Global Natural Language Processing (NLP) Market Size & Share to Generate $44.79 Bn By 2030

The global natural language processing (NLP) market size was worth around USD 13.9 Billion in 2021 and is predicted to grow to around USD 44.79 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 22.96% between 2022 and 2030.

Natural language processing (NLP) is an interdisciplinary field that works as a combination of computer science, linguistics, and artificial intelligence concerning itself with the connection between the human language and computers. NLP works toward developing programs that can efficiently analyze and process natural language data while also understanding the human intention or emotion that the words are spoken or written.

Browse Press Release - https://www.zionmarketresearch.com/news/global-natural-language-processing-market

It is an important component of artificial intelligence (AI) and has existed for more than 5 decades with its roots lying in linguistics which deals with the scientific study of language. In the modern technically revolutionized world, NLP has found applications across industries including medical research, business intelligence, and search engines. NLP has allowed computers to evolve to a state where they can recognize natural language as close as a human would.

Language can be in different forms including written or spoken. There are two main aspects of NLP that include algorithm development and data processing.

The global natural language processing (NLP) market is expected to be driven by the growing adoption of the technology in the healthcare sector which has recognized several benefits that are associated with the use of advanced technology. NLP can help doctors and other medical professionals effectively interpret, search, or analyze the massive amount of patient data.

A lot of medical information may go unnoticed when it is simply put in text format. This aspect can be greatly dealt with by using NLP. For instance, the burden on the doctors to input the medical history of patients can be easily overtaken by NLP systems that can not only record the data but analyze it as well.

Request Free Sample Report @ https://www.zionmarketresearch.com/sample/natural-language-processing-market

Furthermore, the high applications of NLP in email sorting are expected to act as a growth contributing factor for the natural language processing industry. Gmail, email by Google, is already using the technology where an email received in a Gmail inbox directly gets classified between 'Promotions, Social, or Primary' depending on certain phrases or words used in the email. Other factors like use in the development of predictive text technology, language translation, and digital phone calls could lead to higher revenue during the forecast period. Companies in the service industry are leveraging NLP-powered chatbots to provide an unmatched customer experience.

One of the major growth limitations in the natural language processing industry is the building of the technology mostly on widely-used languages which means that there are a restricted number of languages that inspire the functioning of NLP. This is mostly applicable to languages that are spoken by less number of people and the ones that do not have larger access to technology. For instance, studies have shown that there are more than 3000 languages in Africa but there is not enough information on them. However, companies are working on the development of multilingual sentence embeddings and transformers that can identify similarities between languages.

The growing research & product innovation could provide growth opportunities whereas the lack of skilled professionals may challenge the natural language processing industry expansion.

The global natural language processing (NLP) market is segmented based on industry vertical, enterprise size, deployment, technology, and region

Based on deployment, the global market is segmented into cloud, on-premises, and hybrid.

In 2021, the global market registered the highest growth in the cloud segment and is projected to grow at the fastest CAGR during the forecast period
The segmental growth can be attributed to the advantages of cloud technology in terms of data safety and convenience of data sharing
As cloud technology is projected to cross its previous records in terms of investments and product adoption, the global market may also benefit from this trend
As per the 2022 Flexera State of the Cloud report, more than 81.1% of the companies adopted a multi-cloud strategy to run the business
Based on enterprise size, the natural language processing market is segmented into large enterprises and small & medium-sized enterprises.

Based on industry vertical, the natural language processing market is divided into retail, healthcare, banking, high tech & telecom, automotive & transportation, financial services, manufacturing, media, and others.

Based on technology, the global market is segmented into speech analytics, interactive voice responses, text analytics, optical character recognition, and image & pattern recognition.

Text analytics was the leading segment in 2021 driven by the growing number of players operating in the segment
Furthermore, the interactive voice responses segment is anticipated to be led by the rising applications of software and smart device developers to improve user experience. For instance, in 2016, Amazon spent around USD 330 million for research & development activities to develop Alexa, virtual assistant technology
North America is anticipated to lead the global natural language processing (NLP) market due to the technologically advanced infrastructure of the region, with the US acting as the major regional revenue contributor. The supportive architecture in these countries allows businesses and service providers to invest in new technology. The presence of key players that are consistently working toward the development of higher technologies. Growth in Europe is anticipated to be led by the rising adoption of cloud computing technology across industrial sectors. Asia-Pacific may also register a significant CAGR in the natural language processing industry mainly due to the growing application of NLP in the e-commerce and service industry adopting these systems for customer-oriented chatbots.

