Natural language processing (NLP) market is anticipated to grow at a considerable CAGR of 24.9% during the forecast period. NLP is a type of artificial intelligence (AI) that is being widely adopted in the form of consumer digital assistants and chatbots as well as adopted for commercial applications in the fields of textual analysis, sentimental analysis, voice sense (speech analysis), and change impact analysis. Deep learning architectures and algorithms have made remarkable strides in image identification and audio processing. The growth of the NLP market is attributed to affordability, scalability in computing power, a rise in data digitalization, and the convergence of NLP with deep learning (DL) and machine learning (ML). The rise of the NLP market is primarily attributable to the increasing usage of natural language processing in healthcare and contact centers, the rising demand for advanced text analytics, and the expansion of machine-to-machine technologies. For instance, in December 2022, KAID Health, an AI-powered healthcare data analysis, and provider engagement platform partnered with OPN Healthcare, a US network of community oncology providers to improve oncology care delivery. The company will implement KAID Health’s Whole Chart Analysis, which draws healthcare data from multiple sources, and NLITE (Natural Language Insight & Term Extraction) solutions to enhance OPN’s technology platform. The Note Analyzer feature of KAID Health’s platform automatically extracts the clinical data required by pharmacists, nurses, and other caregivers to make an accurate determination of guideline compliance. This fast-tracks OPN’s compliance process by improving turnaround times for prior authorization and providing detailed clinical reporting.
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The global natural language processing (NLP) market is segmented based on its deployment, organization size, type, and processing type. Based on its deployment, the market is segmented into on-premise, and cloud. Based on the size of the organization, the market is categorized into large organizations and small and medium organizations. Based on the type, the market is categorized into hardware, software, and solutions. Based on processing type, the market is categorized into text, speech/voice, and image. Further, based on the end-user industry, the market is segmented into education, BFSI, healthcare, IT and telecom, retail & manufacturing, and media & entertainment. Among the deployment segment, the cloud sub-segment is anticipated to hold a prominent market share. The growth of the cloud sub-segment is attributed to various benefits provided in cloud-based deployments such as quick deployment, anywhere and anytime access, high levels of security, scalability, and others.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Natural Language Processing (NLP) Market Report Segment
By Deployment
- On-premise
- Cloud
By Organization Size
- Large Organizations
- Small and Medium Organizations
By Type
- Hardware
- Software
- Solutions
By Processing Type
- Text
- Speech/Voice
- Image
By End-user Industry
- Education
- BFSI
- Healthcare
- IT and Telecom
- Retail & Manufacturing
- Media & Entertainment
Global Natural Language Processing (NLP) Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2029.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global natural language processing (NLP) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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