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The natural language processing market size is forecast to increase by USD 53.50 billion between 2022 and 2027, accelerating at a CAGR of 30.22%. In 2017, the US held the largest market share, projecting an annual revenue of USD 1.33 billion. The report offers extensive research analysis on the Natural Language Processing Market, with a categorization based on Component, including Solution and Services. It further segments the market by Deployment, encompassing On-premises and Cloud. Additionally, the report provides geographical segmentation, covering North America, APAC, Europe, South America, and Middle East and Africa. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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The growing demand for NLP applications is a key factor driving the market growth. The global NLP market is experiencing significant growth due to the rising demand for NLP applications in healthcare, e-commerce, and customer services. In healthcare, NLP assists in analyzing clinical notes, patient records, and medical literature for better diagnosis, treatment planning, and research. E-commerce platforms use NLP for improved user experiences, sales, and personalized suggestions. In customer services, NLP powers virtual assistants and chat systems, offering tailored interactions with customers. This growing adoption of NLP is driven by the desire to automate operations, enhance customer engagement, and improve decision-making in various sectors, leading to increased demand for NLP applications and fueling market growth.
The deployment segment showed a gradual increase in the market share of USD 3.79 billion in 2017 and continued to grow by 2021. In 2022, the global NLP market saw a strong demand for on-premises deployment, which involves installing NLP systems within an organization's premises for better control, data privacy, and security. Businesses in sectors like finance, healthcare, and government opt for on-premises NLP due to regulatory compliance and data management needs. Despite the rising popularity of cloud-based solutions, on-premises deployment remains preferred by end-users, especially when data control and security are vital. This trend is expected to drive steady growth in the on-premises NLP deployment market and the overall market during the forecast period.
APAC is estimated to contribute 27% to the growth of the global market during the forecast period. The NLP market is expanding significantly in North America. Due to the dominance of the region in the global NLP market, many leading technology corporations and cutting-edge research institutions are headquartered in the region. Due to the presence of major industrial companies and the widespread use of NLP in a variety of industry verticals, including healthcare, banking, and customer services, the US, in particular, has a sizable market share. NLP solutions that provide enhanced language comprehension, sentiment analysis, and chatbot skills are in high demand globally, including in North America. The optimistic market outlook for NLP in North America is influenced by variables such as advances in technology, increased investments in artificial intelligence, and the growing demand for effective language processing in data-driven businesses.
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The Natural Language Processing Market is fragmented in nature. Some significant players include 3M Co., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Cerebras Systems Inc., Edifecs Inc., Hewlett Packard Enterprise Co., Inbenta Holdings Inc., International Business Machines Corp., IQVIA Inc., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., NetBase Solutions Inc., OpenAI L.L.C., Oracle Corp., SAP SE, SAS Institute Inc., and SoundHound Inc.
The natural language processing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Natural Language Processing Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.22% |
Market growth 2023-2027 |
USD 53.50 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
30.0 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 27% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., Cerebras Systems Inc., Edifecs Inc., Hewlett Packard Enterprise Co., Inbenta Holdings Inc., International Business Machines Corp., IQVIA Inc., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., NetBase Solutions Inc., OpenAI L.L.C., Oracle Corp., SAP SE, SAS Institute Inc., and SoundHound Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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