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Natural Language Processing (NLP) Market to Increase Gradually Owing to Rising Advanced AI-based Tools Adoption by Businesses

October 19, 2022 | Information & Technology

The global natural language processing market size is estimated to display strong growth by reaching USD 161.81 billion by 2029. Fortune Business Insights™ in its report titled “Natural Language Processing (NLP) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud, and Hybrid), By Enterprise Size (Small & Medium-sized Enterprises and Large Enterprises), By Technology (Interactive Voice Response, Optical Character Recognition, Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech and Telecom, Banking, Financial Services, and Insurance, Automotive & Transportation, Advertising & Media, Manufacturing, and Others), and Regional Forecasts, 2022-2029” observes that the market size in 2021 stood at USD 20.80 billion and is expected to reach 26.42 billion in 2022. The market is expected to witness a strong CAGR of 18.1% during 2022-2029. The rising adoption of advanced AI-based platforms is projected to drive market growth. rising digitalization and adoption of advanced technologies to expand market development.


Machine Learning Model by Hewlett Packard Enterprise LP to Set Progress for Market Expansion


In April 2022, Hewlett Packard Enterprise LP launched their machine learning model that eliminates large-scale barriers for organizations. The model was made to develop the AI-based model that incorporates machine learning software platforms accurately and faster. This launch of new technology driven software platforms is expected to drive natural language processing market growth. The purpose of this new model and to have AI models that are accurate and fast.


Rising AI-based Software Adoption to Bolster Industry Growth


Natural language processing software is utilized to make sure that a robotic system functions as per the users’ instructions. Increasing adoption of AI-based software is expected to foster the market’s growth. Technological advancements in Artificial Intelligence (AI) may surge the demand for NLP tools. Further, major players focus on developing effective products that assist businesses in automating their business operations worldwide. For example, SecureKloud Technologies announced DataEdge, an AI-powered and cloud-powered data analytics platform that enabled organizations to make effective business decisions. These factors may drive the natural language processing market growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/natural-language-processing-nlp-market-101933


Rising Reliance on Digital Tools Elevated Market’s Growth During the Pandemic


This industry was positively impacted during the COVID-19 pandemic due to rising reliance on digital tools. The sudden spike in COVID-19 infections provoked governments to impose stringent lockdown norms, thereby forcing manufacturers to adopt digital services. Moreover, the increasing adoption of electronics elevated NLP sales. Also, rapid digitalization in companies bolstered software adoption. These factors bolstered the market’s progress.


Major Players Deploy Acquisitions to Enhance their Market Reach


The prominent companies operating in the market deploy acquisitions to enhance their market reach. For example, SAP SE completed the acquisition of Askdata in July 2022. This acquisition was aimed at supporting AI-driven natural language searches and enabling businesses to undertake effective decisions. This strategy may allow the company to expand its market reach and enhance sales. Furthermore, major players deploy mergers, novel product launches, innovations, research and development, and industrial automation to enhance their market position.


Key Industry Development



  • July 2022 - SoundHound collaborated with LG to develop Voice AI Technology for next-gen in-vehicle infotainment systems. This strategy may enable Original Equipment Manufacturers (OEMs) to generate novel revenue streams.


List of Key Players Profiled in the Report



  • Hewlett Packard Enterprise Development LP (U.S.)

  • Amazon.com, Inc. (U.S.)

  • Google, LLC. (Alphabet) (U.S.)

  • SAP SE (Germany)

  • IBM Corporation (U.S.)

  • Inbenta Holdings Inc. (U.S.)

  • Linguamatics (U.K.)

  • SoundHound AI, Inc. (U.S.)

  • NetBase Quid, Inc. (U.S.)

  • JUST AI LIMITED (U.K.)


Further Report Findings



  • North America is projected to dominate the natural language processing market share due to the presence of major players. The market in North America stood at USD 7.82 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, developing advanced technology-based NLP platforms is expected to enhance the industry’s progress.

  • In Europe, the increasing adoption of cloud computing among enterprises is expected to enhance the adoption of natural language processing. This factor is expected to enhance the industry’s progress.

  • In Asia Pacific, the growing focus on AI adoption is expected to enhance the demand for natural language processing. Furthermore, the adoption of deep learning and machine learning is expected to elevate this industry’s progress.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Deployment, Enterprise Size, Technology, Industry Vertical, and Region



By Deployment




  • On-Premises

  • Cloud

  • Hybrid



By Enterprise Size




  • Small and Medium-sized Enterprises (SMEs)

  • Large Enterprises



By Technology




  • Interactive Voice Response (IVR)

  • Optical Character Recognition (OCR)

  • Text Analytics

  • Speech Analytics

  • Classification and Categorization

  • Pattern and Image Recognition

  • Others (Auto Coding, Professional Services, and Others)



By Industry Vertical




  • Healthcare

  • Retail

  • High Tech and Telecom

  • Banking, Financial Services, and Insurance (BFSI)

  • Automotive & Transportation

  • Advertising & Media

  • Manufacturing

  • Others (Government, Energy & Power, and Others)



By Region




  • North America (By Deployment, Enterprise Size, Technology, Industry Vertical, and Country)

    • U.S.

    • Canada



  • Europe (By Deployment, Enterprise Size, Technology, Industry Vertical, and Country)

    • U.K.

    • Germany

    • France

    • Scandinavia

    • Rest of Europe





  • Asia Pacific (By Deployment, Enterprise Size, Technology, Industry Vertical, and Country)


    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Asia Pacific




  • Middle East & Africa (By Deployment, Enterprise Size, Technology, Industry Vertical, and Country)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa



  • Latin America (By Deployment, Enterprise Size, Technology, Industry Vertical, and Country)

    • Brazil

    • Mexico

    • Rest of Latin America




Natural Language Processing (NLP) Market
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  • 2018-2020
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