Natural Language Processing (NLP) Market to Reach $239.9 Billion, Globally, by 2032 at 31.3% CAGR: Allied Market Research
The global natural language processing market is experiencing growth due to an increase in automation as a result of the integration of NLP with deep learning (DL) and machine learning (ML).
Portland, OR, Sept. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Natural Language Processing (NLP) Market by Component (Solutions and Services), Deployment Mode (On-Premise and Cloud), Type (Rule-based NLP, Statistical NLP and Hybrid NLP), Enterprise size (Large Enterprise and Small and Medium Size Enterprise), and Industry Vertical (BFSI, Retail & E-commerce, IT & Telecom, Healthcare, Education, Media and Entertainment, and Others.): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global generated $16.2 billion in 2022 and is estimated to reach $239.9 billion by 2032, exhibiting a CAGR of 31.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Natural language processing (NLP) is a subset of artificial intelligence (AI) that empowers computers to comprehend human language, extract meaning, and enhance communication through technologies like voice-enabled AI and conversational intelligence. NLP incorporates features like autocorrect and autocomplete tools, which analyze individual language patterns and offer tailored suggestions for users, whether on a personal or public scale. Additionally, NLP automates many manual processes and provides analytical insights and business intelligence to facilitate growth while streamlining and organizing operations.
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Drivers, Restraints, and Opportunities-
The surge in increasing automation as a result of the integration of NLP with deep learning (DL) and machine learning (ML), drives the market growth. In addition, growing demand for smart devices, and increasing demand for advanced text analytics drive the growth of the market. However, complexities due to the usage of code-mixed language while implementing NLP solutions are expected to hamper the growth of the market. Furthermore, the increase in automation as a result of the integration of NLP with deep learning and machine learning (ML) and rise in investments in the healthcare sector are expected to create lucrative growth opportunities for the market.
Report coverage & details:
|Market Size in 2022||$16.2 billion|
|Market Size in 2032||$239.9 billion|
|No. of Pages in Report||425|
|Segments covered||Component, Deployment Mode, Enterprise size, Type, Industry Vertical and Region.|
|Drivers||Increase in automation as a result of the integration of NLP with deep learning (DL) and machine learning (ML)
Growth in use of internet and connected devices
Rise in demand for predictive analytics to reduce risks and identify growth opportunities.
|Opportunities||Rapid changes in business model technology due to geographical expansion.
Growing adoption of NLP-based applications across industries to boost customer experience
|Restraints||Complexities due to the usage of code-mixed language while implementing NLP solutions
Lack of skilled workforce and reliability issue
- As business experienced operational delays and adjustments as an outcome of COVID-19 outbreak, consumer queries and assistance requests were increased sharply.
- Organizations restored to natural language processing technologies to automate customer care procedures due to a lack of manpower and resources. In order to handle client inquiries, provide information and offer support NLP-powered chatbots and virtual assistance were widely used which minimized the workload on human customer care staff.
- The pandemic has driven the implementation of NLP in customer service, resulting in higher productivity, lower cost, and better client experiences.
- The COVID-19 pandemic has had a major influence on the healthcare sector as well, necessitating an instant and correct analysis of a huge amount of medical data. Medical literature, clinical notes and research articles about the illness were all processed and useful insights were drawn from them using natural language processing. In order to find patterns, retrieve pertinent data, and support COVID-19 treatment development and medical research, NLP algorithms were deployed. The pandemic had drawn attention to the value of NLP in healthcare and inspired development in the field, resulting in better knowledge of the infection and possible solution.
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The solution segment to rule the roost-
By component, the solution segment held the major share in 2022, garnering more than thrre-fourths of the global natural language processing market revenue, owing to allows businesses to improve financial workflows, increase efficiency, and lower expenses all at the same time propels the market growth significantly. The services segment would also showcase the fastest CAGR of 34.5% during the forecast period, owing to provide organizations to integrate the artificial intelligence (AI)-driven NLP services for building AI chat-bot, intent classification, entity recognition, extract data from PDF, text categorization, sentimental analysis, extract insights using NLP, and Internet of Things (IoT) development among others.
The on-premise segment to maintain its dominance during the forecast period
By deployment mode, the on-premise segment accounted for more than three-fourths of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to provides complete control and visibility over the data, as well as strong authentication security measures. The cloud segment would also display the fastest CAGR of 33.1% throughout the forecast period, owing to lower deployment costs, predictable running expenses, increased flexibility and scalability in AI-driven NLP, and risk reduction for system downtime.
The small and medium size enterprise segment to grow by 2032
By enterprise size, the large enterprise segment accounted for nearly two-thirds of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to automates much of the physical process and provides analytics and business intelligence for growth and helps to order and organize the processes. The small and medium size enterprise segment would also display the fastest CAGR of 33.7% throughout the forecast period, owing to increase in number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India and rise in number of government initiatives through various digital SME campaigns throughout the world fuels the growth of the market.
The statistical NLP segment to dominate by 2032
By type, statistical NLP segment accounted for nearly half of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to offers quantization, maximum likelihood & related rules and class conditional density function, such advantageous features. The rule-based NLP segment would also display the fastest CAGR of 34.1% throughout the forecast period, owing to offering advantages such as availability, cost efficiency and enhanced Speed.
The BFSI segment to dominate by 2032
By industry vertical, the BFSI segment accounted for more than one-fourth of the global natural language processing market share in 2022, and is expected to rule the boost by 2032, owing to the need for scheduling & real-time tracking of customer requests concerning financial products. The education segment would also display the fastest CAGR of 36.9% throughout the forecast period, owing to help in improving various aspects of education by facilitating rapid learning, student engagement, and even by reducing classroom interruptions by children with behavioral problems.
North America garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global natural language processing market revenue in 2022, and is projected to retain its dominance by 2032, owing to developed IT infrastructure in countries such as the U.S. and Canada, also increasing usage of NLP in BFSI, IT and government sector to improve businesses and customer experience. The Asia-Pacific region would also portray the fastest CAGR of 35.2% during the forecast period, owing to adoption of process automation across all industry verticals to enhance customer engagement and increase effectiveness of IT infrastructure in Asia-Pacific.
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Leading Market Players-
- Apple Inc.
- Intel Corporation
- SAS Institute Inc.
- SAP SE
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- International Business Machines Corporation
- Amazon Web Services, Inc.
- Hewlett Packard Enterprise Development LP
The report analyzes these key players in the global natural language processing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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