The global natural language processing (NLP) market size reached US$ 18.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.3 Billion by 2028, exhibiting a growth rate (CAGR) of 26.2% during 2023-2028.
Natural language processing, or NLP, refers to a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language, both spoken and written. It allows users to have human-like conversations with a computer directly by using AI and algorithms that help computers accurately recognize and respond to human communication. It also assists software programs in translating text from one language to another, performing speech recognition, and summarizing large volumes of textual data in real-time. Nowadays, businesses extensively utilize NLP in customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.
Natural Language Processing (NLP) Market Trends:
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.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global natural language processing (NLP)market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology, deployment mode, organization size and end user.
Breakup by Type:
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Hardware
Software
Services
Breakup by Technology:
Interactive Voice Response
Optical Character Recognition
Text Analytics
Speech Analytics
Classification and Categorization
Pattern and Image Recognition
Others
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Organization Size:
Large Enterprises
Small and Medium-sized Enterprises
Breakup by End User:
Education
BFSI
Healthcare
IT and Telecom
Manufacturing and Retail
Media and Entertainment
Others
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
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. and Verint Systems.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Type, Technology, Deployment Mode, Organization Size, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global natural language processing (NLP) market was valued at US$ 18.1 Billion in 2022.
We expect the global natural language processing (NLP) market to exhibit a CAGR of 26.2% during
2023-2028.
The extensive utilization of natural language processing solution in customer service chatbots, virtual
assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs, is
primarily driving the global natural language processing (NLP) market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of Natural
Language Processing (NLP) solutions across numerous enterprises, to remotely improve internal and
external operations and increase overall productivity.
Based on the technology, the global natural language processing (NLP) market has been divided into
interactive voice response, optical character recognition, text analytics, speech analytics,
classification and categorization, pattern and image recognition, and others. Among these, text
analytics exhibit a clear dominance in the market.
Based on the deployment mode, the global natural language processing (NLP) market can be
categorized into on-premises and cloud-based, where on-premises hold the majority of the total
market share.
Based on the organization size, the global natural language processing (NLP) market has been
segmented into large enterprises and small and medium-sized enterprises. Currently, small and
medium-sized enterprises represent the largest market share.
Based on the end user, the global natural language processing (NLP) market can be bifurcated into
education, BFSI, healthcare, IT and telecom, manufacturing and retail, media and entertainment,
and others. Among these, the IT and telecom sector accounts for the majority of the global market
share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global natural language processing (NLP) market include 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.
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