Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce and Healthcare & Life Sciences)—Global Forecast to 2030

Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce and Healthcare & Life Sciences)—Global Forecast to 2030

Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce and Healthcare & Life Sciences)—Global Forecast to 2030

The research report titled ‘Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce and Healthcare & Life Sciences)—Global Forecast to 2030’ provides an in-depth analysis of the natural language processing market in five major geographies and emphasizes on the current market trends, sizes, and shares, recent developments, and forecasts till 2030.

The global natural language processing market is projected to reach $262.4 billion by 2030, at a CAGR of 34.4% during the forecast period.

The growth of the natural language processing market is driven by the increased use of smart devices, the growing demand for NLP-based applications for customer support, and the rising demand for NLP tools in call centers. Moreover, the rapid adoption of cloud-based technologies and the increasing applications of NLP in the healthcare sector provide significant opportunities in the global natural language processing market. However, the limitations in the development of NLP technology restrain the growth of this market to some extent. Data privacy & security concerns also pose challenges to the natural language processing market growth. Furthermore, virtual assistants & chatbots and speech analytics solutions are the key trends observed in the natural language processing market.

The global natural language processing market is segmented by component {solutions [optical character recognition solutions, interactive voice response systems, autocoding systems, document analytics solutions, speech analytics solutions, simulation & modeling solutions, customer experience management solutions, digital assistant and chatbots, and other NLP solutions (root cause analysis solutions, spam detection solutions, and data mining solutions) ], services (professional services, managed services), organization size (small & medium-sized enterprises, large enterprises), application [robotics & automation, smart cities, smart retail, smart healthcare, e-mail filtering, language translation, sentiment analytics, social media analytics, other NLP applications (market intelligence & targeted advertising, and data extraction], sector [IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, transportation & logistics, government & public sector, media & entertainment, manufacturing, education, food & beverages, and other sectors (oil & gas, and automotive)]}. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on component, the global natural language processing market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the global natural language processing market. The large growth of this segment is attributed to the surge in demand for interactive voice response systems to interact with callers and gather information; the growing popularity of customer experience management solutions to streamline the customer journey, allowing customers to design, connect, deliver, and manage experiences across diverse channels; the proliferation of digital assistant and chatbots to create conversational experiences for business applications; the growing demand for document analytics solutions for managing a document repository; and the surge in demand for speech analytics to improve contact center operations. This segment is also expected to register the highest CAGR during the forecast period.

Based on application, the global natural language processing market is segmented into robotics & automation, smart cities, smart retail, smart healthcare, email filtering, language translation, sentiment analytics, social media analytics, and other NLP applications. In 2023, the social media analytics segment is expected to account for the largest share of the global natural language processing market. The large market share of this segment is attributed to the growing use of NLP solutions to spot trends related to offerings and brands through social media platforms, the increasing need to derive customer sentiment towards products and services, the growing need to identify high-value features for a product or service, and the demand for NLP solutions in social media platforms for analyzing large data sets for customer’s feedback. However, the smart healthcare segment is projected to register the highest CAGR during the forecast period.

Based on sector, the global natural language processing market is segmented into IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, transportation & logistics, government & public sector, media & entertainment, manufacturing, education, food & beverages, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global natural language processing market. The large market share of this segment is attributed to the increasing use of NLP tools by telecom companies to solve typical customer problems efficiently, growing demand for NLP solutions for sentiment analysis and call summarization, increasing proliferation of digital assistants and chatbots by IT industries, and the need of NLP solutions by telecom companies for categorizing support requests. However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global natural language processing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global natural language processing market. The large share of this market is attributed to the increasing focus on developing NLP services & solutions in North America, the growing usage of patient health record systems, and a large number of natural language processing startups in the U.S. and Canada and well-established NLP providers such as Microsoft Corporation (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Qualcomm Incorporated (U.S.) across the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

The key players operating in the global natural language processing market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), QUALCOMM Incorporated (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), INTEL CORPORATION (U.S.), Adobe Inc. (U.S.), Genpact Limited (U.S.), SAS Institute Inc. (U.S.), and NetBase Solutions, Inc. (U.S.).

