Natural Language Processing Market Overview, Analysis And Forecast To 2030: Grand View Research Inc.

 Natural Language Processing Market Growth & Trends

The global natural language processing market size is estimated to reach USD 439.85 billion by 2030, expanding at a CAGR of 40.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. Machine learning is predicted to play a critical role in natural language processing (NLP) techniques, mostly in text analytics, as AI advances. In the future, unsupervised and supervised learning will enable machine-learning engines to undertake more in-depth assessments. According to their ongoing evolution, social media platforms are expected to play a superior role in business decisions. A company, for instance, can rely on several NLP tools to track customer evaluations, feedback, and comments about their business on social media platforms and in the news around the time of a quarterly report.

Factors such as increased usage of smart devices to facilitate smart environments boost market growth. Additionally, the demand for NLP technologies is expanding owing to the rising demand for sophisticated text analytics and increasing internet and connected device usage. In addition, NLP-based apps are increasingly being used across industries to enhance customer experience. Additional profitable market expansion potentials are anticipated due to rising healthcare sector investments. However, constraints in the development of NLP technology utilizing neural networks and complexity associated with the use of code-mixed language during the implementation of NLP solutions constrain the use of cloud-based services, which can create hindrances for market growth.

Companies with huge amounts of spoken or unstructured text data can effectively discover, collect, and analyze dark data issues to the growing pragmatic application of NLP. The usage of NLP is anticipated to increase in areas like semantic search and intelligent chatbots that need to comprehend user intent. The abundance of natural language technologies is expected to endure to shape the communication capability of cognitive computing and the expanding utilization of deep learning and unsupervised and supervised machine learning. Intelligent data for businesses to develop plans, NLP is essential for tracking and monitoring market intelligence reports.

Natural language processing is gaining popularity in the healthcare sector due to the search, analysis, and understanding of massive volumes of patient data. Machine learning in healthcare and NLP technology services can extract pertinent concepts and insights from data previously thought to be buried in text form using advanced medical algorithms. In healthcare media, NLP can effectively give voice to unstructured data, providing great insight into understanding quality, enhancing processes, and increasing patient outcomes. For Instance, In July 2022, Google released a free tool called AutoML Entity Extraction for Healthcare, which is also low-code for healthcare professionals with limited coding expertise. Moreover, it is used to develop Healthcare Natural Language models customized to derive more specific information from medical data, which helps understand more essential details in medical records.

North America is one of the most important marketplaces for natural language processing owing to the early adoption of advanced technologies in the countries from the region. The U.S. has an advantage in innovation because it is home to the majority of the key vendors in the industry. Additionally, the regional governments are promoting AI, ML, and NLP technologies, creating a favorable environment for market vendors to increase their presence in the region.

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Natural Language Processing Market Report Highlights

• The healthcare segment appeared as the largest segment in the terms of revenue share throughout the forecast period. However, the IT & Telecommunication segment is projected to expand with the highest growth rate
• Data extraction emerged as the largest segment in 2022 and is projected to generate revenue of over USD 77.00 billion by 2030
• Asia Pacific is projected to witness the highest CAGR of 42.7% and is estimated to reach USD 115.24 billion by 2030. The NLP market is projected to expand with rising demand for better customer experiences, growing smart device usage, and expanding application options

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Natural Language Processing Market Segmentation

Grand View Research has segmented the global natural language processing market based on component, deployment, enterprise size, type, application, end-use, and region:

Natural Language Processing Component Outlook (Revenue, USD Million, 2017 - 2030)

• Solution
• Services

Natural Language Processing Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud
• On-Premises

Natural Language Processing Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Natural Language Processing Type Outlook (Revenue, USD Million, 2017 - 2030)

• Statistical NLP
• Rule Based NLP
• Hybrid NLP

Natural Language Processing Application Outlook (Revenue, USD Million, 2017 - 2030)

• Sentiment Analysis
• Data Extraction
• Risk And Threat Detection
• Automatic Summarization
• Content Management
• Language Scoring
• Others (Portfolio Monitoring, HR & Recruiting, And Branding & Advertising)

Natural Language Processing End-use Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI
• IT & Telecommunication
• Healthcare
• Education
• Media & Entertainment
• Retail & E-commerce
• Others

Natural Language Processing Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • Japan
  • India
• South America
  • Brazil
• Middle East and Africa (MEA)

List of Key Players of the Natural Language Processing (NLP) Market

• 3M
• Apple Inc.
• Amazon Web Services, Inc.
• Baidu Inc.
• Crayon Data
• Google LLC
• Health Fidelity
• IBM Corporation
• Inbenta
• IQVIA
• Meta Platforms Inc.
• Microsoft Corporation
• Oracle Inc.
• SAS Institute Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.