Natural language processing (NLP)Market Worldwide Industry Analysis, Future Demand and Forecast till 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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