Global Natural Language Processing (NLP) Market Size, Share, Growth Analysis, By Deployment(On-premises, Cloud), By Technology(Interactive Voice Response, Optical Character Recognition), By Industry(Healthcare, Retail)

Description

Global Natural Language Processing (NLP) Market size was valued at USD 19.68 billion in 2022 and is poised to grow from USD 24.52 billion in 2023 to USD 142.46 billion by 2031, at a CAGR of 24.60% during the forecast period (2024-2031).

The natural language processing (NLP) market is poised for dynamic growth, driven by increasing demands for sophisticated language comprehension and communication tools in various sectors. Unlike human writers who vary in their sentence structures, AI-generated content often lacks this diversity. This surge in demand for NLP solutions spans across healthcare, finance, e-commerce, customer service, and more, where applications like chatbots, sentiment analysis, and voice recognition enhance operations and customer engagement. Fueling this growth is the necessity for efficient data processing amidst an influx of information. Advancements in machine learning and deep learning further propel NLP's precision and capabilities, transforming human interactions with technology across diverse industries.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Natural Language Processing (NLP) Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Natural Language Processing (NLP) Market Segmental Analysis

The segmentation of the global Natural Language Processing (NLP) market traverse's dimensions such as Deployment, Technology, Industry, and region. The deployment landscape unfolds with distinctions in On-Premises, Cloud, and Hybrid models. Cloud deployment prevails, basking in the limelight due to scalability, cost-efficiency, and implementation ease. Notably, Hybrid deployment, straddling on-premises and cloud domains, experiences the zenith of growth, tailor-made for entities weaving data privacy and security concerns into their operational fabric.

Drivers of the GlobalNatural Language Processing (NLP) Market

Driving the growth of the Natural Language Processing (NLP) market is the increasing need for automation and streamlining operations across various sectors. NLP solutions are at the forefront, revolutionizing tasks such as customer support, data analysis, and content creation, leading to enhanced cost-effectiveness and operational efficiency.

Restraints in the GlobalNatural Language Processing (NLP) Market

Despite the considerable momentum driving advancements in natural language processing (NLP), significant challenges arise due to the scarcity of high-quality training data. This shortage acts as a major obstacle, impeding the effective development and implementation of NLP solutions, especially in niche domains and languages other than English.

Market Trends of the GlobalNatural Language Processing (NLP) Market

A prominent trend in the field of Natural Language Processing (NLP) involves the swift incorporation of multimodal AI functionalities, blending language comprehension with sensory inputs such as images, videos, and voice. This fusion amplifies the adaptability of NLP systems, paving the way for groundbreaking applications like augmented virtual assistants, advanced chatbots, and reimagined content recommendation systems. This trend is positioned as a crucial driver shaping the landscape of the NLP market, promising transformative possibilities.

Product Code: SQMIG45A2230

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Natural Language Processing (NLP) Market by Deployment

Market Overview
On-premises
Cloud
and Hybrid

Global Natural Language Processing (NLP) Market by Technology

Market Overview
Interactive Voice Response
Optical Character Recognition
Text Analytics
Speech Analytics
Classification and Categorization
Pattern and Image Recognition
and Others

Global Natural Language Processing (NLP) Market by Industry

Market Overview
Healthcare
Retail
High Tech and Telecom
Banking
Financial Services
and Insurance
Automotive & Transportation
Advertising & Media
and Manufacturing

Global Natural Language Processing (NLP) Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

Hewlett Packard Enterprise Development LP
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Amazon.com, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Google, LLC. (Alphabet)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAP SE,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
IBM Corporation,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Inbenta Holdings Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Linguamatics,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SoundHound Al, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
NetBase Quid, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
JUST AI LIMITED,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Baidu, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Facebook, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Microsoft Corporation,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Apple Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
OpenAI,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Nuance Communications, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Lexalytics, Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Expert System S.p.A.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAS Institute Inc.,
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Basis Technology Corp.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Natural Language Processing (NLP) Market Size, Share, Growth Analysis, By Deployment(On-premises, Cloud), By Technology(Interactive Voice Response, Optical Character Recognition), By Industry(Healthcare, Retail) - Industry Forecast 2024-2031