Dublin, June 12, 2023 (GLOBE NEWSWIRE) -- The "Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce and Healthcare & Life Sciences) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global natural language processing market is projected to reach $262.4 billion by 2030, at a CAGR of 34.4% during the forecast period.
The report provides an in-depth analysis of the natural language processing market in five major geographies and emphasizes on the current market trends, sizes, and shares, recent developments, and forecasts till 2030.
The growth of the natural language processing market is driven by the increased use of smart devices, the growing demand for NLP-based applications for customer support, and the rising demand for NLP tools in call centers. Moreover, the rapid adoption of cloud-based technologies and the increasing applications of NLP in the healthcare sector provide significant opportunities in the global natural language processing market.
However, the limitations in the development of NLP technology restrain the growth of this market to some extent. Data privacy & security concerns also pose challenges to the natural language processing market growth. Furthermore, virtual assistants & chatbots and speech analytics solutions are the key trends observed in the natural language processing market.
In 2023, the solutions segment is expected to account for the largest share of the global natural language processing market.
The large growth of this segment is attributed to the surge in demand for interactive voice response systems to interact with callers and gather information; the growing popularity of customer experience management solutions to streamline the customer journey, allowing customers to design, connect, deliver, and manage experiences across diverse channels; the proliferation of digital assistant and chatbots to create conversational experiences for business applications; the growing demand for document analytics solutions for managing a document repository; and the surge in demand for speech analytics to improve contact center operations.
This segment is also expected to register the highest CAGR during the forecast period.
In 2023, the social media analytics segment is expected to account for the largest share of the global natural language processing market.
The large market share of this segment is attributed to the growing use of NLP solutions to spot trends related to offerings and brands through social media platforms, the increasing need to derive customer sentiment towards products and services, the growing need to identify high-value features for a product or service, and the demand for NLP solutions in social media platforms for analyzing large data sets for customer's feedback.
However, the smart healthcare segment is projected to register the highest CAGR during the forecast period.
In 2023, the IT & telecommunications segment is expected to account for the largest share of the global natural language processing market.
The large market share of this segment is attributed to the increasing use of NLP tools by telecom companies to solve typical customer problems efficiently, growing demand for NLP solutions for sentiment analysis and call summarization, increasing proliferation of digital assistants and chatbots by IT industries, and the need of NLP solutions by telecom companies for categorizing support requests.
However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period.
In 2023, North America is expected to account for the largest share of the global natural language processing market.
The large share of this market is attributed to the increasing focus on developing NLP services & solutions in North America, the growing usage of patient health record systems, and a large number of natural language processing startups in the U.S. and Canada and well-established NLP providers such as Microsoft Corporation (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Qualcomm Incorporated (U.S.) across the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
Competitive Landscape
Company Profiles
- Google LLC (A Subsidiary of Alphabet, Inc.)
- Microsoft Corporation
- Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.)
- racle Corporation
- International Business Machine Corporation
- Verint Systems Inc.
- NVIDIA Corporation
- QUALCOMM Incorporated
- Baidu, Inc.
- SAP SE
- INTEL
- Adobe Inc.
- Genpact Limited
- SAS Institute Inc.
- NetBase Solutions, Inc.
Competition Analysis
Market Share Analysis
- Google LLC (U.S.)
- Microsoft Corporation (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Oracle Corporation (U.S.)
- International Business Machine Corporation (U.S.)
SWOT Analysis
- Google LLC (U.S.)
- Microsoft Corporation (U.S.)
- Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.)
- Oracle Corporation (U.S.)
- International Business Machine Corporation (U.S.)
Key Growth Strategies
- Market Differentiators
- Synergy Analysis: Major Deals & Strategic Alliances
Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Emerging Companies
- Vendor Market Positioning
Scope of the Report
Natural Language Processing Market, by Component
- Solutions
- Optical Character Recognition Solutions
- Interactive Voice Response Systems
- Autocoding Systems
- Document Analytics Solutions
- Speech Analytics Solutions
- Simulation & Modeling Solutions
- Customer Experience Management Solutions
- Digital Assistants and Chatbots
- Other NLP Solutions (Root Cause Analysis Solutions, Spam Detection Solutions, and Data Mining Solutions)
- Services
- Professional Services
- Managed Services
Natural Language Processing Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
Natural Language Processing Market, by Application
- Robotics & Automation
- Smart Cities
- Smart Retail
- Smart Healthcare
- E-mail Filtering
- Language Translation
- Sentiment Analytics
- Social Media Analytics
- Other NLP Applications (Market Intelligence & Targeted Advertising, and Data Extraction)
Natural Language Processing Market, by Sector
- IT & Telecommunications
- BFSI
- Retail & E-commerce
- Healthcare & Life Sciences
- Transportation & Logistics
- Government & Public Sector
- Media & Entertainment
- Manufacturing
- Education
- Food & Beverages
- Other Sectors (Oil & Gas and Automotive)
For more information about this report visit https://www.researchandmarkets.com/r/brfbgw
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