Natural Language Processing Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: Inbenta Holdings Inc. and Linguamatics are key players.

Natural Language Processing Market is expected to grow at a CAGR of 26.98% to reach a market size worth US$11.468 billion by 2028.

Key determinants contributing to the global market expansion for natural language processing include the rising use of NLP in various end-user industries such as healthcare, growing demand for text analytics, and implementation of AI-powered chatbots and digital assistants. In addition, rapid technological progress is also expected to drive the growth of the NLP market. However, a lack of knowledge and skilled manpower in developing economies is anticipated to hinder the global market growth during the forecast period.

The natural language processing market is being drivendriven by initiatives by leading companies to improve and integrate NLP in several applications.

Natural language processing, or NLP, is the branch of artificial intelligence (AI) that focuses on teaching computers to comprehend spoken and written language in a manner similar to that of humans. Rising demand for advanced technology such as cloud technology, AI, and ML by large enterprises is one of the primary factors driving the growth of the global NLP market. In addition, the application of NLP has increased due to leading firms' increased reliance on certified and unstructured machine learning methods, such as deep learning, for a wide range of applications. The expansion of this market has also been aided by investments and funding obtained by NLP-focused businesses.

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The global market for natural language processing is segmented into application, deployment, industry vertical, and geography.

Based on the application of natural processing language, the market is categorized into Information Extraction, Automatic Summarisation, Text classification, Translation, Sentiment analysis, and others. The automatic summarization segment is expected to hold a significant market share among the abovementioned ones. Automatic summarization is the computationally summarising a set of data to capture the key ideas or information from the original text. Rising demand for AI in a wide range of industries is driving the growth of this segment as artificial intelligence algorithms are created using this technology.

The deployment-wise segmentation of the natural processing language market includes Cloud and On-Premise. According to the analysis, the cloud segment is expected to have a significant market share due to the rising adoption of cloud-related NLP applications.

Based on the industry vertical, the classification has been done into BFSI, Retail, IT & Telecom, Education, Healthcare, and others. However, the healthcare segment is expected to hold a significant market share over the forecast period. This is because a wide range of NLP applications in the healthcare industry, such as faster clinical documentation, efficient examining of unstructured clinical data, and better support for clinical decisions, is driving the growth of this segment.

The natural language processing market is divided geographically into North America, South America, the Middle East and Africa, Europe, and Asia Pacific. Out of all the geographical regions North American region is expected to constitute a significant share of the global natural processing language market. The rising adoption of advanced technology such as AI, ML, and IoT by major firms in this region is driving the growth of the market. A well-established and significant IT and technology industry in countries such as the United States is also propelling demand for this region. Moreover, the popularity of smart speakers and related systems is expected to encourage businesses to invest in NLP technology. The prevalence of key market players such as Google, IBM, SAS, and Microsoft is contributing to the regional market growth.

The major players operating in the global natural processing language market are IBM, Microsoft Corporation, Google LLC (Alphabet Inc.), Inbenta Holdings Inc., Linguamatics, Oracle, HPE, Amazon Web Services Inc., SAS Institute Inc., Grammarly Inc., and Quetext.

This Natural Language Processing Market has been analyzed into the following segments:

• By Application

o Information Extraction
o Automatic Summarization
o Text Classification
o Translation
o Sentiment Analysis
o Others

• By Deployment

o Cloud
o On-Premises
o Media & Entertainment

• By Industry Vertical

o BFSI
o Retail
o IT and Telecom
o Education
o Healthcare
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East And Africa

• Saudi Arabia
• UAE
• Israel
• Other

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others

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