According to a research report "Natural Language Processing (NLP) Market by Component (Solutions & Services), Application (Sentiment Analysis, Social Media Monitoring), Technology (IVR, OCR, Auto Coding), Vertical (BFSI, Retail & eCommerce, IT & ITES) & Region - Global Forecast to 2027" published by MarketsandMarkets, the natural language processing (NLP) market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period. Various factors such as increasing need for cloud-based NLP solutions, increase in investments across healthcare, and advancements in big data technology for actionable business intelligence are expected to drive the adoption of NLP.
Browse 342 market data Tables and 68 Figures spread through 336 Pages and in-depth TOC on "Natural Language Processing (NLP) Market by Component (Solutions & Services), Application (Sentiment Analysis, Social Media Monitoring), Technology (IVR, OCR, Auto Coding), Vertical (BFSI, Retail & eCommerce, IT & ITES) & Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/natural-language-processing-nlp-825.html
As per Google, NLP uses ML techniques to reveal the structure and meaning of the text. With natural language processing applications, organizations can analyze text and extract information about people, places, and events to better understand social media sentiment and customer conversations. NLP applications are used to derive insights from unstructured text-based data and give you access to extracted information to generate a new understanding of that data.
Healthcare and Life Sciences vertical to witness the highest CAGR during the forecast period
The segmentation of the NLP market by the industrial vertical includes BFSI, IT and telecom, retail & eCommerce, healthcare & life sciences, transportation and logistics, government and public sector, media & entertainment, manufacturing, and others. The demand for NLP solutions within the healthcare & life sciences vertical witnessed growth with the increase in the adoption of EHRs that are readily implementing NLP solutions to remove the drawbacks of not being able to convert free text conversations into insights.
Large Enterprises segment to register for the highest market size during the forecast period
Based on organization size, the NLP market is segmented into large enterprises and SMEs. Currently, the market size of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. The large enterprises have shown more inclination toward advanced technologies, such as ML and NLP, as compared to SMEs. Large organizations in BFSI, retail, healthcare, and telecommunications need NLP to identify data patterns and develop chatbots to undertake different tasks such as making payments, checking account details, and analyzing customer feedback.
Asia Pacific to have a highest CAGR during the forecast period
The NLP market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting NLP solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. China, Japan, and India are displaying ample growth opportunities in the NLP market.
Some major players in the NLP market include IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Inbenta (US), Health Fidelity (US), LivePerson (US), SoundHound (US), MindMeld (US), Veritone (US), Dolbey (US), Automated Insights (US), Bitext (US), Conversica (US), Addepto (US), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Crayon Data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US), and DheeYantra (US).
Don’t miss out on business opportunities in Natural Language Processing (NLP) Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441