This review is based on a report by Zion Market Research, titled "Natural Language Processing (NLP) Market By Industry Vertical (Retail, Healthcare, Banking, High Tech & Telecom, Automotive & Transportation, Financial Services, Manufacturing, Media, and Others), By Enterprise Size (Large Enterprises and Small & Medium-Sized Enterprises), By Deployment (Cloud, On-Premises, and Hybrid), By Technology (Speech Analytics, Interactive Voice Responses, Text Analytics, Optical Character Recognition, and Image & Pattern Recognition), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2030."- Report at https://www.zionmarketresearch.com/report/natural-language-processing-market

Recent Developments:
In May 2020, Inductive, a Canadian machine-learning company was acquired by Apple for its AI capabilities. The engineers from Inductive started working with Apple for introducing more developments in Siri
In September 2022, The University of California, Irvine (UCI) announced a partnership with Melax Tech, an artificial intelligence (AI) software company. The partnership will work toward analyzing Electronic Health Record (EHR) data using NLP
The global natural language processing (NLP) market is dominated by players like:

Google Inc.
Microsoft Corporation
SAS Institute Inc.
NVIDIA Corporation
Baidu Inc.
Qualcomm Incorporated
Texas Instrument
Micro Focus International PLC (HPE)
NetBase Solutions Inc.
Genpact Limited
Adobe Inc.
Amazon Web Services Inc.
3M
Inbenta
Meta Platforms Inc.
IQVIA
Crayon Data, Facebook
Hewlett-Packard Enterprise
Apple Inc.
Intel Corporation
Narrative Science
Verint Systems Inc.
IBM Corporation.

The global natural language processing (NLP) market is segmented as follows:

By Industry Vertical

Retail
Healthcare
Banking
High Tech & Telecom
Automotive & Transportation
Financial Services
Manufacturing, Media
Others

By Enterprise Size

Large Enterprises
Small & Medium-Sized Enterprises

By Deployment

Cloud
On-Premises
Hybrid

Request Customized Copy Of Report @ https://www.zionmarketresearch.com/custom/7104

By Technology

Speech Analytics
Interactive Voice Responses
Text Analytics
Optical Character Recognition
Image & Pattern Recognition

By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa

FREQUENTLY ASKED QUESTIONS

Which key factors will influence natural language processing (NLP) market growth over 2022-2030?
What will be the value of the natural language processing (NLP) market during 2022-2030?
Which region will contribute notably towards the natural language processing (NLP) market value?
Which are the major players leveraging the natural language processing (NLP) market growth?

Why Choose Zion Market Research?

Serving domestic and international clients 24/7
Prompt and efficient customer service
Data collected from reliable primary and secondary sources
Highly trained and experienced team of research analysts
Seamless delivery of tailor-made market research reports

Explore Related Reports:

https://www.openpr.com/news/2918541/global-biomimetic-plastic-materials-market-size-is-set-to-reach

https://www.openpr.com/news/2920413/global-nonwoven-filter-media-market-size-to-grow-around-10-0-bn

Global Enterprise Data Management Market to Grow at a CAGR of 8.7% by 2030
https://www.zionmarketresearch.com/news/global-enterprise-data-management-market

Global Clean Label Flavors Market to about $70.1 billion by 2030
https://www.zionmarketresearch.com/news/global-clean-label-flavors-market

Global Catalytic Converter Market Size To Grow To Around USD 76.7 Billion by 2030
https://www.zionmarketresearch.com/news/global-catalytic-converter-market

Global Building Information Modeling (BIM) Market To Grow At A CAGR Of 13.9% During The Forecast Period
https://www.zionmarketresearch.com/news/global-building-information-modeling-market

Global Geotextile Fabric Market Size to Grow at a CAGR of 6.3%by 2030
https://www.zionmarketresearch.com/news/global-geotextile-fabric-market

Global Assistive Technologies for Visually Impaired Market Size Revenue To Hit Nearly $13.2 Billion By 2030
https://www.zionmarketresearch.com/news/global-assistive-technologies-for-visually-impaired-market

Global Seed Market To Grow At A CAGR Of 6.5% By 2030
https://www.zionmarketresearch.com/news/global-seed-market

Global Cosmetic Pigments Market To Grow At A CAGR Of 8.5% By 2030
https://www.zionmarketresearch.com/news/global-cosmetic-pigments-market

Global Agriculture Equipment Market To Grow At A CAGR Of 6.5% By 2030
https://www.zionmarketresearch.com/news/global-agriculture-equipment-market

Global High-Throughput Screening Market to Grow at a CAGR of 7.82% by 2030
https://www.zionmarketresearch.com/news/global-high-throughput-screening-market

Global Brain Health Supplements Market Revenue To Hit Nearly $15.75 Billion By 2030
https://www.zionmarketresearch.com/news/global-brain-health-supplements-market

Global Quantum Computing Market To Reach Around USD 5274.9 Million by 2030
https://www.zionmarketresearch.com/news/global-quantum-computing-market

https://www.smallbusinessesinthenews.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.cannabidiolnewsonline.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.marcomworld.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.newschannelasia.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.globalreporterjournal.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.frenchguianaentertainment.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.growingbusinessesinthenews.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

https://www.theworldnewswire.com/article/609641892-global-concrete-admixture-market-is-likely-to-grow-at-a-cagr-value-of-around-5-9-by-2028-zmr

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
Read Blog - https://zmrblog.com/

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client's needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us-after all-if you do well, a little of the light shines on us.

This release was published on openPR.