Natural Language Processing Global Market 2023: Sector to Reach $74.3 Billion by 2028 at a CAGR of 26.54%

Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Natural Language Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to's offering.

The global natural language processing (NLP) market size reached US$ 18.1 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 74.3 Billion by 2028, exhibiting a CAGR of 26.54% during 2022-2028.

Companies Mentioned

  • 3M Company
  • Apple Inc.
  • FUJIFILM Holdings Corporation
  • Google LLC (Alphabet Inc.)
  • Intel Corporation
  • International Business Machines Corporation
  • Meta Platforms Inc.
  • Microsoft Corporation
  • NetBase Solutions Inc.
  • Nokia Corporation
  • SAS Institute Inc.
  • Verint Systems

Natural language processing, or NLP, refers to a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language, both spoken and written. It allows users to have human-like conversations with a computer directly by using AI and algorithms that help computers accurately recognize and respond to human communication.

It also assists software programs in translating text from one language to another, performing speech recognition, and summarizing large volumes of textual data in real-time. Nowadays, businesses extensively utilize NLP in customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.

NLP helps organizations enhance customer experience, streamline business operations, simplify mission-critical processes, and increase overall productivity. As a result, enterprises are rapidly adopting NLP solutions to improve their internal and external operations.

Moreover, the rising digitization of data and the growing usage of the internet and connected devices are augmenting the product demand. Besides this, the escalating demand for advanced data analytics, coupled with significant advancements in the fields of image and speech recognition, is also catalyzing the market growth.

Additionally, there has been widespread adoption of NLP in healthcare and call centers to handle massive volumes of generated data. Furthermore, several social media platforms are utilizing text analytics and NLP technologies to manage the published content and monitor activities, such as hate speeches and political reviews, which are providing lucrative growth opportunities to the market.

Other factors, including the surging sales of smart devices, emerging NLP applications in various industries, rising investments in AI, and increasing popularity of voice-based solutions, are also driving the market growth.

Key Questions Answered in This Report
1. What was the size of the global natural language processing (NLP) market in 2022?
2. What is the expected growth rate of the global natural language processing (NLP) market during 2023-2028?
3. What are the key factors driving the global natural language processing (NLP) market?
4. What has been the impact of COVID-19 on the global natural language processing (NLP) market?
5. What is the breakup of the global natural language processing (NLP) market based on the technology?
6. What is the breakup of the global natural language processing (NLP) market based on the deployment mode?
7. What is the breakup of the global natural language processing (NLP) market based on the organization size?
8. What is the breakup of the global natural language processing (NLP) market based on the end user?
9. What are the key regions in the global natural language processing (NLP) market?
10. Who are the key players/companies in the global natural language processing (NLP) market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Natural Language Processing (NLP) Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Type
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Market Forecast

7 Market Breakup by Technology
7.1 Interactive Voice Response
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Optical Character Recognition
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Text Analytics
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Speech Analytics
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Classification and Categorization
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Pattern and Image Recognition
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Others
7.7.1 Market Trends
7.7.2 Market Forecast

8 Market Breakup by Deployment Mode
8.1 On-premises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Cloud-based
8.2.1 Market Trends
8.2.2 Market Forecast

9 Market Breakup by Organization Size
9.1 Large Enterprises
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Small and Medium-sized Enterprises
9.2.1 Market Trends
9.2.2 Market Forecast

10 Market Breakup by End User
10.1 Education
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 BFSI
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Healthcare
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 IT and Telecom
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Manufacturing and Retail
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 Media and Entertainment
10.6.1 Market Trends
10.6.2 Market Forecast
10.7 Others
10.7.1 Market Trends
10.7.2 Market Forecast

11 Market Breakup by Region

12 SWOT Analysis

13 Value Chain Analysis

14 Porters Five Forces Analysis

15 Price Analysis

16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players

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