The Global Natural Language Processing Market is Expected to Foresee Significant Growth. The Asia Pacific to lead the growth!

The natural language processing market is expected to register a CAGR of around 24% over the period of 2021-2027. The increasing use of smart devices to promote intelligent environments is expected to impact the growth of the natural language processing (NLP) market during the forecast period. High demand for cloud-based NLP solutions to reduce overall costs and improve scalability is also expected to boost the growth of the natural language processing (NLP) market. In addition, the rapid promotion of predictive analytics to mitigate risk and identify growth opportunities also have a positive impact on market growth. Further, the rapid increase in scale and use of IT and automation around the world is expected to create significant demand for natural language processing (NLP) and drive growth in the natural language processing (NLP) market.

Based on type, the market is segmented into rule-based, statistical, and hybrid. The statistical segment is expected to hold the major market share of the natural language processing market. Statistical natural language processing (NLP) intends to perform statistical inference for the field of natural language processing. Statistical NLP also enables natural conversations between chatbots and humans.

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Based on application, the market is segmented into information extraction, machine translation, question answering, report generation, and others. The machine translation market is expected to hold the majority of the natural language processing market in the forthcoming years owing to the rising demand in organizations for solutions that can facilitate the translation of text into multiple languages.

Based on deployment, the market is segmented into on-premises and cloud. The cloud segment is expected to hold the majority of the natural language processing market in the forthcoming years. Cloud-based natural language processing platform enables users to utilize and analyze multilingual content, user-generated content, and other web content in a more secure manner and can access this data from anywhere in the world.

Based on industry vertical, the market is segmented into BFSI, healthcare, IT & Telecom, retail, and others. The BFSI segment held the largest market share in the natural language processing market. To use the unstructured data available in huge volumes, financial service providers are adopting NLP solutions to analyze data, make effective decisions, and provide quality products and services to their customers, which, in turn, increase the growth of the market.

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For a better understanding of the market adoption of the natural language processing, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Germany, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. The North American market is expected to hold the highest CAGR during the forecast period. North America is one of the most developed regions and has heavily invested in technologies such as analytics, AI, and ML. many start-ups in the U.S. are gradually deploying natural language processing services.

Natural Language Processing Market Segmentation

Market Insight, By Type

• Rule-based
• Statistical
• Hybrid

Market Insight, By Application

• Information extraction
• Machine translation
• Question answering
• Report generation
• Others

Market Insight, By Deployment

• On-Premises
• Cloud

Market Insight, By Industry vertical

• BFSI
• Healthcare
• It and telecom
• Retail
• Others

Market Insight, by region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Apple Inc.
• Facebook
• Google Inc.
• Hewlett-Packard Enterprise
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Narrative Science
• SAS Institute Inc.
• Verint Systems Inc.