Press release
Meticulous Research® Projects Natural Language Processing Market to Hit $164.9 Billion by 2031
Meticulous Research®, a global leader in market research and consulting, has unveiled its latest report titled "Natural Language Processing Market by Offering (Solutions, Services), Organization Size, Application (Sentiment Analysis, Chatbots & Virtual Assistants, Others), Sector (IT & Telecom, BFSI, Retail & E-commerce, Others), and Geography - Global Forecast to 2031."Download Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5505
The report projects the global natural language processing (NLP) market to soar to $164.9 billion by 2031, achieving an impressive compound annual growth rate (CAGR) of 29.2% from 2024 to 2031. This surge is propelled by the growing adoption of smart devices, an increased demand for NLP-driven applications in customer support, and a rising preference for NLP tools in call centers. Additionally, the rapid adoption of cloud technologies and expanding NLP applications in healthcare are anticipated to create significant growth opportunities for market players.
However, the market faces challenges due to technological limitations in NLP development and concerns surrounding data privacy and security. Key trends driving the market include the widespread adoption of virtual assistants, chatbots, and the rising demand for speech analytics solutions across industries.
Market Segmentation & Insights
The NLP market is segmented by offering, organization size, application, and sector. The report also provides an in-depth analysis of key competitors and evaluates regional markets across various geographies.
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• By Offering: The market is divided into solutions and services. In 2024, the solutions segment is expected to dominate the market, accounting for 74.0% of the total share. This dominance is attributed to the increasing adoption of NLP solutions by enterprises aiming to enhance data analysis, streamline processes, and gain competitive advantages. The solutions segment is also projected to grow at the fastest rate during the forecast period, driven by innovations such as Kaleyra, Inc.'s launch of advanced WhatsApp Business chatbots in 2022, enhancing customer engagement.
• By Organization Size: In 2024, large enterprises are expected to hold 62.0% of the market share. Their significant share is driven by strategic IT initiatives, the need to manage large volumes of customer data, and the early adoption of advanced technologies in sectors like retail, manufacturing, and healthcare. However, the small and medium-sized enterprises (SMEs) segment is expected to register the highest growth, driven by the rising need for cost-effective NLP solutions, cloud-based offerings, and contact center analytics.
• By Application: Among various applications, the speech recognition segment is expected to lead the market with a 40.0% share in 2024. This growth is fueled by the increasing use of NLP to enhance speech recognition accuracy and features. However, the chatbots and virtual assistants segment is projected to experience the fastest growth, driven by the need for personalized customer experiences, actionable feedback, and tailored content recommendations.
• By Sector: The IT and telecommunications sector is expected to account for 23.0% of the global NLP market in 2024, largely due to the rising demand for speech analytics and sentiment analysis solutions in call centers. However, the healthcare and life sciences sector is poised to experience the highest CAGR during the forecast period, fueled by the increasing use of NLP in clinical trials, documentation, and AI-powered chatbots.
Regional Outlook
Geographically, North America is expected to dominate the NLP market in 2024, accounting for 35.0% of the global share. The region's leadership is attributed to the widespread adoption of digital assistants, chatbots, and speech analytics in sectors like BFSI, retail, and IT & telecommunications. Furthermore, the presence of established NLP providers and growing demand for cloud-based solutions contribute to this dominance.
In contrast, the Asia-Pacific region is forecasted to exhibit the highest growth with a CAGR of 31.0% during the forecast period. Government initiatives promoting the adoption of digital solutions, along with the increasing deployment of cloud-based NLP applications, are key drivers. Notable advancements in the region include Japan's Pluszero Inc. launching a data creation service in 2021 and ITOCHU Techno-Solutions Corporation's development of an AI NLP engine.
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Key Players
Prominent companies shaping the NLP landscape include Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), NVIDIA Corporation (U.S.), QUALCOMM Incorporated (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), Intel Corporation (U.S.), Adobe Inc. (U.S.), Genpact Limited (U.S.), SAS Institute Inc. (U.S.), and NetBase Solutions, Inc. (U.S.).
Related Reports:
Healthcare Virtual Assistant Market - https://www.meticulousresearch.com/product/healthcare-virtual-assistant-market-4930
Conversational AI Market - https://www.meticulousresearch.com/product/conversational-ai-market-5594
Enterprise AI Market - https://www.meticulousresearch.com/product/enterprise-ai-market-5806
Speech and Voice Recognition Market - https://www.meticulousresearch.com/product/speech-and-voice-recognition-market-5038
Speech-to-text API Market - https://www.meticulousresearch.com/product/speech-to-text-api-market-5473
Speech Analytics Market - https://www.meticulousresearch.com/product/speech-analytics-market-5364
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