Meticulous Research®—a leading global market research company, published a research report titled, ‘Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, and Healthcare & Life Sciences) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the global natural language processing market is projected to reach $262.4 billion by 2030, at a CAGR of 34.4% during the forecast period.The growth of the natural language processing market is driven by the increased use of smart devices and the growing demand for NLP-based applications for customer support and NLP tools in call centers. Moreover, the rapid adoption of cloud-based technologies and increasing applications of NLP in the healthcare sector provide significant opportunities in the global natural language processing market. However, the limitations in the development of NLP technology restrain the market's growth to some extent. Additionally, data privacy & security concerns challenge the growth of the natural language processing market. Besides, virtual assistants & chatbots and the demand for speech analytics solutions are the key trends observed in the natural language processing market.
The global natural language processing market is segmented by component {solutions [optical character recognition solutions, interactive voice response systems, autocoding systems, document analytics solutions, speech analytics solutions, simulation & modeling solutions, customer experience management solutions, digital assistant and chatbots, and other NLP solutions (root cause analysis solutions, spam detection solutions, and data mining solutions)], services (professional services, managed services), organization size (small & medium-sized enterprises, large enterprises), application [robotics & automation, smart cities, smart retail, smart healthcare, e-mail filtering, language translation, sentiment analytics, social media analytics, other NLP applications (market intelligence & targeted advertising, and data extraction], sector [IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, transportation & logistics, government & public sector, media & entertainment, manufacturing, education, food & beverages, and other sectors (oil & gas, and automotive)]}. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on component, the global natural language processing market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the global natural language processing market. The large market share of this segment is attributed to the surge in demand for interactive voice response systems to interact with callers and gather information; rising demand for document analytics solutions for managing a document repository; surge in demand for speech analytics to improve contact center operations; the growing popularity of customer experience management solutions to streamline the customer journey, allowing customers to design, connect, deliver, and manage experiences across diverse channels; and increasing proliferation of digital assistant and chatbots to create conversational experiences for business applications. This segment is also projected to register the highest CAGR during the forecast period.
Based on organization size, the global natural language processing market is segmented into large enterprises and small & medium-sized enterprises (SMEs). In 2023, the large enterprises segment is expected to account for the larger share of the global natural language processing market. The large market share of this segment is attributed to the growing adoption of NLP solutions by large enterprises to analyze, interpret, and classify a company's raw, unstructured big data collected from different sources like customer reviews, social media listening, and employee forums; increasing demand for social media analytics and web monitoring solutions in retail & e-commerce sector which allows knowing the customers' insights concerning particular products or services; and growing adoption of NLP solutions by large pharmaceutical enterprises to analyze customer feedback on medications so that pharmaceutical companies can address drug-related issues more effectively.
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However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing demand for improved operational efficiency in small customer service environments, the surge in demand for automating interactions to reduce the burden on human call center operators, and the proliferation of call recording and speech analytics technology in small organizations.
Based on application, the global natural language processing market is segmented into robotics & automation, smart cities, smart retail, smart healthcare, email filtering, language translation, sentiment analytics, social media analytics, and other NLP applications. In 2023, the social media analytics segment is expected to account for the largest share of the global natural language processing market. The large market share of this segment is attributed to the growing demand for NLP solutions in social media platforms for analyzing large data sets for customer feedback, the use of NLP solutions to spot trends related to offerings and brands through social media platforms, and the need to derive customer sentiment towards products and services and identify high-value features for a product or service.
However, the smart healthcare segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing proliferation of NLP solutions for clinical practice, hospital management, personal care, public health, and drug development; the use of NLP solutions & services by healthcare professionals to extract relevant information from patient records, such as medical history, and medication allergies, rapid applications of NLP in healthcare such as clinical trial matching, automated registry reporting, speech recognition, clinical documentation, and AI chatbots and virtual scribe.
Based on sector, the global natural language processing market is segmented into IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, transportation & logistics, government & public sector, media & entertainment, manufacturing, education, food & beverages, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global natural language processing market. The large market share of this segment is attributed to the increasing use of NLP tools by telecom companies to solve typical customer problems in an efficient manner and wherever possible without human intervention; growing demand for NLP solutions for sentiment analysis and call summarization; increasing proliferation of digital assistants and chatbots by IT industries; and the increasing need of NLP solutions by telecom companies for categorizing support requests.
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However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to handle the surge in clinical data; growing demand for advanced patient health record systems, managed care, PHM applications, and analytics and reporting; and increasing use of NLP services to identify patients who need improved care and NLP solutions for healthcare data extraction and data presentation.
Based on geography, the global natural language processing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global natural language processing market. The large share of this market is attributed to the increasing focus on NLP services & solutions developments in North America, the presence of well-established NLP providers such as Microsoft Corporation (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Qualcomm Incorporated (U.S.) across the region, the presence of natural language processing startups in the U.S. and Canada, and the use of patient health record systems.
Furthermore, leading NLP players across the region are putting in efforts to launch AI applications that support NLP capabilities. For instance, in October 2022, International Business Machine Corporation (U.S.) expanded its embeddable AI software portfolio by releasing three new libraries designed to help IBM Ecosystem partners, clients and developers more easily, quickly and cost-effectively build their AI-powered solutions and bring them to market. The AI libraries were developed in IBM Research and designed to provide Independent Software Vendors (ISVs) across industries an easily scalable way to build natural language processing, speech-to-text, and text-to-speech capabilities into applications across any hybrid, multi-cloud environment. Such developments are expected to support the growth of this market.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this market is driven by the increasing smartphone usage across the region, government initiatives for implementing NLP solutions & services in countries such as China, Japan, and India, an increase in the use of smart devices and cloud-based solutions and NLP-based applications to enhance customer service, and technological innovations in the region’s healthcare sector.
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Key Players
The key players operating in the global natural language processing market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), QUALCOMM Incorporated (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), INTEL CORPORATION (U.S.), Adobe Inc. (U.S.), Genpact Limited (U.S.), SAS Institute Inc. (U.S.), and NetBase Solutions, Inc. (U.S.)
Key questions answered in the report-
• Which are the high-growth market segments in terms of component, organization size, application, and sector?
• What is the historical market for natural language processing market across the globe?
• What are the market forecasts and estimates for the period of 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global natural language processing market?
• Who are the major players in the global natural language processing market, and what share of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the global natural language processing market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global natural language processing market, and how do they compete with the other players?
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