Global Natural Language Processing (NLP) Market to Reach US$ 153.9 Billion by 2032, Propelled by Rapid Digitization

May 16, 2022 | Technology & Media

The latest report by IMARC Group, titled “Natural Language Processing (NLP) Market Report by Type (Hardware, Software, Services), Technology (Interactive Voice Response, Optical Character Recognition, Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), End User (Education, BFSI, Healthcare, IT and Telecom, Manufacturing and Retail, Media and Entertainment, and Others), and Region 2024-2032,” finds that the global natural language processing (NLP) market reached a value of US$ 22.9 Billion in 2023. Natural language processing (NLP) is a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language. It combines computational linguistics and rule-based modeling of human language with statistical, machine learning (ML), artificial intelligence (AI) and conversational intelligence technologies to process the human language in text or voice data. It also translates text from one language to another, performs speech recognition, and summarizes large volumes of textual data in real-time to make communication more convenient. Owing to these properties, various enterprises are adopting NLP in customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.

Global Natural Language Processing (NLP) Market Trends:

Nowadays, enterprises are rapidly adopting NLP solutions to enhance customer experience, streamline business operations, simplify mission-critical processes, increase overall productivity, and improve internal and external operations. This represents one of the key factors driving the market growth. Apart from this, the escalating demand for advanced data analytics and significant advancements in image and speech recognition are also contributing to the market growth. In addition, with rapid digitization, healthcare facilities are widely adopting NLP to manage and process the massive amount of data generated. This, coupled with the emergence of smart devices and assistants such as Amazon Alexa and Apple’s Siri, are also catalyzing the demand for NLP solutions across the globe. Moreover, the emerging NLP applications in various industries, the growing usage of the internet and connected devices, the rising popularity of voice-based solutions, and the increasing product adoption by several social media platforms to manage the published content are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 153.9 Billion by 2032, exhibiting a CAGR of 22.9% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been classified into hardware, software, and services.
  • On the basis of technology, the market has been categorized into interactive voice response, optical character recognition, text analytics, speech analytics, classification and categorization, pattern and image recognition, and others.
  • Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of the organization size, the market has been segmented into large, and small and medium-sized enterprises.
  • Based on the end user, the market has been segregated into education, BFSI, healthcare, IT and telecom, manufacturing and retail, media and entertainment, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has been examined in the report, with some 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., and Verint Systems.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group

USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Natural Language Processing (NLP) Market to Reach US$ 153.9 Billion by 2032, Propelled by Rapid Digitization
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More