“Natural Language Processing Market is expected to grow from USD 19.8 billion in 2022

According to Business Intelligence Insights “Natural Language Processing Market” is expected to grow from USD 19.8 billion in 2021 to USD 149.03 billion by 2030, at a CAGR of 28.7% during the forecast period 2022-2030.

Regional Analysis:

North America dominated the market with a major share of the market share

In the forecast period, North America had the most market share. Companies in the region are substantially investing in the advancement of NLP and apps to improve customer service programs by offering more incentives, attracting more customers, and thereby contributing to the regional market's growth. The expanding innovations in the sector researched by global players situated in the United States are propelling this market forward and hastening the pace of new launches. The region's fast-growing tendency can be ascribed to the region's increasing use of patient health record systems as well as digital developments in the healthcare and life sciences industries.

Segmentation Insights:

By Type:

Solutions category dominated the market with more than 45% of the market share
On-premises category dominated the market with more than 35% of the market share

Solutions category dominated the market with more than 45% of the market share

The global natural language processing (NLP) industry was led by the solution sector in 2020, and this trend is expected to continue during the forecast period. Increased business competitiveness, law, user needs, and project hazards all encourage NLP adoption, which drives market expansion. Furthermore, NLP solutions enable the examination of both numerical and verbal data, which is beneficial to the sector. However, the services sector is predicted to develop the most in the future years. Adoption of NLP services provides various benefits to business verticals, including faster software implementation, the increased value of current installations through optimization, and lower deployment costs and hazards, among other things, which stimulates the market.

By Application

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

Opportunity: Rise in investments across healthcare sectors to analyze huge amount of patient’s data

The healthcare industry is generating a huge amount of data nowadays, with an increased pace of digitalization among hospitals and other healthcare premises. Healthcare organizations are betting high on such enormous useful data with the analytics-driven approach. However, such organizations are finding it difficult without sophisticated systems as it is challenging to analyze the text data. However, NLP has appeared as an important technology to extract meaningful insights from such a large volume of data. The consequent demand for effective data management and advanced data analytics has also seen a significant rise in the healthcare industry over the last ten years. Moreover, it is expected that there will be a huge scope of opportunities for NLP technologies in the healthcare industry in the next five years.

Top Key Players Analysis: