CHICAGO, Aug. 8, 2022 /PRNewswire/ -- Natural Language Processing (NLP) Market size to grow from USD 15.7 billion in 2022 to USD 49.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period, according to a new report by MarketsandMarkets. Various factors such as increasing need for cloud-based NLP solutions, increase in investments across healthcare, and advancements in big data technology for actionable business intelligence are expected to drive the adoption of NLP.
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As per Google, NLP uses ML techniques to reveal the structure and meaning of the text. With natural language processing applications, organizations can analyze text and extract information about people, places, and events to better understand social media sentiment and customer conversations. NLP applications are used to derive insights from unstructured text-based data and give you access to extracted information to generate a new understanding of that data.
Healthcare and Life Sciences vertical to witness the highest CAGR during the forecast period
The segmentation of the NLP market by the industrial vertical includes BFSI, IT and telecom, retail & eCommerce, healthcare & life sciences, transportation and logistics, government and public sector, media & entertainment, manufacturing, and others. The demand for NLP solutions within the healthcare & life sciences vertical witnessed growth with the increase in the adoption of EHRs that are readily implementing NLP solutions to remove the drawbacks of not being able to convert free text conversations into insights.
Large Enterprises segment to register for the highest market size during the forecast period
Based on organization size, the NLP market is segmented into large enterprises and SMEs. Currently, the market size of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. The large enterprises have shown more inclination toward advanced technologies, such as ML and NLP, as compared to SMEs. Large organizations in BFSI, retail, healthcare, and telecommunications need NLP to identify data patterns and develop chatbots to undertake different tasks such as making payments, checking account details, and analyzing customer feedback.
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Asia Pacific to have a highest CAGR during the forecast period
The NLP market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting NLP solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. China, Japan, and India are displaying ample growth opportunities in the NLP market.
Some major players in the Natural Language Processing Market include IBM (US), Microsoft (US), Google (US), AWS (US), Meta (US), 3M (US), Baidu (China), Apple (US), SAS Institute (US), IQVIA (UK), Oracle (US), Inbenta (US), Health Fidelity (US), LivePerson (US), SoundHound (US), MindMeld (US), Veritone (US), Dolbey (US), Automated Insights (US), Bitext (US), Conversica (US), Addepto (US), RaGaVeRa (India), Observe.ai (US), Eigen (US), Gnani.ai (India), Crayon Data (Singapore), Narrativa (US), deepset (US), Ellipsis Health (US), and DheeYantra (US).
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