According to the report, the global natural language processing industry was pegged at $11.1 billion in 2020, and is expected to reach $341.5 billion by 2030, growing at a CAGR of 40.9% from 2021 to 2030.
Rise in usage of smart devices, increase in demand for advanced text analytics, and surge in use of the internet and connected devices drive the growth of the global natural language processing market.
On the other hand, challenges in the implementation of NLP solutions due to the use of code-mixed language and limitations in the development of NLP technologies utilizing neural networks impede the market growth. However, rise in investments in the healthcare sector is expected to create lucrative opportunities in the industry.
Download Sample Report (Get Full Insights in PDF – 376 Pages) at: https://www.alliedmarketresearch.com/request-sample/441
Major market players
- Apple Inc.
- Verint Systems, Inc.
- Google Inc.
- IBM Corporation
- Hewlett-Packard Enterprise
- Intel Corporation
- Narrative Science
- Microsoft Corporation
- SAS Institute Inc.
By component, the solutions segment accounted for nearly four-fifths of the global natural language processing market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to increase in competition in businesses, legislation, user needs, and project risks, and increase in adoption of NLP.
The services segment, however, would showcase the fastest CAGR of 42.6% by 2030. The adoption of NLP services provides numerous benefits to the industry verticals such as maximizing the value of existing installation by optimizing it, speeding up software implementation, and minimizing the deployment cost & risks, and others, which further fuels the market growth.
Based on deployment mode, the on-premise segment held the lion’s share in 2020, contributing to more than three-fifths of the global natural language processing industry, and is expected to continue its lead during the forecast period.
The on-premise NLP deployment provides complete control and visibility over data, strong authentication security measures, easy scale to meet business demand, and increase efficiency with built-in redundancy. However, the cloud segment is expected to witness the highest CAGR of 43.5% by 2030. This is owing to rise in adoption of cloud-based NLP because of its low cost and easier maintenance.
By region, North America garnered the major share in 2020, contributing to nearly two-fifths of the global natural language processing market, and is anticipated to dominate the market during the forecast period. This is due to the developed IT infrastructure in countries such as the United Statesand Canada, NLP technology hasseen widespread acceptance in the North America region.
However, the region across Asia-Pacific ( Australia & Taiwan) is expected to witness the fastest CAGR of 44.0%. This region has a robust IT infrastructure and solid software and service offerings, as well as leadership positions in emerging fields including robotics, which would provide lucrative growth opportunities for the natural language processing (NLP) market.
- The outbreak of the COVID-19 pandemic has favorably impacted the adoption of NLP-based services. This is owing to the imposed lockdown by governments of different countries.
- NLP delivers endless scalability and continuous functionality enhancements, both of which are crucial in achieving digital transformation, thus growing number of businesses are investing in natural language processing (NLP).
- Moreover, as the world is getting back to normalcy, companies are focusing on advanced technology such as machine learning (ML), artificial intelligence (AI), computing technology, and analytics across various industries including healthcare, BFSI, IT, and telecom and others, for contactless operation. This factor also drives demand for AI-driven NLP technology, which in turn drives the global adoption of natural language processing (NLP).
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/441
Thanks for reading this article; you can also get an individual chapter-wise section or region wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter