PUBLISHER: Allied Market Research | PRODUCT CODE: 1365705
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365705
According to a new report published by Allied Market Research, titled, "Natural Language Processing (NLP) Market," The world natural language processing (NLP) market was valued at $16.2 billion in 2022, and is estimated to reach $239.9 billion by 2032, growing at a CAGR of 31.3% from 2023 to 2032.
Surge in increasing automation as a result of the integration of NLP with deep learning (DL) and machine learning (ML), drive the market growth. In addition, growing demand for smart devices, and increasing demand for advanced text analytics drive the growth of the market. However, complexities due to the usage of code-mixed language while implementing NLP solutions is expected to hamper the growth of the market. Furthermore, increase in automation as a result of the integration of NLP with deep learning and machine learning (ML) and rise in investments in the healthcare sector are expected to create lucrative growth opportunities for the market.
On the basis of deployment mode, on premise segment dominated the natural language processing market in 2022 and is expected to maintain its dominance in the upcoming years owing to provides complete control and visibility over the data, as well as strong authentication security measures propels the market growth significantly. However, the service segment is expected to witness the highest growth, owing to lower deployment costs, predictable running expenses, increased flexibility and scalability in AI-driven NLP, and risk reduction for system downtime.
Region-wise, the natural language processing market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to increase in adoption and growth of advanced and latest technologies, such as cloud computing, AI, and ML, also increasing usage of NLP in BFSI, IT and government sector to improve businesses and customer experience aiding the growth of the natural language processing market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to adoption of process automation across all industry verticals to enhance customer engagement and increase effectiveness of IT infrastructure to which is expected to fuel the market growth in this region. Furthermore, several major natural language processing solution providers including Apple Inc., Intel Corporation, Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, and Amazon Web Services, Inc., are introducing new products and services to natural language processing.
The report focuses on growth prospects, restraints, and analysis of the natural language processing market trend. The study provides Porter's five forces analysis to understand the impact of numerous factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the natural language processing market share.
Segment review
The global natural language processing market is segmented on the basis of component, deployment mode, enterprise size, type, industry vertical, and region. By component, it is bifurcated into solution and services. By deployment mode, it is segregated into on-premise and cloud. By enterprise size, it is categorized into large enterprise and small and medium-sized enterprise. On the basis of type, it is segregated into statistical NLP, rule-based NLP, and hybrid NLP. By industry vertical, it is segregated into BFSI, IT and telecom, retail and e-commerce, healthcare, education, media and entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Apple Inc., Intel Corporation, SAS Institute Inc., SAP SE, Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Amazon Web Services, Inc., and Hewlett Packard Enterprise Development LP. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
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