According to the latest report of the IMARC group, entitled “Global Natural Language Processing (NLP) Market Size, Share, Trends, Growth, Opportunities and Forecast 2022-2027“, the global natural language processing (NLP) market reached a value of US$14.27 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of 61, US$03 billion by 2027 growing at a CAGR of 26.60% in 2022-2027.
Natural language processing (NLP) represents a branch of artificial intelligence (AI) that allows computers to understand, analyze and interpret human language, both spoken and written. It allows users to have human-like conversations with computers directly using AI and algorithms that help computers accurately recognize human communication. Natural language processing also helps software translate text from one language to another, summarize large volumes of textual data in real time, perform speech recognition, and more. It helps organizations improve customer experience, streamline business operations, simplify critical processes. , etc. As a result, NLP is widely used in various sectors, such as health, education, telecommunications, etc.
|Base year: 2021|
|Forecast year: 2022-2027|
Natural Language Processing (NLP) Market Trends and Drivers:
The increasing adoption of NLP solutions by many enterprises to improve their internal and external operations is primarily driving the natural language processing (NLP) market. Additionally, increasing digitization of data and rising usage of internet services and connected devices are further driving the growth of the market.
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Additionally, the growing demand for advanced data analytics and the continuous advancements in the fields of image analysis and voice recognition are acting as significant growth drivers. In addition to this, the growing use of text analytics and NLP technologies across several social media platforms to monitor or moderate published content is also boosting the global market.
Furthermore, increasing sales of smart devices and growing popularity of voice solutions are expected to catalyze the natural language processing (NLP) market in the coming years.
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Global Natural Language Processing (NLP) Market Analysis and Segmentation 2022-2027:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
3M Company, Apple Inc., FUJIFILM Holdings Corporation, Google LLC (Alphabet Inc.), Intel Corporation, International Business Machines Corporation, Meta Platforms Inc., Microsoft Corporation, NetBase Solutions Inc., Nokia Corporation, SAS Institute Inc. and Verint Systems .
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The report has segmented the market based on region, type, technology, mode of deployment, organization size, and end user.
Breakdown by type:
Breakdown by technology:
- Interactive voice response
- Optical character recognition
- Text analysis
- Speech analysis
- Classification and categorization
- Pattern and image recognition
Breakdown by deployment mode:
Breakdown by organization size:
- Large companies
- Small and medium enterprises
Breakdown by end user:
- Health care
- IT and Telecom
- Manufacturing and retail
- Media and entertainment
Breakdown by region:
- North America: (United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.
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