Key questions answered in the report-

Which are the high-growth market segments in terms of component, organization size, application and sector?
What is the historical market for natural language processing across the globe?
What are the market forecasts and estimates for the period of 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global natural language processing market?
Who are the major players in the global natural language processing market, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global natural language processing market?
What are the different strategies adopted by the major players in the global natural language processing market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global natural language processing market, and how do they compete with the other players?

Scope of the Report

Natural Language Processing Market, by Component

Solutions
Optical Character Recognition Solutions
Interactive Voice Response Systems
Autocoding Systems
Document Analytics Solutions
Speech Analytics Solutions
Simulation & Modeling Solutions
Customer Experience Management Solutions
Digital Assistants and Chatbots
Other NLP Solutions (Root Cause Analysis Solutions, Spam Detection Solutions, and Data Mining Solutions)
Services
Professional Services
Managed Services

Natural Language Processing Market, by Organization Size

Small & Medium-sized Enterprises
Large Enterprises

Natural Language Processing Market, by Application

Robotics & Automation
Smart Cities
Smart Retail
Smart Healthcare
E-mail Filtering
Language Translation
Sentiment Analytics
Social Media Analytics
Other NLP Applications (Market Intelligence & Targeted Advertising, and Data Extraction)

Natural Language Processing Market, by Sector

IT & Telecommunications
BFSI
Retail & E-commerce
Healthcare & Life Sciences
Transportation & Logistics
Government & Public Sector
Media & Entertainment
Manufacturing
Education
Food & Beverages
Other Sectors (Oil & Gas and Automotive)

Natural Language Processing Market, by Geography

North America
U.S.
Canada
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

Natural Language Processing Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	308
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Component, Market by Organization Size, Market by Application, Market by Sector, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), QUALCOMM Incorporated (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), INTEL CORPORATION (U.S.), Adobe Inc. (U.S.), Genpact Limited (U.S.), SAS Institute Inc. (U.S.), and NetBase Solutions, Inc. (U.S.).

FAQs About the Report

What is the value of revenue generated from the sale of natural language processing solutions & services across the globe? At what rate is their demand expected to grow for the next 5-7 years?

The global natural language processing market is projected to reach $262.4 billion by 2030, at a CAGR of 34.4% during the forecast period.

Which component segment showcases high growth opportunities for the natural language processing market players?

Based on component, the solutions segment is projected to reach the highest CAGR during the forecast period due to the surge in demand for interactive voice response systems to interact with callers and gather information, rising demand for document analytics solutions for managing a document repository, and growing popularity of customer experience management solutions to streamline customers’ journey.

Which sector segment of the market is projected to create more traction in the global natural language processing market?

The healthcare & life sciences segment is projected to register the highest CAGR during the forecast period, mainly due to the increasing need to handle the surge in clinical data, growing demand for advanced patient health record systems, managed care, PHM applications, and analytics and reporting, increasing use of NLP services to identify patients who need improved care and NLP solutions for healthcare data extraction and data presentation.

What are the key factors driving the growth of the natural language processing market? What are the major opportunities for existing market players and new entrants in the market?

The increased use of smart devices, growing demand for NLP-based applications for customer support, and the rising demand for NLP tools in call centers are the major factors driving the growth of the natural language processing market. Moreover, the rapid adoption of cloud-based technologies and increasing applications of NLP in the healthcare sector provide significant opportunities in the global natural language processing market.

Who are the major players operating in the global natural language processing market?

Some of the key players in the global natural language processing market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), QUALCOMM Incorporated (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), INTEL CORPORATION (U.S.), Adobe Inc. (U.S.), Genpact Limited (U.S.), SAS Institute Inc. (U.S.), and NetBase Solutions, Inc. (U.S.).

Which regions/countries are expected to witness significant demand for natural language processing in the coming years?

In 2023, North America is expected to account for the largest share of the global natural language processing market. However, countries such as Germany, Japan, China, South Korea, the Netherlands, and the U.K. are expected to witness strong growth in demand for natural language processing.