Natural Language Processing Market is projected to reach USD 60.1 Billion in 2029 increasing at 20.2% CAGR during the forecast period | Size, Share, Trends & Growth

Natural Language Processing Market was valued at USD 13.8 billion in 2021 and is estimated to grow at a significant CAGR of 20.2% during 2022-2029 and is projected to reach USD 60.1 billion in 2029.

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The factors driving growth of the Natural Language Processing Market includes rising focus by enterprises on streamlining businesses processes, increasing use of natural language processing in digital assistants and chatbots, textual analysis and voice sense (speech analysis) and huge volumes of data generated across industry verticals such as Healthcare, Transportation and Logistics and BSFI. Natural language processing solution helps in understanding client's feedback, facilitates communication between different devices, diagnoses diseases in healthcare sector and deliver quality care and positive patient outcomes, are some of the features pushing the market growth. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics and Internet of Things (IoT), increasing number of NLP service providers and rapid urbanization, are some of the additional factors supplementing the Natural Language Processing Market size. In addition, the rising investments by leading players on research and development, increase in the launch of innovative products and growing disposable incomes, are further contributing to the market growth. 

However, growth of the Natural Language Processing Market is hindered due to rising concerns related to data security.

The major prominent players operating in the market are Apple Inc., 3M, Intel Corporation, IBM Corporation, Microsoft Corporation, Google LLC, Inbenta, Amazon Web Series (AWS), Facebook, Inc., and SAS Institute among others.

Based on Organization Size, the large enterprises segment is predicted to grow at a significant CAGR during the forecast period

Rising adoption of NLP solutions by large enterprise to enhance internal and external business operations, is propelling segment's growth. 

Based on Vertical, the Healthcare and Life Sciences segment is projected to capture the largest market share over the forecast period

Growing demand for advanced NLP- driven EHRs to gain valuable insights from unstructured clinical data, is pushing segment's growth.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Natural Language Processing Market Research, presence of the leading players such as Microsoft Corporation, Google LLC and, IBM Corporation, growing adoption of advanced technologies by major companies, increasing tech-savvy population and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

In 2020, IBM Corporation launched the Watson Works, with an aim to meet the challenges of returning to workplaces. This solution help in managing IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Series (AWS), Facebook, Inc., Apple Inc., 3M, Intel Corporation, Inbenta, and SAS Institute among others, facilities, optimizes space allocation and prioritizes the employee's health by allowing the employee to make formal decisions.
In 2019, AWS enhanced its AI services for NLP, speech-to-text transcription, and image detection, which enabled users to process texts in the encrypted format as well.

Market Segmentation

Segmentation by Component

Solutions
Platform
Software Tools
Services
Professional Services
Managed Services

Segmentation by Deployment Mode

On-Premises
Cloud

Segmentation by Organization Size

Large enterprises
Small and Medium-sized enterprises

Segmentation by Type

Rule-based
Statistical
Hybrid

Segmentation by Application

Sentiment Analysis
Data Extraction
Risk And Threat Detection
Automatic Summarization
Content Management
Language Scoring
Others

Segmentation by Vertical

Banking, Financial Services, And Insurance
IT and Telecom
Retail and Ecommerce
Healthcare and Life Sciences
Transportation and Logistics
Government and Public Sector
Energy and Utilities
Manufacturing
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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