Global Natural Language Processing (NLP) Market – Industry Trends and Forecast to 2030

Natural Language Processing (NLP) Market Analysis and Size

The increase in the usage of smart devices to facilitate smart environments is expected to influence the growth of global natural language processing (NLP) market over the forecast period of 2023 to 2030. Also the high demand for cloud-based NLP solutions to reduce overall costs and better scalability is also anticipated to flourish the growth of the global natural language processing (NLP) market. Furthermore, the rapid urge of predictive analytics to reduce risks and identify growth opportunities is also likely to positively impact the growth of the market. Moreover, rapid increase in scope and usage of IT and automation across the world is also expected create a huge demand for natural language processing (NLP) as well as lifting the growth of the global natural language processing (NLP) market.

Data Bridge Market Research analyses that the global natural language processing (NLP) market which was USD 13.17 billion in 2022, is expected to reach USD 73.01 billion by 2030, and is expected to undergo a CAGR of 20.1% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Natural Language Processing (NLP) Market Scope and Segmentation

Market Definition

Natural language processing (NLP) is a kind of a computer application under artificial intelligence which can understand human language. This computerized procedure allows human communication to be analysed and interpreted by the computer, based on set of theories and technologies. NLP blends statistical, machine learning, and deep learning models with computational linguistics. With the use of these technologies, computers are now able to process human language in the form of text or audio data and fully understand what is being said or written, including the speakers or writer's intentions and sentiment. NLP powers computer algorithms that translate text between languages, react to spoken commands, and quickly summarize vast amounts of text in real time.

Global Natural Language Processing (NLP) Market Dynamics

Drivers

• Increasing Focus on Improving Consumer Experience

Consumer power has increased because of the internet and the ever developing channels for communication, consumption, and involvement. As a result, companies are being forced to rethink their operational and branding strategies. In today's cutthroat market, businesses must provide customer-focused experiences to win over existing customers. For instance, firms can use a variety of channels to enable an AI-powered chatbot that can respond to inquiries. Vendors of customer interaction platforms are integrating AI capabilities such as natural language processing to enable users to create scalable and customizable customer experiences without the need for human coding or logic building.

Opportunity

• Growing Utilization of Chatbot

Natural language processing advancements are enhancing chatbot capabilities throughout the company. The capacity to understand client intent and sentiment as well as greater accuracy and multilingual help are possible results. The time it takes to resolve customer complaints can be significantly cut down with NLP. Chatbots can offer quick responses to frequent questions or even straightforward solutions by integrating easily with e-commerce, banking, or health applications. Thus, increasing popularity of chatbot can result in higher demand for NLP.

Restraint/Challenge

• Lack of Sufficient Infrastructure

NLP uses algorithms developed with a specific objective in mind to help computers comprehend human language. Despite this, industry growth is being constrained by an increasing number of connection concerns, such as accessibility problems and non-contextual responses. Another barrier is the inability to distinguish between robots and humans or to comprehend complex or grammatically incorrect sentences. The likelihood of this complicating matters will be a challenge for significant market players.

This global natural language processing (NLP) market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global natural language processing (NLP) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In August 2023, Inbenta announced the development of a comprehensive Generative AI integration, which will enable businesses to instantly produce and arrange their content while requiring little work and in a way that supports the possibility of supervision and increased compliance. As a result of Inbenta's integration, businesses now have the opportunity to combine the strength of Large Language Models (LLMs) from Generative AI with the industry-leading Conversational AI technology from Inbenta, which is backed by Natural Language Processing (NLP), Neuro-Symbolic AI, and a 35-language Lexicon that spans all industries
• In November 2021, IBM Corporation announced a plan for introducing new enhancements in natural language processing (NLP) capabilities of IBM Watson Discovery. These next upgrades are intended to assist business users in sectors including financial services, insurance, and legal services improve customer experience and accelerate corporate procedures by extracting insights and synthesizing data from complicated documents

Global Natural Language Processing (NLP) Market Scope

The natural language processing (NLP) market is segmented based on component, type, processing type, technology, deployment mode, organization size, end user and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Services

Type

• Rule-Based
• Statistical
• Hybrid

Processing Type

• Text
• Speech/Voice
• Image

Technology

• Recognition Technologies
• Operational Technologies
• Analytics Technologies

Deployment Mode

• On-Premises
• Cloud

Organization Size

• Large Enterprises
• Small and Medium Enterprises  

End User

• Banking, Financial Services, And Insurance
• Healthcare and Life Sciences
• IT and Telecom
• Government and Public Sector
• Energy and Utilities
• Retail and E-Commerce
• Manufacturing
• Transportation and Logistics
• Others

Application

• Sentiment Analysis
• Machine Translation
• Data Extraction
• Risk and Threat Detection
• Automatic Summarization
• Question Answering
• Content Management
• Report Generation
• Language Scoring
• Others

Global Natural Language Processing (NLP) Market Regional Analysis/Insights

Global natural language processing (NLP) market is analysed and market size insights and trends are provided by country, component, type, processing type, technology, deployment mode, organization size, end user and application, as referenced above.

The countries covered in the natural language processing (NLP)market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA)

North America leads the natural language processing (NLP) market due to the rapid improvement in cloud computing platforms.

 Asia-Pacific is expected to expand at a significant growth rate in the natural language processing (NLP) market over the forecast period of 2023 to 2030 owing to the rise in awareness and rapid increase in AI investments.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global natural language processing (NLP) Market Share Analysis

The global natural language processing (NLP) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to global natural language processing (NLP) market.

Some of the major players operating in the global natural language processing (NLP) market are:

• IBM
• Wipro Limited (India)
• Microsoft (U.S.)
• Google (U.S.)
• Amazon Web Services, Inc. (U.S.)
• Meta (U.S.)
• Apple Inc. (U.S.)
• 3M (U.S.)
• Intel Corporation (U.S.)
• SAS Institute Inc. (U.S.)
• Inbenta Technologies Inc. (U.S.)
• Veritone, Inc. (U.S.)
• Dolbey (U.S.)
• Narrative Science (U.S.)
• Bitext (U.S.)
• Health Fidelity, Inc. (U.S.)
• Linguamatics (U.K.)
• Conversica, Inc. (U.S.)
• SparkCognition (U.S.)
• RaGaVeRa Indic Technologies Pvt Ltd. (India)

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