Natural language processing (NLP)Market Provides Information on Historical Growth, Analysis, Opportunities and Forecast To 2029

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.

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 – 2023-2030
  • Base year- 2023
  • Forecast period- 2023-2030
  • Segment Covered- By Source, By Product Type, By Applications
  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill

, and others

Natural language processing (NLP)Market Segmentation

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

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Regional Analysis

North America                                                                                                            

  • United States
  • Canada

Europe

  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of Europe

Asia-Pacific

  • India
  • China
  • Japan
  • South Korea
  • Rest of APAC

Rest of the World

  • Latin America
  • Middle East and Africa

Company Profiles 

  • 3M Co.
  • Automated Insights
  • Baidu, Inc.
  • Bitext Innovations, S.L.
  • Conversica
  • Google
  • 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.

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