The global natural language processing (NLP) market reached a value of US$ 14.27 billion in 2021. Looking forward, the market is projected to reach a value of US$ 61.03 billion by 2027 exhibiting a CAGR of 26.60% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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 Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global natural language processing (NLP) market, along with forecasts at the global, regional and country level from 2022-2027. The report has categorized the market based on type, technology, deployment mode, organization size and end user.
Breakup by Type
Breakup by Technology
- Interactive Voice Response
- Optical Character Recognition
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
Breakup by Deployment Mode
Breakup by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by End-user
- IT and Telecom
- Manufacturing and Retail
- Media and Entertainment
Breakup by Region
- North America
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- 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.
Key Questions Answered in this Report
- How has the global natural language processing (NLP) market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global natural language processing (NLP) market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the end-user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global natural language processing (NLP) market and who are the key players?
- What is the degree of competition in the industry?
For more information about this report visit https://www.researchandmarkets.com/r/e8h734
The content is by Business Wire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.