Global Natural Language Processing (NLP) Market is Set to Reach USD 23.0 billion by 2024
Published: 2020-05-19 13:32:02

The global natural language processing (NLP) market is expected to grow at a CAGR of 20.0% during the forecast period with its market size predicted to reach USD 23.0 billion by 2024. Globally, natural language processing (NLP) industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion.

Machine Translation category held the largest share in the natural language processing (NLP) market in 2018

Based on the application, the natural language processing (NLP) market is segmented into information extraction, question answering, machine translation, automatic summarization, sentiment analysis text processing, and others. Among these segments, the machine translation category held the largest share in the market in 2018, owing to the increasing demand in organizations for solutions that can facilitate translation of the text into multiple languages.

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Based on industry, the natural language processing (NLP) market is segmented into BFSI, healthcare, retail and eCommerce, manufacturing, media and entertainment, travel and hospitality, it & telecommunication, and others. Among these segments, the BFSI category held the largest share in the market in 2018.

Geography Insight

Geographically, North America has accounted for the largest share in the natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the rising demand for enhanced customer experience, increasing number of investments related to the integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.

Competitive Insight

Some of the key players operating in the global natural language processing (NLP) market are 3M Company, Apple Inc., Microsoft Corporation, Verint Systems Inc., AWS Inc, Dolbey Systems Inc., Genpact Ltd., Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, and Hewlett Packard Enterprise (HPE) Company.

Key Takeaway from the Report:

Among all the types, the statistical category held the largest share in the market in 2018.
Of all deployment, the cloud category expected to exhibit the fastest growth during the forecast period.
Among all the applications, the machine translation category held the largest share in the market in 2018.
Of all the industries, the BFSI category held the largest share in the market in 2018.
Geographically, North America has accounted for the largest share in the natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period.
The Report Offers:

Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
Market insights by in-depth segmentation with industry dynamics.
Competitive analysis and benchmarking of the industry leaders and their product offerings
Profiles of leading players and innovators, their financial overview and product portfolio
Analysis of key industry trends and recent developments
Value chain analysis and distribution channel analysis with opportunity assessment
Market share analysis of major players