Natural Language Processing (NLP) Market Demands, Key Players, Size, Growth, Trends, Technology and Forecast to 2027
PUNE, India, August 19, 2022 /PRNewswire/ — ReportsnReports has added the Global Natural Language Processing (NLP) Market Report to its research database with its 336 no. of search page reports. The Natural Language Processing (TAL) Market size from $15.7 billion in 2022 at $49.4 billion by 2027, at a compound annual growth rate (CAGR) of 25.7% over the forecast period. Various factors such as the growing need for predictive analytics to reduce risk and identify growth opportunities, growing 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 meaningful insights from text so organizations can analyze and extract insights related to customers, location. Additionally, NLP-based solutions enable organizations to recognize events to better understand customer sentiments and conversations on social media. NLP-based business applications are used to extract insights from unstructured voice or audio data and provide users with the visibility needed to extract vital information to improve customer experience and reduce overall operational costs.
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Factors such as advances in computer programs that analyze text, increasing need for enterprise solutions to streamline business operations for better customer experience, growing demand for cloud-based NLP solutions to reduce overall costs and improving scalability, an increased need for predictive analytics to reduce risk and identify growth opportunities, soaring developments in big data technology for actionable business intelligence, and increased investment in care are some of the factors driving the growth of the NLP market. Organizations around the world are investing with dedication in AI and ML technologies to improve user experience and stay competitive in a changing market environment.
The platform segment to register the highest CAGR during the forecast period
Solution-based, the NLP market is segmented into software tools and platform. The platform segment CAGR is estimated to be the highest during the forecast period. Platform vendors in the NLP market provide users with a toolkit to build and deploy AI applications to analyze voice and text data. NLP platforms help create document search, text summarization, and sentiment analysis. Microsoft offers Azure, which is a managed bot building platform that uses NLP technology to provide users with the ability to easily develop, deploy, and host a chatbot.
Managed Services to Register Highest CAGR Over Forecast Period
Based on services, the natural language processing market is segmented into professional services and managed services. The managed services segment is expected to grow at a higher CAGR during the forecast period. Managed services primarily deal with customer experiences. Managed Services provide specialized skills to maintain and update NLP software and services. All customer questions and needs before and after deployment are covered by managed services. Managed Service Providers (MSPs) are third-party companies that manage and provide support for the computing infrastructure of natural language processing vendors under a subscription model or service-level agreement ( ALS).
Asia Pacific hold the highest CAGR over the forecast period
The Asia-Pacific natural language processing market is expected to grow at the highest CAGR over the forecast period owing to the growing industrialization in this region. countries such as China, Japanand India are leveraging advanced AI technologies, and NLP is one of the key technology trends being embraced across major industry verticals. IBM, Google, and AWS are the major vendors operating in the region’s market, along with several other prominent NLP solutions and service providers. The adoption of artificial intelligence technologies by companies across different verticals, such as BFSI, travel, hospitality, and retail, is expected to aid in the growth of the NLP market through Asia Pacific.
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Distribution of primaries
In-depth interviews were conducted with CEOs, chief innovation and technology officers, system integrators, and executives from various key organizations operating in the natural language processing market.
- By company: Level I: 35%, Level II: 45% and Level III: 20%
- By designation: C-level executives: 35%, D-level executives: 25% and managers: 40%
- By region: APAC: 25%, Europe: 30%, North America: 30%, AME: 10%, Latin America: 5%
The report includes the study of key players offering natural language processing solutions and services. It profiles the major vendors in the NLP market. The major players in the NLP market are IBM (US), Microsoft (US), Google (US), AWS (US)Meta (USA), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Inbenta (US), Health Fidelity (US), LivePerson (US) USA), SoundHound (USA), MindMeld (USA), Veritone (USA), Dolbey (USA), Automated Insights (USA), Bitext (USA), Conversica (USA), United States), Addepto (United States), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Pen data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US) and DheeYantra (US).
The market study covers the natural language processing market across all segments. It aims to estimate market size and growth potential of this market across various segments, such as component, type, deployment mode, organization size, application, technology, vertical and the region. It includes an in-depth competitive analysis of major market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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