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The Global Natural Language Processing (NLP) Market Size is Forecasted to Grow to USD 26.4 Billion by 2024 - ResearchAndMarkets.com

December 30, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Dec 30, 2019--

The “Natural Language Processing Market by Component, Deployment Mode, Organization Size, Type, Application (Sentiment Analysis and Text Classification), Vertical (Healthcare and Life Sciences, and BFSI), and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global NLP market size to grow at a CAGR of 21.0% during the forecast period

The global Natural Language Processing (NLP) market size to grow from USD 10.2 billion in 2019 to USD 26.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period 2019-2024. The major growth factors of the NLP market include the increase in smart device usage, growth in the adoption of cloud-based solutions and NLP-based applications to improve customer service, as well as the increase in technological investments in the healthcare industry.

Services segment to grow at a higher CAGR of during the forecast period

The NLP market, by component, has been segmented into solutions and services. Professional and managed services enable organizations to maintain healthy consumer relationships. Additionally, these services assist enterprises in maximizing their resource usage, effectively executing the activities, which enhance business operations. The need for services, such as support and maintenance, would grow, as the adoption of NLP solutions increase.

Banking, financial services and insurance industry vertical to hold the largest market size during the forecast period

Companies across the BFSI sector need to retain customers, cut costs, and increase profits and comply with the changing rules and regulations. NLP-based products are helping companies in the BFSI industry mitigate risks through applications majorly in information retrieval, intent parsing, and customer service and compliance process automation applications, among others. Automating the processes using solutions based on NLP has not only helped firms in the BFSI sector improve productivity, but made the interpretation process less prone to errors, optimized the way companies deal with structured and unstructured data, and acquired important customer data that they may not have had otherwise.

North America to hold the largest market size during the forecast period

North America is the highest revenue-generating region in the global NLP market, with the US constituting the highest market share, during the forecast period. Rapid developments in infrastructure and the high adoption of digital technologies are the 2 major drivers of the NLP market growth in the region. Additionally, the region, a well-established economy, has also seen large-scale investments in AI-enabled infrastructure, as a result of which, both startups and well-established companies are concentrating more on developing innovative AI-enabled solutions to cater to the various verticals. The region has witnessed favourable conditions for market growth on account of government regulations, startup funding, established player presence, and interest from enterprises to apply machine learning and NLP-based solutions.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.2.1 Inclusions and Exclusions

1.3 Market Scope

1.3.1 Market Segmentation

1.3.2 Regions Covered

1.4 Years Considered for the Study

1.5 Currency

1.6 Stakeholders

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Natural Language Processing Market

4.2 Natural Language Processing Market: Top 3 Applications

4.3 Natural Language Processing Market: By Region

4.4 Natural Language Processing Market in North America, By Application and Vertical

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.3 Opportunities

5.2.4 Challenges

5.3 Use Cases

5.4 Regulatory Implications

6 Natural Language Processing Market, By Component

6.1 Introduction

6.2 Solutions

6.3 Services

7 Natural Language Processing Market, By Deployment Mode

7.1 Introduction

7.2 Cloud

7.3 On-Premises

8 Natural Language Processing Market, By Organization Size

8.1 Introduction

8.2 Small and Medium-Sized Enterprises

8.3 Large Enterprises

9 Natural Language Processing Market, By Type

9.1 Introduction

9.2 Rule-Based

9.3 Statistical

9.4 Hybrid

10 Natural Language Processing Market, By Application

10.1 Introduction

10.2 Text Classification

10.3 Automatic Summarization

10.4 Machine Translation

10.5 Sentiment Analysis

10.6 Question Answering

10.7 Information Extraction

11 Natural Language Processing Market, By Vertical

11.1 Introduction

11.2 Banking, Financial Services, and Insurance

11.3 Healthcare and Life Sciences

11.4 IT and Telecommunications

11.5 Retail and Ecommerce

11.6 Government and Defense

11.7 Manufacturing

11.8 Media and Entertainment

11.9 Travel and Hospitality

12 Natural Language Processing Market, By Region

12.1 Introduction

12.2 North America

12.3 Europe

12.4 Asia Pacific

12.5 Middle East and Africa

12.6 Latin America

13 Competitive Landscape

13.1 Introduction

13.2 Competitive Leadership Mapping

13.2.1 Visionary Leaders

13.2.2 Innovators

13.2.3 Dynamic Differentiators

13.2.4 Emerging Companies

14 Company Profiles

15 Appendix

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/gfn6np

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE

SOURCE: Research and Markets

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PUB: 12/30/2019 09:19 AM/DISC: 12/30/2019 09:19 AM

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