Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The global natural language processing market size was valued at USD 20.80 billion in 2021. The market is expected to grow from USD 26.42 billion in 2022 to USD 161.81 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Rising digital transformation and adoption of advanced technologies are expected to fuel the industry’s growth. Fortune Business Insights™ provides this information in its report titled “Natural Language Processing (NLP) Market Forecast, 2023-2029”
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Key Industry Development
July 2022 - SoundHound collaborated with LG to develop Voice AI Technology for next-gen in-vehicle infotainment systems. This strategy may enable Original Equipment Manufacturers (OEMs) to generate novel revenue streams.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 18.1% |
| 2029 Value Projection | USD 161.81 Billion |
| Base Year | 2021 |
| Natural Language Processing Market Size in 2021 | USD 20.80 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 180 |
| Segments covered | Deployment, Enterprise Size, Technology, Industry Vertical and Geography |
COVID-19 Impact
Increasing Reliance on Digital Tools Enhanced Industry Growth During the Pandemic
This market was positively impacted during the COVID-19 pandemic due to increasing reliance on digital tools. The alarming spike in COVID-19 infections led to the adoption of stringent lockdown regulations, thereby forcing manufacturers to depend upon digital services. Moreover, rising adoption of electronics elevated natural language processing adoption. Also rapid digitalization in companies enhanced the adoption of the software. These factors enhanced this industry’s growth.
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Drivers and Restraints
Increasing AI-based Software Adoption to Foster Market Progress
Natural language processing software is used to make sure that a robotic system functions as per the requirement of users. Rising adoption of AI-based software adoption is expected to elevate this industry’s progress. Technological advancement in Artificial Intelligence (AI) is expected to enhance the demand for NLP tools. Furthermore, major players focus on developing effective products that help businesses automate their business operations globally. For example, SecureKloud Technologies announce DataEdge, an AI-powered and cloud-powered data analytics platform, that allows organizations to gain insights and undertake effective decisions. These factors may drive the natural language processing market growth.
However, limited interoperability and data security concerns may hamper the industry’s progress.
Segments
Cloud Segment to Dominate Backed by Rising Adoption of Cloud Services and Software
By deployment, the market is segmented into on-premises, cloud, and hybrid. The cloud segment is expected to dominate due to rising adoption of cloud services and software.
Large Enterprises to Lead Backed by Increasing Development of NLP Tools
As per enterprise size, the market is segregated into Small & Medium-sized Enterprises (SMEs) and large enterprises. Large enterprises segment is likely to lead due to rising development of Natural Language Processing (NLP) tools.
Text Analytics Segment to Dominate Market Share Attributable to Increasing Consumer Analytics Development
Based on technology, the market is segmented into interactive voice response, optical character recognition, text analytics, speech analytics, classification and categorization, pattern and image recognition, and others (auto coding, professional services, and others). The text analytics segment is expected to dominate the market share due to rising consumer analytics development.
High Tech and Telecom Segment to Lead Attributable to Increasing Advanced AI-based Tools Adoption by Businesses
By industry vertical, the market is categorized into healthcare, retail, high tech and telecom, Banking, Financial Services & Insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others (government, energy & power, and other). The high tech and telecom segment is expected to lead due to rising advanced AI-based tools adoption by businesses.
Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Presence of Major Players to Propel Market Growth in North America
North America is projected to dominate the natural language processing market share due to the presence of major players. The market in North America stood at USD 7.82 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the development of advanced technology-based NLP platforms is expected to enhance the industry’s progress.
In Europe, the increasing adoption of cloud computing among enterprises is expected to enhance the adoption of NLP. This factor is expected to enhance the industry’s progress.
In Asia Pacific, the growing focus on AI adoption is expected to enhance the demand for natural language processing. Furthermore, the adoption of deep learning and machine learning is expected to elevate this industry’s progress.
Competitive Landscape
Major Players Deploy Acquisitions to Enhance their Market Reach
The prominent companies operating in the market deploy acquisitions to enhance their market reach. For example, SAP SE completed the acquisition of Askdata in July 2022. This acquisition was aimed at supporting AI-driven natural language searches and enabling businesses to undertake effective decisions. This strategy may allow the company to expand its market reach and enhance sales. Furthermore, major players deploy mergers, novel product launches, innovations, research and development, and industrial automation to enhance their market position.
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List of Key Players Profiled in the Report
- Hewlett Packard Enterprise Development LP (U.S.)
- Amazon.com, Inc. (U.S.)
- Google, LLC. (Alphabet) (U.S.)
- SAP SE (Germany)
- IBM Corporation (U.S.)
- Inbenta Holdings Inc. (U.S.)
- Linguamatics (U.K.)
- SoundHound AI, Inc. (U.S.)
- NetBase Quid, Inc. (U.S.)
- JUST AI LIMITED (U.K.)
Major Table of Contents:
- Global Natural Language Processing (NLP) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- On-Premises
- Cloud
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Technology (USD)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional services, and others)
- By Industry Vertical (USD)
- Healthcare
- Retail
- High Tech and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Government, Energy & Power, and Others)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Natural Language Processing (NLP) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- On-Premises
- Cloud
- Hybrid
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Technology (USD)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional services, and others)
- By Industry Vertical (USD)
- Healthcare
- Retail
- High Tech and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Government, Energy & Power, and Others)
- By Country (USD)
- United States
- Canada
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