Segments - Global Natural Language Processing Market by Components (Solutions [Software Tools and Platform] and Services [Managed Services and Professional Services {Consulting, Support & Maintenance, and System Integration & Implementation}]), Types (Hybrid-based NLP, Statistical NLP, and Rule NLP), Deployment Modes (Cloud-based [Hybrid Cloud, Private Cloud, and Public Cloud] and On-premises), Organization Sizes (Large Enterprises and Small & Medium-sized Enterprises), Technology (Auto Coding, Classification & Categorization, Interactive Voice Response, Optical Character Recognition, Pattern & Image Recognition), Applications (Automatic Summarization, Branding & Advertising, Content Management, Data Extraction, HR & Recruiting, Information Extraction, Language Scoring, Machine Translation), End-users (Automotive, Academia & Education, BFSI, Defense & Aerospace, Government & Public Sector, Healthcare & Life Sciences, IT & Telecom), and Regions (APAC, North America, Europe, Latin America, & MEA) Forecasts, 2021-2028
The global natural language processing market is estimated to expand at a substantial CAGR during the forecast period, between 2021 and 2028. Natural language processing serves as a link between humans and technology. It is an Artificial Intelligence (AI)-based component that understands human language and then converts it to machine language. So, NLP is also regarded as a subfield of AI that translates, comprehends, and manipulates human languages. The language processing is becoming more popular as the need for enhancing communication of human-to-machine connections and analysis of big data technology are extensively required in several industries. Computers can easily interpret the input instruction given by humans with their assistance.
The report on the global natural language processing market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Natural Language Processing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018 & 2019 |
Forecast Period |
2021–2028 |
Segmentation |
Components (Solutions [Software Tools and Platform] and Services [Managed Services and Professional Services {Consulting, Support & Maintenance, and System Integration & Implementation}]), Types (Hybrid-based NLP, Statistical NLP, and Rule NLP), Deployment Modes (Cloud-based [Hybrid Cloud, Private Cloud, and Public Cloud] and On-premises), Organization Sizes (Large Enterprises and Small & Medium-sized Enterprises), Technology (Auto Coding, Classification & Categorization, Interactive Voice Response, Optical Character Recognition, Pattern & Image Recognition, Professional Services, Text & Speech Analytics, and Others), Applications (Automatic Summarization, Branding & Advertising, Content Management, Data Extraction, HR & Recruiting, Information Extraction, Language Scoring, Machine Translation, Sentiment Analysis, Portfolio Monitoring, Report Generation, Risk & Threat Detection, Question Answering, and Others), End-users (Automotive, Academia & Education, BFSI, Defense & Aerospace, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, IT & Telecom, Manufacturing, Media & Advertisement, Retail & E-commerce, and Travel & Hospitality) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players covered in the Report |
IBM Corp.; Veritone, Inc.; Inbenta Holdings Inc.; Linguamatics; Amazon Web Services, Conversica, Inc.; Apple Inc.; SparkCognition; Google; and Nuance Communications, Inc. |
Based on components, the natural language processing market is bifurcated into solutions and services. The solutions segment is further classified as software tools and platform while the services segment is sub-categorized as managed services and professional services. The IT professional services is further sub-divided into consulting, support & maintenance, and system integration & implementation. The solutions segment is projected to hold significant market share owing to the growing demand for real-time insights from voice or speech data across several industries. Moreover, the increasing demand for NLP software tools and platforms present another key factors driving the segment.
On the basis of types, the market is segmented into hybrid-based NLP, statistical NLP, and rule NLP. The statistical NLP segment is anticipated to account for a substantial share of the market due to its superior advantages and features over traditional ways. The statistical method makes use of powerful machine learning methods to create statistical models from multilingual parallel corpora that aid in precise and speedy translation. Furthermore, statistical methods are data-driven and can successfully handle ambiguity, making them an excellent alternative for NLP solutions.
In terms of deployment modes, the natural language processing market is bifurcated into cloud-based and on-premises. The cloud-based segment is further segmented into hybrid cloud, private cloud, and public cloud. The cloud-based segment is expected expand at a robust pace during the forecast period. Users may analyse and consume multilingual content, user-generated information, and other web-content in a more secure manner using a cloud-based NLP platform. Moreover, the service can be accessed from anyone anywhere across the globe. For large data applications, cloud technology is adaptable and scalable.
Based on organization sizes, the market is bifurcated into large enterprises and small & medium-sized enterprises. The large enterprises segment is anticipated to register substantial growth in the coming years owing to high use of the platforms by big companies. When these firms adopt deep learning and supervision for a number of applications, the utilization of this technology is widely required. Cost-effective and wide technological improvements are key factors that influence large firms to increase adoption of NLP.
On the basis of technology, the natural language processing market is segregated into auto coding, classification & categorization, interactive voice response, optical character recognition, pattern & image recognition, professional services, text & speech analytics, and others. The text & speech analytics segment is expected to expand rapidly during the projection period. Text and speech analytics are becoming popular and increasingly adopted across various industries including finance, marketing, BFSI, retail, and others. This is due to the extraction and analysis of massive amounts of text that might assist organisations in drawing meaningful insights to understand market dynamics and manage risks. Although voice remains the primary route for imparting a benefit, clients are increasingly preferring speech-based communication methods. Speech analytics can perceive the underlying concepts of a sound and understand languages through linguistics. They can also deliver intelligent information even if the translation is incorrect.
In terms of applications, the market is segmented into automatic summarization, branding & advertising, content management, data extraction, HR & recruiting, information extraction, language scoring, machine translation, sentiment analysis, portfolio monitoring, report generation, risk & threat detection, question answering, and others. The machine translation segment is anticipated to hold substantial market share due to wide adoption of the NLP process for machine translation as the NLP solution converts speech and text inputs from one language to another. Furthermore, the growing need to localize material into more languages is expected to increase demand for the solutions. Moreover, the requirement for high-speed translation and cost-effectiveness are key factors propelling the segment growth.
Based on end-users, the natural language processing market is fragmented into automotive, academia & education, BFSI, defense & aerospace, energy & utilities, government & public sector, healthcare & life sciences, IT & telecom, manufacturing, media & advertisement, retail & ecommerce, and travel & hospitality. The BFSI segment is estimated to account for a significant market share during the targeted period. Various financial institutions are utilizing advanced technologies for cross-border payments, insurance query resolution, text mining, foreign exchange, and a variety of other applications. Furthermore, financial institutions employ these technologies in contact centres to process client paperwork and voice.
In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to the wide range of participants and early adoption of new technology by leading players based in the region. Increasing use of smart devices and rising investment in AI technology by several key players is another key factor, expected to boost the regional market growth.
By Components
By Types
By Deployment Modes
By Organization Sizes
By Technology
By Applications
By End-users
By Regions
By Key Players
Key players in the global natural language processing market are IBM Corp.; Veritone, Inc.; Inbenta Holdings Inc.; Linguamatics; Amazon Web Services, Conversica, Inc.; Apple Inc.; SparkCognition; Google; and Nuance Communications, Inc. These players are actively engaged in various market development strategies such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.