Natural language processing (NLP) Market Growth Probability, Leading Vendors and Future Scenario By 2024-2031

Natural language processing (NLP) market is anticipated to grow at a considerable CAGR of 24.9% during the forecast period. NLP is a type of artificial intelligence (AI) that is being widely adopted in the form of consumer digital assistants and chatbots as well as adopted for commercial applications in the fields of textual analysis, sentimental analysis, voice sense (speech analysis), and change impact analysis. Deep learning architectures and algorithms have made remarkable strides in image identification and audio processing. The growth of the NLP market is attributed to affordability, scalability in computing power, a rise in data digitalization, and the convergence of NLP with deep learning (DL) and machine learning (ML). The rise of the NLP market is primarily attributable to the increasing usage of natural language processing in healthcare and contact centers, the rising demand for advanced text analytics, and the expansion of machine-to-machine technologies. For instance, in December 2022, KAID Health, an AI-powered healthcare data analysis, and provider engagement platform partnered with OPN Healthcare, a US network of community oncology providers to improve oncology care delivery. The company will implement KAID Health's Whole Chart Analysis, which draws healthcare data from multiple sources, and NLITE (Natural Language Insight & Term Extraction) solutions to enhance OPN's technology platform. The Note Analyzer feature of KAID Health's platform automatically extracts the clinical data required by pharmacists, nurses, and other caregivers to make an accurate determination of guideline compliance. This fast-tracks OPN's compliance process by improving turnaround times for prior authorization and providing detailed clinical reporting.

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The global natural language processing (NLP) market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Among these, the Europe market is anticipated to cater to a prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the natural language processing (NLP) market. The growth of the NLP market in the Asia-Pacific region is attributed to growing demand from various end-user sectors such as education, manufacturing, and others.

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Market Coverage
Market number available for - 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Natural language processing (NLP) Market by Deployment

On-Premise
Cloud

Global Natural language processing (NLP) Market by Organization Size

Large Organizations
Small and Medium Organizations

Global Natural language processing (NLP) Market by Type

Hardware
Software
Solutions

Global Natural language processing (NLP) Market by Processing Type

Text
Speech/Voice
Image

Global Natural language processing (NLP) Market by End-user Industry

Education
BFSI
Healthcare
IT and Telecom
Retail & Manufacturing
Media & Entertainment

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World

Company Profiles 

3M Co.
Automated Insights
Baidu, Inc.
Bitext Innovations, S.L.
Conversica
Google
Health Fidelity, Inc
Inbenta Holdings Inc.
IQVIA Inc.
LivePerson, Inc.
Meta Platforms, Inc.
MindMeld, Inc.
Netbase Solutions
Oracle Corp.
SAS Institute Inc.
SoundHound Inc.
Veritone, Inc.

The Report Covers

Market value data analysis of 2021 and forecast to 2029.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global natural language processing (NLP) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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