp.
- Sap
- Sas Institute
- Soundhound Ai
- Verint Systems
For more information about this report visit https://www.researchandmarkets.com/r/2jxrjk
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