Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global natural language processing market size was valued at USD 19.68 billion in 2022 and is projected to grow from USD 24.10 billion in 2023 to USD 112.28 billion by 2030, exhibiting a CAGR of 24.6% during the forecast period. Rising Adoption Of Advanced Technologies to Propel Market Development. Fortune Business Insights presents this information in its report titled "Natural Language Processing Market Forecast, 2023-2030”.
Natural language processing is a combination of rule-based modeling of the human language, which represents data in machine learning, statistical, and deep learning models. NLP is required when an intelligent system such as a robot performs as per user instructions.
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Key Industry Development
March 2023- Amazon collaborated with IIT Bombay launched Amazon IIT–Bombay AI-ML Initiative. The programme has advanced machine learning and artificial intelligence research within language, speech, and multimodal-AI domains.
Key Takeaways:
- Natural language processing market size in North America was USD 9.04 Billion in 2022
- Heightened adoption of digital technology-based software among enterprises and global businesses will create a favorable outlook for the market
- The global demand is driven by technological advancements in AI
- The high tech and telecom segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the natural language processing market are Hewlett Packard Enterprise Development LP (U.S.), Amazon.com, Inc. (U.S.), Google, LLC. (Alphabet) (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Inbenta Holdings Inc. (U.S.), Linguamatics (U.K.), SoundHound AI, Inc. (U.S.), NetBase Quid, Inc. (U.S.), JUST AI LIMITED (U.K.)”
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 24.6% |
| 2030 Value Projection | USD 112.28 Billion |
| Base Year | 2022 |
| Natural Language Processing Market Size in 2022 | USD 19.68 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Deployment, Enterprise Type, Technology, Industry and Geography |
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Drivers and Restraints
Adoption Of Cloud-Based NLP And AI-Based Software To Drive Market Trajectory
Adoption of cloud-based NLP and AI-based software among small & medium businesses is anticipated to drive natural language processing market growth. Organizations have been adopting NLP solutions based on cloud which reduces the time and collect insightful data and processing. Technological advancements in AI transformed big data analytics and has driven efficient services by automating time-consuming data collection tasks.
However, data security concerns are anticipated to hinder market development.
Segmentation:
By Deployment
- On-Premises
- Cloud
- Hybrid
By Enterprise Type
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Technology
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional Services)
By Industry
- Healthcare
- Retail
- High Tech and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Government, Energy & Power)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America To Lead Market Due To Presence Of Majority Market Players
North America is expected to dominate natural language processing market share due to presence of majority market players. IBM Corporation, Alphabet LLC, Oracle Corporation, Microsoft Corporation, and others are some of the market players in the region. The region reached a valuation of USD 9.04 billion with the development of advanced technology-based NLP platforms.
Europe is also expected to have a considerable growth due to rising cloud computing adoption among enterprises. About 42% of the European companies adopted these services in 2021.
Asia Pacific is anticipated to have the highest CAGR owing to growing focus on adopting AI, deep learning, and machine learning technology.
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Competitive Landscape
Key Players to Expand Market Owing to Acquisition Strategies
Primary industry players of the market Hewlett Packard Enterprise Development LP, Amazon.com, Inc., and Google, LLC. (Alphabet), SAP SE, IBM Corporation, and others have been adopting corporate strategies such as partnerships, mergers, acquisitions, and collaborations to gain market traction. In July 2022, SAP SE acquired Askdata which will help businesses to make well-informed choices with the support of AI-driven natural language searches.
FAQs
How big is the natural language processing market?
Natural language processing market size was USD 19.68 billion in 2022. It is expected to reach USD 112.28 billion by 2030.
How fast is the natural language processing market growing?
The natural language processing market will exhibit a CAGR of 24.6% during the forecast period, 2023-2030.
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