NLP Market Rising at 29.4% CAGR to Reach USD 127.26 Billion

Pune, India, Dec. 23, 2021 (GLOBE NEWSWIRE) -- The global NLP market size is expected to experience exponential growth by reaching USD 127.26 billion by 2028 while exhibiting a CAGR of 29.4% between 2021 and 2028. Fortune Business Insights in its report, titled, “Natural Language Processing (NLP) Market, 2021-2028.”, mentions that the market stood at USD 16.53 billion in 2020. Factors such as the increasing adoption of smart devices and the growing adoption of NLP technology in healthcare settings are expected to favor the adoption of the product globally. For instance, in January 2021, Pryon Inc, an AI company, introduced an NLP platform that aids the companies to add no-code AI capabilities and deploy NLP projects easily with the help of virtual assistants and smart devices.

Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/natural-language-processing-nlp-market-101933

List of the Companies Operating in NLP Market:

Amazon Web Services, Inc. (Washington, United States)
Baidu, Inc. (Beijing, China)
Microsoft Corporation (Washington, United States)
Hewlett Packard Enterprise Development LP (HPE) (California, United States)
IBM Corporation (New York, United States)
Google, Inc. (California, United States)
Intel Corporation (California, United States)
Inbenta (California, United States)
SAS Institute Inc. (North Carolina, United States)
Veritone Inc. (California, United States)
SAP SE (Walldorf, Germany)
Narrative Science (Narrative Science)
Linguamatics (Cambridge, United Kingdom)
Conversica (Washington, United States)
SparkCognition, Inc. (Texas, United States)

Report Scope & Segmentation

Report Coverage	Details
Forecast Period	2021 to 2028
Forecast Period 2021 to 2028 CAGR	29.4%
2028 Value Projection	USD 127.26 Billion
Base Year	2020
Market Size in 2020	USD 16.53 Billion
Historical Data for	2017 to 2019
No. of Pages	160
Segments covered	Deployment, Enterprise Size, Technology, Industry Vertical and Geography
Growth Drivers	Increasing Demand from Healthcare Sector to Aid Growth
Growth Drivers	Product Innovation by Major Companies to Strengthen Their Market Positions

The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/natural-language-processing-nlp-market-101933

Market Segmentation:

Based on deployment, the market is trifurcated into on-premises, cloud, and hybrid. On the basis of enterprise size, the market is classified into SMEs and Large Enterprises. Moreover, based on the technology, the market is divided into interactive voice response (IVR), optical character recognition (OCR), text analytics, speech analytics, classification and categorization, pattern and image recognition, and others. On the basis of industry vertical, the market is segmented into healthcare, retail, high tech, and telecom, banking, financial services and insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others. Lastly on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

What does the Report Include?

The market for natural language processing report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Increasing Demand from Healthcare Sector to Aid Growth

The growing adoption of digital technology across healthcare institutions has led to the production of significant data. It is vital to handle the data efficiently to gain data-insights. This has led to the increasing adoption of analytics-driven methodologies to easily analyze large amounts of data. Moreover, the massive amount of patient data and electronic health records has enabled the healthcare sector to adopt advanced technologies to review, search, and interpret large volumes of patient data. Therefore, the surging demand from the healthcare sector is expected to contribute to the global NLP market growth during the forecast period.

Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/natural-language-processing-nlp-market-101933

REGIONAL INSIGHTS

North America – The region stood at USD 6.21 billion in 2020 and is expected to hold the largest global natural language processing market share in terms of revenue in the forthcoming years. This is due to the presence of established companies that are focusing on adopting advanced solutions to improve business processes in the region.

Asia-Pacific – The market in the region is expected to gain traction backed by the supportive government initiatives that promote the adoption of advanced technologies such as natural language processing in the businesses.

COMPETITIVE LANDSCAPE:

Product Innovation by Major Companies to Strengthen Their Market Positions

The market is segmented into several major companies striving to maintain their dominance by introducing innovative natural language processing solutions to cater to the industrial applications. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.

Industry Development:

February 2020 – Kore.Ai announced the launch of an enterprise-grade VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, Deep Learning, NLP and Predictive Analytics.

Quick Buy – NLP Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101933

Major Table of Contents:

Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
Key Takeaways
Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
  - Short-term Impact
  - Long-term Impact
Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
Global Natural Language Processing Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
- Overview
  - Key Management
  - Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
  - Employee Size
  - Key Financials
    - Past and Current Revenue
    - Geographical Share
    - Business Segment Share
- Recent Developments
Annexure / Appendix
- Global Natural Language Processing (NLP) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  - By Deployment (Value)
    - On-Premises
    - Cloud
    - Hybrid
  - By Enterprise Size (Value)
    - Small and Medium-sized Enterprises (SMEs)
    - Large Enterprises
  - By Technology (Value)
    - Interactive Voice Response (IVR)
    - Optical Character Recognition (OCR)
    - Text Analytics
    - Speech Analytics
    - Classification and Categorization
    - Pattern and Image Recognition
    - Others (Auto Coding, Professional services, etc.)

TOC Continued…!

Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/natural-language-processing-nlp-market-101933

Have a Look at Related Research Insights:

Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2021-2028

Fiber Optics Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Application (Telecommunication, Smart Cities, Power Utilities, Aerospace and Defense, Industrial Automation and Control, Renewable Energy, Others), and Regional Forecast, 2020-2027

Product Life Cycle Management Market Size, Share & Industry Analysis, By Deployment (Cloud and On-Premises), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2019-2026

Field Service Management Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services) By Deployment (Cloud, On-Premise), By Organization Size (Large Enterprises, Small and Medium Sized Enterprises (SME’s)), By Vertical (BFSI, IT and Telecommunication, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Construction and Heavy Equipment, Energy and Utilities, and others), and Regional Forecast, 2020-2027

Event Management Software Market Size, Share & Industry Analysis, By Component (Software, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Government, Corporate, Event Planners, Education, and Others), and Regional Forecast, 2019-2026

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LinkedIn: https://www.linkedin.com/company/fortune-business-insights