Natural Language Processing (NLP) Market worth $49.4 billion by 2027 - Exclusive Report by MarketsandMarketstm

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 MarketsandMarketstm. 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.

Browse in-depth TOC on "Natural Language Processing Market"
342 ? Tables   
68 ? Figures  
336 ? Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=825

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=825

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).

Browse Adjacent Markets: Analytics Market Research Reports & Consulting

Related Reports:

Conversational AI Market by Component (Solutions and Services), Type (Chatbots and IVA), Technology (NLP and ASR), Business Function (Sales and Marketing, and Operations), Mode of Integration, Vertical, and Region - Global Forecast to 2026

Chatbot Market by Component, Type (Rule Based & AI Based), Application (Customer Service, Customer Engagement & Retention), Channel Integration, Business Function (ITSM, Finance), Vertical, and Region (2022 - 2026)

About MarketsandMarketstm 

MarketsandMarketstm provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarketstm for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarketstm are tracking global high growth markets following the "Growth Engagement Model ? GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarketstm now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarketstm is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarketstm INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA: +1-888-600-6441 
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/natural-language-processing-nlp-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/natural-language-processing-nlp.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg