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Global Natural Language Processing Market is Likely to Grow at a CAGR Value of Around 20.90% by 2028

04-Aug-2022 | Facts and Factors

According to Facts and Factors, the Global Natural Language Processing Market size was worth USD 4,251.50 million in 2021 and is estimated to grow to USD 13,277 million by 2028, with a compound annual growth rate (CAGR) of approximately 20.90% over the forecast period. The report analyzes the Natural Language Processing Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the cloud natural language processing market.

Cloud natural language processing (NLP) uses cloud machine learning to extract text's structure and meaning. Organizations can use natural language processing software to analyze text and extract data about individuals, locations, and events better to understand customer interactions and sentiment on social media. A branch of computer science and a part of artificial intelligence, natural language processing (AI). Through AI and real-time analytics, it assists in bridging the technological and human worlds. Some examples are Siri, Alexa, Google Search, and other systems that use NLP. Through its many products & services, NLP is expected to aid in comprehending, interpreting, and manipulating human language. As a result, major businesses are focusing on incorporating NLP into programs for sentiment analysis, machine translation, speech recognition, chatbots, text classification, market intelligence, and spell checking. NLP is also becoming quite popular as a result of its value in data organization while dealing with client questions and feedback through chatbots. Therefore, NLP also shortens the learning curve for programming languages like Java, C++, Ruby, and C.

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Browse the full “Natural Language Processing Market Size, Share, Growth Analysis Report By Product Type (Rule-based, Statistical, and Hybrid), By Deployment Model (Public, Private and Hybrid), By Technology (Recognition, Analytics, and Operational), By Application (Information Extraction, Machine Translation, Processing, and Visualization), By End-User (BFSI, I.T. and Telecommunication, Defense, Government Organization, Retail and E-commerce, Healthcare, Energy and Utility), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/natural-language-processing-market

In the sphere of AI, the natural language processing industry will be quite important. Businesses have used it to organize massive amounts of data and prevent problems. The device has been able to enter many different end-user sectors thanks to its broad applicability. The market will continue to expand in the years to come because of the constant technological advancements. The market is expanding as a result of factors like the increasing use of smart devices to support smart environments. Additionally, the market for natural language processing is developing due to the rising demand for sophisticated text analytics as well as rising internet and connected device usage.

In addition, NLP-based apps are increasingly being used across industries to improve customer experience. Additionally, it is anticipated that growing investments in the healthcare industry would offer the market significant growth prospects. But difficulties arising from the use of code-mixed language when implementing NLP solutions and restrictions in the development of NLP technology utilizing neural networks are constraining the use of cloud-based services, which can impede market growth.

Segmental Overview

The product type, deployment style, technology, application, and end-user are used to segment the natural language processing market. It is divided into rule-based, statistical, and hybrid product types. In 2021, the rule-based category dominated the global market. It is divided into public, private, and hybrid categories according to deployment mode. In 2021, the public category dominated the global market. It is divided into three categories based on technology: operational, analytics, and recognition. In 2021, the operational category dominated the global market. Information extraction, machine translation, processing, and visualization are the different application categories.

In 2021, information extraction had a major share in the global market. BFSI, IT and telecommunication, defense, government organizations, retail and e-commerce, healthcare, energy, and utilities are the categories under which it is categorized by the end user. In 2021, IT and telecommunication had a major share.

Regional Overview

North America is anticipated to have the greatest market size during the projection period. One of the most developed regions, North America, has made significant investments in technologies like analytics, AI, and machine learning. With the US accounting for the largest market share, it is the region of the world's NLP market with the highest revenue-generating capacity. The two main drivers propelling the expansion of the NLP market in the region are the rapid infrastructure expansions and the increased usage of digital technology.

This market is developing, and the rate of product launches in the region is picking up due to the rising innovations in the industry being researched by international firms situated in the United States. The rapidly expanding trend in the area can be ascribed to the digital breakthroughs in the healthcare and life science sectors as well as the region's growing use of patient health record systems.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 4,251.50 Million

Projected Market Size in 2028

USD 13,277 Million

CAGR Growth Rate

20.90% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

3M Company, Apple Inc., Amazon Web Services, Baidu Inc., Convergys Corporation, Dolbey Systems Inc., Fuji Xerox, Google Inc., H.P. Enterprise, IBM Corporation, and Others

Key Segment

By Product, Deployment Model, Technology, Application, End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Competitive Landscape

The report contains qualitative and quantitative research on the global natural language processing market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Key players functioning in the global Natural Language Processing market include 3M Company, Apple Inc., Amazon Web Services, Baidu Inc., Convergys Corporation, Dolbey Systems Inc., Fuji Xerox, Google Inc., HP Enterprise, IBM Corporation

Recent developments:

  • The Verint Intelligent Virtual Assistant (IVA) was honored in May 2021 as one of the winners of the Business Intelligence Group's Excellence in Artificial Intelligence Awards in the category of natural language processing (NLP) products.
  • Kore.Ai announced the development of an enterprise-grade VA platform in February 2020. Utilizing conversational AI tools like NLU, Deep Learning, NLP, and Predictive Analytics, the platform enables developers to build virtual assistants.

The Global Natural Language Processing Market is segmented as follows:

By Product

  • Rule Based
  • Statistical
  • Hybrid

By Deployment Model

  • Public
  • Private
  • Hybrid

By Technology

  • Recognition
  • Analytics
  • Operational

By Application

  • Information Extraction
  • Machine Translation
  • Processing
  • Visualization

By End-User

  • BFSI
  • IT and Telecommunication
  • Defense
  • Government Organization
  • Retail and E-Commerce
  • Healthcare
  • Energy
  • Utility

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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