Global Natural Language Processing (NLP) Market Set to Reach $26.4 Billion by 2024, Rising at a CAGR of 21% from 2019

DUBLIN, Dec. 18, 2019 /PRNewswire/ -- 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 author forecasts 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% 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

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
5.2.1 Drivers
5.2.1.1 Increase in Smart Device Usage
5.2.1.2 Growth in the Adoption of Cloud-Based Solutions
5.2.2 Restraints
5.2.2.1 Growing use of Code-Mixed Language Resulting in Increased Complexity for Natural Language Processing Tasks
5.2.3 Opportunities
5.2.3.1 Adoption of Natural Language Processing-based Applications to Improve Customer Service
5.2.3.2 Increasing Investment in the Healthcare Industry
5.2.4 Challenges
5.2.4.1 Concerns Related to Data Privacy
5.2.4.2 Unreliability of Natural Language Processing Algorithms
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.4 Regulatory Implications
5.4.1 Health Insurance Portability and Accountability Act of 1996
5.4.2 Health Information Technology for Economic and Clinical Health Act
5.4.3 Sarbanes-Oxley Act of 2002
5.4.4 European Market Infrastructure Regulation

6 Natural Language Processing Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions: Natural Language Processing Market Drivers
6.2.2 Platform
6.2.3 Software Tools
6.3 Services
6.3.1 Services: Natural Language Processing Market Drivers
6.3.2 Managed Services
6.3.3 Professional Services
6.3.3.1 Consulting
6.3.3.2 Support and Maintenance

7 Natural Language Processing Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Cloud Deployment Mode: Natural Language Processing Market Drivers
7.3 On-Premises
7.3.1 On-Premises Deployment Mode: Natural Language Processing Market Drivers

8 Natural Language Processing Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 Small and Medium-Sized Enterprises: Natural Language Processing Market Drivers
8.3 Large Enterprises
8.3.1 Large Enterprises: Natural Language Processing Market Drivers

9 Natural Language Processing Market, By Type
9.1 Introduction
9.2 Rule-Based
9.2.1 Rule-Based: Natural Language Processing Market Drivers
9.3 Statistical
9.3.1 Statistical: Natural Language Processing Market Drivers
9.4 Hybrid
9.4.1 Hybrid: Natural Language Processing Market Drivers

10 Natural Language Processing Market, By Application
10.1 Introduction
10.2 Text Classification
10.2.1 Text Classification: Natural Language Processing Market Drivers
10.3 Automatic Summarization
10.3.1 Automatic Summarization: Natural Language Processing Market Drivers
10.4 Machine Translation
10.4.1 Machine Translation: Natural Language Processing Market Drivers
10.5 Sentiment Analysis
10.5.1 Sentiment Analysis: Natural Language Processing Market Drivers
10.6 Question Answering
10.6.1 Question Answering: Natural Language Processing Market Drivers
10.7 Information Extraction
10.7.1 Information Extraction: Natural Language Processing Market Drivers
10.8 Others

11 Natural Language Processing Market, By Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Banking, Financial Services, and Insurance: Natural Language Processing Market Drivers
11.3 Healthcare and Life Sciences
11.3.1 Healthcare and Life Sciences: Natural Language Processing Market Drivers
11.4 IT and Telecommunications
11.4.1 IT and Telecommunications: Natural Language Processing Market Drivers
11.5 Retail and Ecommerce
11.5.1 Retail and Ecommerce: Natural Language Processing Market Drivers
11.6 Government and Defense
11.6.1 Government and Defense: Natural Language Processing Market Drivers
11.7 Manufacturing
11.7.1 Manufacturing: Natural Language Processing Market Drivers
11.8 Media and Entertainment
11.8.1 Media and Entertainment: Natural Language Processing Market Drivers
11.9 Travel and Hospitality
11.9.1 Travel and Hospitality: Natural Language Processing Market Drivers
11.10 Others

12 Natural Language Processing Market, By Region
12.1 Introduction
12.2 North America
12.2.1 North America: Natural Language Processing Market Drivers
12.2.2 United States
12.2.3 Canada
12.3 Europe
12.3.1 Europe: Natural Language Processing Market Drivers
12.3.2 United Kingdom
12.3.3 Germany
12.3.4 France
12.3.5 Rest of Europe
12.4 Asia Pacific
12.4.1 Asia Pacific: Natural Language Processing Market Drivers
12.4.2 China
12.4.3 Japan
12.4.4 Australia and New Zealand
12.4.5 Rest of Asia Pacific
12.5 Middle East and Africa
12.5.1 Middle East and Africa: Natural Language Processing Market Drivers
12.5.2 Middle East
12.5.3 Africa
12.6 Latin America
12.6.1 Latin America: Natural Language Processing Market Drivers
12.6.2 Brazil
12.6.3 Mexico
12.6.4 Rest of 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
14.1 Introduction
14.2 IBM
14.3 Microsoft
14.4 Google
14.5 AWS
14.6 Facebook
14.7 Apple
14.8 3M
14.9 Intel
14.10 SAS Institute
14.11 Baidu
14.12 Inbenta Technologies
14.13 Veritone
14.14 Dolbey
14.15 Narrative Science
14.16 Bitext
14.17 Health Fidelity
14.18 Linguamatics
14.19 Conversica
14.20 SparkCognition
14.21 Automated Insights

For more information about this report visit https://www.researchandmarkets.com/r/34m2hv

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