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Natural Language Processing (NLP) Market to Grow Progressively; Rising Digital Transformation and Adoption of These Tools Allow Businesses Transformation for Business Modules

May 15, 2023 | Information & Technology

The global natural language processing (NLP) market size is estimated to display strong growth by reaching USD 158.04 billion by 2032. 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 Type (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 (Healthcare, Retail, High Tech and Telecom, Banking, Financial Services, and Insurance, Automotive & Transportation, Advertising & Media, Manufacturing, and Others), and Regional Forecasts, 2024-2032” observes that the market size in 2023 stood at USD 24.10 billion and is expected to reach USD 29.71 billion in 2024. The market is expected to witness a strong CAGR of 23.2% during 2024-2032. Natural language processing combines computational rule-based modeling and deep learning models. Rising digital transformation and adoption of these tools allow businesses transformation for business modules is driving the market growth.


Reddit Acquired MeaningCloud for Supporting Machine Learning (ML) Projects


In July 2022, Reddit acquired MeaningCloud which is a NLP company for supporting machine learning (ML) projects across its advertising teams. It helped to gain an understanding of unstructured data to provide relevant information for Reddit users. Market players have been developing NLP platforms based on advanced technology-based NLP for optimization of the business operations by adopting various strategies such as mergers, acquisitions, and partnerships.


Rising Adoption of Digital Strategies By The Key Players Strengthened The Market Growth 


The COVID-19 pandemic negatively impacted the global economy due to lockdowns and restrictions. However, pandemic led to the implementation of digital technologies-based solutions for streamlining their business operations. Rising adoption of digital strategies by the key players strengthened the market growth. After the pandemic, market players such as Amazon Web Service, IBM Corporation, Microsoft Corporation, and others reported increase in the sales for such services. Microsoft Corporation has productivity and business processes segment which has Artificial Intelligence-related services, which reported an increase of 16%.


Rising Digitalization and Adoption of Advanced Technologies To Increase The Service Demand


Rising digitalization and adoption of advanced technologies are anticipated to drive natural language processing market growth. Market players have been investing in the development of NLP software which are based on advanced technology. The pandemic propelled the demand for such tools as market players started spending on advanced technologies and protocols. In April 2021, Apple Inc. planned to launch new generation 5G infrastructure for developing 5G in the U.S. economy in coming five years. The investment announced by the company was about USD 430 billion.


Key Players Have Been Investing and Developing Advanced New Technologies


Market players have been investing and developing advanced new technologies by adopting corporate strategies such as partnerships, mergers, acquisitions, and collaborations. Hewlett Packard Enterprise Development LP, Amazon.com, Inc., and Google, LLC. (Alphabet), SAP SE, IBM Corporation, and others are market players. In July 2021, SAP SE and Google Cloud to collaborate for assisting customers to transform critical business systems to the cloud, accomplish business transformations, and increase existing business systems in machine learning and artificial intelligence.


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


Key Industry Development



  • November 2023: Amazon Web Services (AWS) collaborated with a natural language processing model provider called Hugging Face to accelerate training and deployment of large language.


List of Key Companies Profiled in the Market 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



  • The market in North America stood at USD 9.04 billion in 2022 and captures the maximum part in the global NLP market share. The dominance is attributed to the presence of market players; IBM Corporation, Alphabet LLC, Oracle Corporation, Microsoft Corporation, and others.

  • Europe is expected to have a moderate CAGR owing to adoption of cloud computing in the organizations in the region.

  • Asia Pacific is also expected to have highest CAGR owing to adoption of NLP with focus driven on AI, deep learning, and machine learning technologies.


Table of Segmentation 






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 24.6% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



By Deployment, Enterprise Type, Technology, Industry, and Region



By Deployment




  • On-Premises

  • Cloud

  • Hybrid



By Enterprise Type




  • 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




  • 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

    • U.S.

    • Canada



  • Europe

    • U.K.

    • Germany

    • France

    • Scandinavia

    • Rest of Europe





  • Asia Pacific


    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Asia Pacific




  • Middle East & Africa

    • GCC

    • South Africa

    • Rest of the Middle East & Africa



  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America




Natural Language Processing (NLP) Market
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  • 2023
  • 2019-2022
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