Natural Language Processing Market size worth $ 65.38 Billion, Globally, by 2030 at 19.49% CAGR – Report By Verified Market Research®
The Natural Language Processing industry is experiencing significant growth due to the increasing need for AI applications. The expansion of the market is driven by data-driven decision-making, the requirement for sentiment analysis, and improvements in deep learning. The increasing utilisation of NLP in healthcare, finance, and customer service is fueling the growth of the market.
Jersey City, New Jersey, Feb. 05, 2024 (GLOBE NEWSWIRE) — The Global Natural Language Processing Market is projected to grow at a CAGR of 19.49% from 2022 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 13.17 Billion in 2021 and is expected to reach USD 65.38 Billion by the end of the forecast period.
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Browse in-depth TOC on “Natural Language Processing Market”
202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2022-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | IBM Corporation, Hewlett-Packard Enterprise Company, Microsoft Corporation, Apple Incorporation, Dolbey Systems Inc., Google, Netbase Solutions, SAS Instituite, Inc., Verint System, and 3M Company. |
| SEGMENTS COVERED | By Type, By Deployment Model, By Application, By Vertical, and By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Natural Language Processing Market Overview:
Growing Demand for AI Applications in Natural Language Processing Market:
The growing need for AI-powered applications is a key factor influencing the direction of the Natural Language Processing (NLP) market. Organisations in several industries are acknowledging the significant impact of NLP in improving automation, efficiency, and decision-making processes. The increasing demand acts as a fuel for the continuous growth of the market, as organisations aim to utilise NLP technology to gain a competitive advantage.
Data-Driven Decision-Making Propels Natural Language Processing Market:
The NLP market is significantly influenced by the increasing focus on decision-making based on data. With the increasing accumulation of data by businesses, the importance of efficient analysis and interpretation becomes crucial. Natural Language Processing (NLP) plays a crucial role in extracting meaningful insights from big information, enabling organisations to make well-informed decisions quickly. This trend highlights the crucial significance of NLP in the development of contemporary corporate strategies.
Surge in Sentiment Analysis Needs Drives Natural Language Processing Market:
The increasing need for sentiment analysis is a major factor propelling the expansion of the Natural Language Processing Market. An essential task for businesses is to analyse and comprehend user attitudes from written information, as this allows them to assess public opinion, improve consumer satisfaction, and adjust their strategy accordingly. Natural Language Processing (NLP) technologies, by virtue of their capacity to interpret emotions, make a significant contribution to fulfilling these ever-changing market requirements.
Advancements in Deep Learning Enhance Natural Language Processing Market:
The continuous progress in deep learning and neural networks has a substantial influence on the capabilities of Natural Language Processing. These advancements in technology allow NLP systems to better understand the subtleties, context, and meaning of language. With the ongoing development of the industry, the improved functionalities of Natural Language Processing (NLP) are playing a significant role in its increased acceptance across many industries, hence strengthening its position in the market.
Expanding Applications Across Sectors Drive Natural Language Processing Market:
The Natural Language Processing Market is witnessing substantial expansion as a result of its increasing utilisation in critical industries. Natural Language Processing (NLP) is demonstrating its transformative impact in healthcare, finance, and customer service by optimising procedures, enhancing communication, and enhancing overall productivity. The market’s development into other industries highlights the versatility of NLP and its potential to revolutionise several elements of corporate operations.
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Natural Language Processing Market Key Players Shaping the Future
Major players, including IBM Corporation, Hewlett-Packard Enterprise Company, Microsoft Corporation, Apple Incorporation, Dolbey Systems Inc., Google, Netbase Solutions, SAS Instituite, Inc., Verint System, and 3M Company, and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.
Key Developments:
- In November 2021, IBM had announced new natural language processing (NLP) enhancements planned for IBM Watson Discovery, and designed to help business users in industries such as financial services, insurance and legal services enhance customer care and accelerate business processes by uncovering insights and synthesizing information from complex documents.
- In May 2021, Verint Intelligent Virtual Assistant (IVA) was recognized in the natural language processing (NLP) product category, as Verint was amongst the winners of Business Intelligence Group’s Excellence in Artificial Intelligence Awards.
To get market data, insights, and a comprehensive Global Natural Language Processing Market analysis, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Natural Language Processing Market into Type, Deployment Model, Application, Vertical, And Geography.
- Natural Language Processing Market, by Type
- Statistical NLP
- Rule Based NLP
- Hybrid NLP
- Natural Language Processing Market, by Deployment Mode
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Natural Language Processing Market, by Application
- Information Extraction
- Machine Translation
- Question Answering
- Report Generation
- Others
- Natural Language Processing Market, by Vertical
- Healthcare
- Banking, Financial Services, and Insurance (BFSI)
- Retail and Consumer Goods
- Research and Education
- High tech and Electronics
- Manufacturing
- Media and Entertainment
- Others
- Natural Language Processing Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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