By 2032, the market for natural language processing (NLP) is expected to reach US$ 45 billion, growing at a CAGR of 23%. (2022-2032). The total market sales for NLP are projected to increase by 3.8x and reach more than US$ 14 Bn.
North America holds the largest market share. The increasing usage of NLP in end-user industries is responsible for the growing demand of the product. The high rate of adoption of advance technologies and developments in infrastructure are the primary reasons responsible for the market growth. Asia-Pacific is expected to grow at a lucrative rate owing to the growing use of AI and ML technologies in the region.
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Key players in the natural language processing (NLP) market are Alphabet Inc., IBM Corporation, Amazon Web Services Inc., 3M Company, Microsoft Corporation, Apple Inc., Dolbey Systems, Inc., Veritone Inc., Facebook Inc., Health Fidelity Inc., SAS Institute Inc., Intel Corporation, Linguamatics Ltd., Bitext Innovations, Conversica Inc., Automated Insights Inc., Narrative Science, Inbenta Technologies Inc., SparkCognition and others. In October 2019, Facebook AI released a dataset which had coding questions along with the code snippet answers, which will be interpreting code search systems.
The deployment mode segment includes on-premise and cloud. Cloud segment holds the largest market share owing to it’s flexible and scalable characteristics for analysis of big data. It also helps the users to analyze the multi-lingual content and web contents.
The vendors prefer cloud-based NLP initiatives for their business. Thus, it is expected to grow at a prospering rate. The component segment includes solutions and services. The solutions further include software tools and platform. The services further include managed services and professional services. Solutions are the major sub-segment. The perceived benefits have increased the usage of NLP solutions around the world.
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The demand for customized solutions has resulted in the market growth of the segment. The type segment includes rule-based NLP, hybrid NLP and statistical NLP. Statistical NLP is the more preferred type. It uses statistical and probabilistic methods for solving various contents. It is more accurate as it is based upon certain numeric analysis.
The technology segment includes optical character recognition (OCR), interactive voice response (IVR), text analytics, speech analytics, auto coding, classification and characterization and pattern & image recognition. Among these, text analytics is the dominant technology. It is gaining importance in a variety of fields like retail, marketing, finance, etc.
This technology helps to break down heaps of texts and filter out some useful extracts. The organization size segment includes small & medium organizations and large organizations. NLPs are more useful in large organizations. Thus, large organizations constitute major shares of the growth. These organizations have huge data which is needed to be processed. The large capacity demands for extensive applications like NLPs.
The application segment includes machine translation, information extraction, question answering, text classification, report generation, sentiment analysis, language identification, spam recognition and others. Machine translation is the dominant application.
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The NLPs are majorly used for the conversion of human language into the machine language. The data entered in the system is majorly in the natural languages, and thus it is converted into machine language for processing. The end-user segment includes banking financial services & insurance (BFSI), healthcare and life sciences, manufacturing, retail & e-commerce, government & defence, media & entertainment, education & research, automotive, electronics, telecommunications & IT, travel & hospitality and others.
BFSI holds the largest market share. BFSI has the most significant applications of NLPs. This sector deals with an enormous amount of data available in the natural language. Further, the growing need of text analytics and speech analytics in the sector has increased the use of NLP.
Natural language processing market will go a long way in the AI field. It has helped businesses to sort huge data and avoid any complications. The immense applicability has helped the product to penetrate different end-user industries. The ongoing technological developments will help the market to grow further during the upcoming years.
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