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Global Natural Language Processing (NLP) Industry Assessment 2023-2028 – Asia-Pacific Currently Fastest Growing Market; Forecast to reach $25.2 billion by 2028 at a CAGR of 28.3%.

DUBLIN, July 20, 2023 /PRNewswire/ — The Global Natural Language Processing Markets 2023-2028 report has been added to ResearchAndMarkets.com offer.

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The global NLP market was estimated to be valued at $23.8 billion in 2022. The NLP market is projected to grow at a compound annual growth rate (CAGR) of 26.1% and is projected to reach $92.7 billion by 2028.

Growing demand for smart virtual assistants like Siri, Alexa and Google Assistant, growing volume of unstructured data, advancement in machine learning and deep learning, and increasing usage of application areas are some of the key factors driving the growth of the current NLP market. Data piracy and security concerns, lack of skilled professionals, language and cultural barriers, and bias and ethics concerns, however, are hampering market growth. Besides drivers and restraints, increased adoption in healthcare, improved customer experience, improved sentiment analytics and social listening, multilingual and cross-cultural applications, compliance and regulations will create huge opportunities for vendors in the market.

Market dynamics

  • Drivers

  • Restrictions

  • Opportunity

In this report, the NLP market has been segmented based on component, implementation, organization size, type, application, industry vertical, and geography. Based on the components, the NLP market has been categorized into solutions and services. The solution currently dominates the market and the segment has been rated at $15.2 billion in 2022. The NLP Solutions Market is estimated to grow at a CAGR of 26.4% and is projected to reach 60 billion dollars by 2028.

Based on the implementation, the NLP market has been segmented into cloud and on-premise. Based on the size of the organization, the NLP market has been segmented into large enterprises and SMEs. Based on the type, the NLP market has been segmented into rule-based, statistical, and hybrid. Based on the application, the NLP market has been segmented into sentiment analysis, social media monitoring, automatic summarization, content management, and virtual assistants/chatbots. Based on the vertical industry, the NLP market has been segmented into BFSI, Education, Healthcare, Retail & E-Commerce, IT & Telecom, Media & Entertainment, and others.

By geography, the NLP market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America it is currently the most dominant global market for NLP. In 2022 the total revenue from North America NLP Market was achieved $8.6 billion, which represents 36.1% of the global market. The presence of leading global companies, a strong technological infrastructure, a favorable political and economic environment, and a high adoption of advanced technologies (e.g., AI, IoT, cloud) are among the key factors driving the North American market. Asia-Pacific it is currently the fastest growing market for NLP. The Asia-Pacific GNP market was rated at $5.8 billion in 2022. It is projected to grow at a CAGR of 28.3% and is projected to reach $25.2 billion by 2028.

Scope of the report

In this report, the global NLP market has been segmented based on organization size, component, vendor, type, industry, and geography. The report provides an overview of the global Natural Processing market and analyzes market trends. Using 2022 as the base year, this report provides estimated market data for the forecast period 2023 to 2028. Revenue forecasts for this period are segmented by component, deployment, organization size, type, application, industry vertical, and geography. Market values ​​were estimated based on the total revenue of NLP solution providers.

The report covers the NLP market with regards to user base in different regions. It also highlights key trends and challenges affecting the market and vendor landscape. The report estimates the global NLP market in 2022 and provides projections for the projected market size up to 2028. The report explains the value chain and current trends in the global NLP markets. It concludes with detailed profiles of the key players in the market.

The report includes:

  • 52 tables and 24 additional tables

  • An up-to-date overview and analysis of the global Natural Language Processing (NLP) technologies market.

  • Analysis of global market trends, with historical data on market revenue (sales data) for 2022, estimates for 2023, forecast for 2024 and projections of compound annual growth rates (CAGR) to 2028

  • Highlights of the emerging technology trends, opportunities, and gaps estimating the current size and projected growth of the global NLP market and related market segments and identification of key regions and countries involved in the market developments

  • Actual market size estimation and revenue forecast for the global NLP market in USD millions and corresponding market share analysis based on component, implementation type, organization size, technology type, application, vertical industry and region

  • Up-to-date information on key market drivers and opportunities, industry changes and regulations, and other region- and industry-specific macroeconomic variables that will affect this market in the coming years (2023-2028)

  • Patent review in the GNP market along with GNP-based global patent applications and short-term granted patents

  • A look at the main growth strategies adopted by the main players operating in the NLP technologies market, recent developments, strategic alliances and competitive benchmarking

  • Identification of key stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues

  • Descriptive company profiles of key global players in the industry including 3MApple Inc., IBM Corp., Meta Platforms Inc. and SAS Institute Inc.

Key Attributes

Ratio attribute

Details

No. of pages

178

Forecast period

2023-2028

Estimated market value (USD) in 2023

$29.1 billion

Projected market value (USD) by 2028

$92.7 billion

Compound annual growth rate

26.1%

Regions covered

Global

Main topics covered

chapter 1 introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
Chapter 4 Market dynamics
Chapter 5 Market Breakdown by Segment
Chapter 6 Market Breakdown by Distribution
Chapter 7 Market Breakdown by Organization Size
Chapter 8 Market Breakdown by Type
Chapter 9 Market Breakdown by Application
Chapter 10 Market Breakdown by Vertical Industry
Chapter 11 Market Breakdown by Region
Chapter 12 Patent analysis
Chapter 13 Emerging Technologies
Chapter 14 M&A Prospects
Chapter 15 Competitive landscape
Chapter 16 Company Profiles

  • 3M

  • Alphabet Inc. (Google Inc.)

  • Amazon Inc.

  • The Apple company.

  • Hewlett-Packard Enterprise

  • IBM Corp.

  • Inbenta Technologies Inc.

  • Intel Corp.

  • IQVIA

  • Only AI Ltd.

  • Meta Platform Inc.

  • Microsoft Corp.

  • Story Sciences (Tableau Software)

  • Quid network base

  • OpenAILP

  • Oracle Corp.

  • SAP SE

  • SAS Institute Inc.

  • SoundHound AI Inc.

  • Verint Systems Inc.

For more information about this report, please visit https://www.researchandmarkets.com/r/d6zjph

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