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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Among the processing type segment, the text sub-segment is anticipated to register significant growth for the forecast period. Businesses are increasingly turning to NLP and machine learning to help them comb through rising volumes of documents and data sets in a wide range of formats. By applying AI to get document insights, business users can reduce research time and help their employees make more fact-driven decisions during complex, time-sensitive tasks such as processing insurance claims, conducting financial analyses, and reviewing legal agreements or contracts. Thus market players are inclined to offer new and innovative solutions to tap the opportunities arising in the implementation of natural language processing technology for text processing which in turn is anticipated to drive the market growth of the text processing sub-segment. For instance, in November 2021, IBM came up with new natural language processing (NLP) enhancements planned for IBM Watson Discovery. These planned updates are designed to help business users in industries such as financial services, insurance, and legal services enhance customer care and accelerate business processes by uncovering insights and synthesizing information from complex documents.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Natural language processing (NLP) Market by Deployment
- On-Premise
- Cloud
Global Natural language processing (NLP) Market by Organization Size
- Large Organizations
- Small and Medium Organizations
Global Natural language processing (NLP) Market by Type
- Hardware
- Software
- Solutions
Global Natural language processing (NLP) Market by Processing Type
- Text
- Speech/Voice
- Image
Global Natural language processing (NLP) Market by End-user Industry
- Education
- BFSI
- Healthcare
- IT and Telecom
- Retail & Manufacturing
- Media & Entertainment
Regional Analysis
- 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
Company Profiles
- 3M Co.
- Automated Insights
- Baidu, Inc.
- Bitext Innovations, S.L.
- Conversica
- Health Fidelity, Inc
- Inbenta Holdings Inc.
- IQVIA Inc.
- LivePerson, Inc.
- Meta Platforms, Inc.
- MindMeld, Inc.
- Netbase Solutions
- Oracle Corp.
- SAS Institute Inc.
- SoundHound Inc.
- Veritone, Inc.
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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