Natural Language Processing Market Worth $ 45.79 Billion, Globally, by 2028 at 19.49% CAGR: Verified Market Research.
- The global market for natural language processing is significantly driven by the massive jump in digital data, the rise in the utility of smart devices, and the increasing demand for enhanced customer experience
JERSEY CITY, N.J., April 1, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Natural Language Processing Market" by Type (Statistical NLP, Rule Based NLP, and Hybrid NLP), by Deployment Mode (Private Cloud, Public Cloud, and Hybrid Cloud), by Application (Information extraction, Machine translation, Question answering, Report generation, and Others), by Vertical (Healthcare, Banking, Financial Services, and Insurance (BFSI), Retail and Consumer Goods, Research and Education, High tech and Electronics, Manufacturing, Media and Entertainment, and Others) and by Geography. According to Verified Market Research, the Global Natural Language Processing Market was valued at USD 11.02 Billion in 2020 and is projected to reach USD 45.79 Billion by 2028, growing at a CAGR of 19.49 % from 2021 to 2028.
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Global Natural Language Processing Market Overview
Rising demand for advance text analytics is expected to positively aid in growth of the market for natural language processing. Integration of natural language processing in text analytics has led to growth of advanced text analytics solutions. Natural language processing helps convert human language to machine language. This helps in analysis of the data and convert insights back to human language for better understanding. Rising demand for text analytics in various organization for gaining better market insights has accelerated demand for text analytic solutions. Companies across various industries are actively focusing on keeping a track of market pulse and accordingly incline their product and service offerings to capitalize on emerging trends for enhanced profitability. Integration of text analytics enables companies to receive market insights about products and its description, which helps to compete in the market and aids in increasing their market presence and share.
The major players in the market are IBM Corporation, Hewlett-Packard Enterprise Company, Microsoft Corporation, Apple Incorporation, Dolbey Systems Inc., Google, Netbase Solutions, SAS Instituite, Inc., Verint System, and 3M Company.
Verified Market Research has segmented the Global Natural Language Processing Market On the basis of Type, Deployment Model, Application, Vertical, and Geography.
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