Natural Language Processing Market Size, Share & Trends 2031

Natural Language Processing Market Size, Share & Trends 2031

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

https://growthmarketreports.com/Raksha
Author : Raksha Sharma
https://growthmarketreports.com/Vineet
Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-4152 | 4.2 Rating | 80 Reviews | 221 Pages | Format : PDF Excel PPT

Report Description


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.

Global Natural Language Processing Market Outlook

  • Increasing demand for cloud-based NLP solutions to lower overall costs and improve scalability is expected to propel the market expansion during the forecast period.
  • Growing use of smart devices to enable smart environments and rising demand for improved customer experience are projected to fuel the market growth in the coming years.
  • Growing needs for technology to ensure digital data analysis as well as technical innovations and improvements of NLP are key drivers of the market.
  • Complexities caused by the use of code-mixed language when implementing NLP solutions are estimated to hinder market expansion throughout the projection period.
  • Reliability issues, the need for effective predictive technologies, and lack of skilled labour are the main constraints hampering the growth of the market.
  • Increased investments and wide use of technology in advertising, media & entertainment, and healthcare industries are expected to create lucrative opportunities for the market expansion.

Scope of the report:

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.

Natural Language Processing Market Segment Insights:

Solutions segment is projected to hold significant market share

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.

Statistical NLP segment is anticipated to account for a substantial share

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.

Global Natural Language Processing Market Types

Cloud-based segment to expand at a robust pace during the forecast period

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.

Large enterprises segment to register substantial growth

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.

Text & speech analytics segment to expand rapidly

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.

Machine translation segment is anticipated to hold substantial market share

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.

Global Natural Language Processing Market Application

BFSI segment to account for a significant market share

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.

Global Natural Language Processing Market End Users

North America is expected to dominate the market

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.

Segments

By Components

  • Solutions
    • Software Tools
    • Platform
  • Services
    • Managed Services
    • Professional Services
      • Consulting
      • Support & Maintenance
      • System Integration & Implementation

By Types

  • Hybrid-based NLP
  • Statistical NLP
  • Rule NLP

By Deployment Modes

  • Cloud-based
    • Hybrid Cloud
    • Private Cloud
    • Public Cloud
  • On-premises

By Organization Sizes

  • Large Enterprises
  • Small & Medium-sized Enterprises

By Technology

  • Auto Coding
  • Classification & Categorization
  • Interactive Voice Response
  • Optical Character Recognition
  • Pattern & Image Recognition
  • Professional services
  • Text & Speech Analytics
  • Others

By 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
  • Others

By End-users

  • Automotive
  • Academia & Education
  • Banking, Financial Services & Insurance
  • Defense & Aerospace
  • Energy & Utilities
  • Government & Public Sector
  • Healthcare & Life Sciences
  • IT & Telecom
  • Manufacturing
  • Media & Advertisement
  • Retail & E-commerce
  • Travel & Hospitality

By Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

By Key Players

Competitive Landscape

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.

Global Natural Language Processing Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Natural Language Processing Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Natural Language Processing Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Natural Language Processing Market - Supply Chain
  4.5. Global Natural Language Processing Market Forecast
     4.5.1. Natural Language Processing Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Natural Language Processing Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Natural Language Processing Market Absolute $ Opportunity
5. Global Natural Language Processing Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Natural Language Processing Market Size and Volume Forecast by Types
     5.3.1. Hybrid-based NLP
     5.3.2. Statistical NLP
     5.3.3. Rule NLP
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Natural Language Processing Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Natural Language Processing Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Natural Language Processing Demand Share Forecast, 2019-2026
7. North America Natural Language Processing Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Natural Language Processing Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Natural Language Processing Market Size and Volume Forecast by Types
     7.4.1. Hybrid-based NLP
     7.4.2. Statistical NLP
     7.4.3. Rule NLP
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Natural Language Processing Demand Share Forecast, 2019-2026
8. Latin America Natural Language Processing Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Natural Language Processing Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Natural Language Processing Market Size and Volume Forecast by Types
     8.4.1. Hybrid-based NLP
     8.4.2. Statistical NLP
     8.4.3. Rule NLP
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Natural Language Processing Demand Share Forecast, 2019-2026
9. Europe Natural Language Processing Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Natural Language Processing Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Natural Language Processing Market Size and Volume Forecast by Types
     9.4.1. Hybrid-based NLP
     9.4.2. Statistical NLP
     9.4.3. Rule NLP
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Natural Language Processing Demand Share Forecast, 2019-2026
10. Asia Pacific Natural Language Processing Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Natural Language Processing Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Natural Language Processing Market Size and Volume Forecast by Types
     10.4.1. Hybrid-based NLP
     10.4.2. Statistical NLP
     10.4.3. Rule NLP
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Natural Language Processing Demand Share Forecast, 2019-2026
11. Middle East & Africa Natural Language Processing Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Natural Language Processing Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Natural Language Processing Market Size and Volume Forecast by Types
     11.4.1. Hybrid-based NLP
     11.4.2. Statistical NLP
     11.4.3. Rule NLP
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Natural Language Processing Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Natural Language Processing Market: Market Share Analysis
  12.2. Natural Language Processing Distributors and Customers
  12.3. Natural Language Processing Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. IBM Corp.
     12.4.2. Veritone, Inc.
     12.4.3. Inbenta Holdings Inc.
     12.4.4. Linguamatics
     12.4.5. Amazon Web Services
     12.4.6. Conversica, Inc.
     12.4.7. Apple Inc.
     12.4.8. SparkCognition

Methodology

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