Global Natural Language Processing Market - Overview
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Natural Language Processing (NLP) Market Size was valued at USD 50.9 billion in 2021. The natural language processing (NLP) market industry is projected to grow from USD 64.94 Billion in 2022 to USD 357.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.6% during the forecast period (2022 - 2030).Key factors that are driving the market growth include increasing adoption of a cloud-based solution, emerging demand for cloud-based solution, and increasing demand for text-based analytics.
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Furthermore, increasing deployments of natural language processing models with artificial intelligence (AI) by researchers, business analysts, data science teams, and portfolio managers substantiate market growth. Also, the increasing needs of businesses to cut operational costs, generate better risk, and investment insights to experience 24x productivity gain increases the demand for industry-leading NLP solutions. Many organizations use adaptive NLP and forecasting features to build and deploy AI solutions.
On the other hand, complexities associated with the development of NLP are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation in the media & entertainment sectors would support market growth throughout the review period. Also, the growing competition across the industries and growing emphasis on business intelligence boost the development of the market.
Natural Language Processing Market - Segments
The report is segmented into six dynamics:
By Technology : Auto-Coding, Text Analytics, Optical Character Recognition (OCR), Interactive Voice Response, Speech Analytics, Pattern & Image Recognition, Speech Analytics, and others.
By Type : Rule-Based NLP, Statistical NLP, and Hybrid NLP.
By Service : Integration, Consulting, and Maintenance Services.
By Deployment : On-Premise and On-Demand.
By Vertical : Healthcare, Retail Sector, Media & Entertainment, Manufacturing, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Natural Language Processing Market - Competitive Analysis
Highly competitive, the NLP market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.
Players leading the NLP market include 3M Co. (US), IBM Corporation (US), Hewlett-Packard Co. (US), Oracle Corporation (US), Apple Inc. (US), Microsoft Corporation (US), SAS Institute Inc. (US), Dolbey Systems Inc. (US), Verint Systems Inc. (US), and Net base Solutions Inc. (US), among others.
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