PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1114604
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1114604
The natural language processing (NLP) market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period. Various factors such as increasing need for predictive analytics to reduce risks and identify growth opportunities, rising demand for cloud-based NLP solutions, and advancements in big data technologies are expected to drive the adoption of NLP.
NLP leverages ML-based techniques to derive the meaningful insights from the text so that the organizations can analyze and extract information related to customers, location. Moreover, the NLP-based solutions offers organizations to recognize events to better understand customer sentiments and their conversations across social media channel. NLP-based business applications are used to derive insights from unstructured voice or audio data and deliver users the visibility to extract vital information to enhance customer experience and reduce overall operational costs.
Factors such as advancements in computer programs that analyze text, rise in need for enterprise solutions to streamline business operations for better customer experience, surging demand for cloud-based NLP solutions to reduce overall costs and enhance scalability, greater urge for predictive analytics to reduce risks and identify growth opportunities, surge in the developments of big data technology for actionable business intelligence, and increase in investments across healthcare are some of the factors driving the growth of NLP market. Organizations across the globe are dedicatedly investing in AI and ML technologies to improve user experience and stay competitive in the changing market environment.
The platform segment to register for the highest CAGR during the forecast period
Based on solutions, the NLP market is segmented into software tools and platform. The CAGR of the platform segment is estimated to be the highest during the forecast period. Platform providers in the NLP market provide users with a tool kit to create and deploy AI applications for analyzing speech and text data. NLP platforms help build document search, text summarization, and sentiment analysis. Microsoft offers Azure, which is a managed bot-building platform that uses NLP technology to offer users the ability to develop, deploy, and host a chatbot in an uncomplicated manner.
The Managed Services to record the highest CAGR during forecast period
Based on services, the NLP market is segmented into professional services and managed services. The managed services segment is expected grow at a higher CAGR during the forecast period. Managed services mainly deal with client experiences. The managed services offer specialized skills to maintain and update NLP software and services. All pre-and post-deployment questions and needs of clients are covered under the managed services. Managed Service Providers (MSPs) consist of third-party companies that manage and provide support to the IT infrastructure of NLP providers under a subscription model or Service-Level Agreement (SLA).
Asia Pacific to hold highest CAGR during the forecast period
The Asia Pacific NLP market is expected to grow at the highest CAGR during the forecast period owing to the growing industrialization in this region. Countries such as China, Japan, and India are leveraging advanced AI technologies, and NLP is one of the leading technology trends adopted across key industry verticals. IBM, Google, and AWS are the key vendors operating in the market in the region, along with several other significant NLP solutions and service providers. The adoption of AI technologies by companies across different verticals, such as BFSI, travel, hospitality, and retail, is expected to contribute to the growth of the NLP market across Asia Pacific.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the NLP market.
The report includes the study of key players offering NLP solutions and services. It profiles major vendors in the NLP market. The major players in the NLP market include IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Inbenta (US), Health Fidelity (US), LivePerson (US), SoundHound (US), MindMeld (US), Veritone (US), Dolbey (US), Automated Insights (US), Bitext (US), Conversica (US), Addepto (US), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Crayon Data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US), and DheeYantra (US).
The market study covers the NLP market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, type, deployment mode, organization size, application, technology, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NLP market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.