The global Natural Language Processing market size was valued at USD 13.5 Billion in 2021 growing at a CAGR of 27% from 2022 to 2032. A component of artificial intelligence (AI), natural language processing (NLP) enables computers to understand human language, derive meaning, and facilitate communication through the use of conversational intelligence and voice-enabled AI. Additionally, NLP capabilities like autocomplete and autocorrect assist evaluate unique language patterns and find the most suitable choices for the user or audience.
The driving factor of the natural language processing market:
- An increase in the demand for cloud-based solutions due to their improved scalability and security
The exponential expansion of cloud services provides enormous room for NLP suppliers to develop and spread internationally. Several solution providers are providing the solution on demand for their clients, changing the trend toward the cloud-based IT framework. Cloud computing is proven advantageous for enterprises of all sizes. Al technologies have substantial installation and hardware costs, and not all stores have specialized IT resources and a solid infrastructure. One of the biggest barriers to organizations using cloud-based installations to access NLP solutions is the high implementation cost. Cloud-based solutions, however, lower the initial outlay and allay worries about server maintenance. Thus, cloud-based Al solutions are advantageous because they increase scalability and are affordable for SMEs and large organizations that find on-premises solutions expensive.
- Advancement in computer programs and text analyze
- Rising demand for predictive analytics to reduce risks and find more opportunities
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Key Highlights:
- The global Natural Language Processing market size was valued at USD 13.5 Billion in 2021 growing at a CAGR of 27% from 2022 to 2032.
- North America dominated the market in 2021
- Asia Pacific is expected to fastest-growing at the highest CAGR from 2022 to 2032
Key Players
The Natural Language Processing market report gives comprehensive information about the company and its past performance. The report also provides a detailed market share analysis along with product benchmarking with key developments.
The key players profiled in the report are:
- NVIDIA Corporation
- Intel Corporation
- Baidu Inc.
- Qualcomm Incorporated
- Texas Instrument
- Google Inc.
- Microsoft Corporation
- Micro Focus International PLC (HPE)
- SAS Institute Inc.
- IBM Corporation
The Global Natural Language Processing Logistic report also includes information on company profiles, product descriptions, revenue, market share data, and contact details for several regional, global, and local companies. Due to increased technological innovation, R&D, and M&A operations in the sector, the market is becoming more popular in particular niche sectors. Additionally, a large number of regional and local vendors in the Natural Language Processing market provide specialized product offerings according to geographical regions in keeping with the global manufacturing footprint. Due to the reliability, quality, and technological modernity of the worldwide suppliers, it is difficult for the new market entrants to compete.
COVID Impact
In terms of COVID-19 impact, the Natural Language Processing market report also includes the following data points:
- COVID-19 Impact on Natural Language Processing market size
- End-User/Industry/Application Trend, and Preferences
- Government Policies/Regulatory Framework
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in the Natural Language Processing market
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Scope of the Report:
Market Segment By Deployment:
- On-premise
- Cloud
Market Segment By Organization Size:
- Large Organizations
- Small & Medium Organizations
Market Segment By Type:
- Hardware
- Software
- Services
Market Segment By Processing Type:
- Text
- Speech/Voice
- Image
Market Segment By End-user:
- Education
- BFSI
- Healthcare
- IT & Telecom
- Retail
- Manufacturing
- Media & Entertainment
- Others
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Key Region/ Countries Covered
- North America (US, Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of MEA)
- Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
The natural language processing market is anticipated to be dominated by North America. The quick invention and progress of Al technologies in the area are one of the main reasons supporting the growth of the LP market in North America. The market expansion in North America is anticipated to be further driven by the expanding number of LP solutions and service providers in the area. Additionally, many developments from top firms such as IBM, Google, Microsoft, Meta, and LP technologies have seen improvements in accuracy, speed, and even techniques that computer scientists use to address challenging issues.
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