Natural Language Processing (NLP) Market: By Component (Solution, Services), By Deployment Mode (On Premise, Cloud), By Organization Size (Large Enterprises, SMEs) By Type (Rule-Based NLP, Statistical NLP, Hybrid NLP), By Industry Vertical (IT and Telecommunication, Retail and E-commerce, BFSI, Healthcare, Education, Media and Entertainment, Others) and Geography  

Natural Language Processing (NLP) Market is estimated to be valued at USD 13,376.3 million in 2021 and is poised to grow at a significant CAGR of 26.4% over 2022-2028. Natural Language Processing (NLP) is a branch of artificial intelligence (AI) that uses voice-enabled artificial intelligence (AI) and conversational intelligence technologies to enable computers to read the human language, derive meaning, and make communication more convenient. Furthermore, NLP capabilities like autocorrect and autocomplete tools help analyze personal language patterns and identify the most relevant suggestions for particular users or the public. Furthermore, natural language processing automates much of the physical process, providing analytics and business insight for development, and aids in process ordering and organization. In addition, growing data and increasing complexities in large businesses would open numerous opportunities for the natural language processing market. Based on deployment mode the Natural Language Processing (NLP) market is segmented in to On-Premise and Cloud. Cloud segmentation is anticipated to grow at significant CAGR over the forecast years owing to large data applications, cloud technology is scalable and adaptable. Furthermore, many AI and machine learning initiatives are classified as big data. The market's major manufacturers are launching several initiatives to integrate cloud-based solutions. Providing this engine will leverage the company's AI and cognitive capabilities, such as natural language processing and machine learning. SAS, for example, is working on projects to integrate natural language interaction with its cloud-based analytics tools. Users will be able to communicate with the software using this cloud-based software. A cloud-based platform allows users to consume and analyze multilingual material, user-generated content, and other online content. A hybrid deployment is expected to see moderate acceptance during the anticipated timeframe. Factors such as the increasing use of smart devices to facilitate innovative environments fuel market growth. Furthermore, rising demand for advanced text analytics and increased internet usage and linked devices are propelling the natural language processing market forward.  Furthermore, the growing adoption of NLP-based applications across industries boosts customer experience. In addition, rising healthcare investment is likely to generate profitable development possibilities for the industry. Recent Market Developments: In November 2021, IBM launched new natural language processing (NLP) enhancements planned for IBM Watson Discovery, to assist business users in industries such as financial services, insurance, and legal services in improving customer care and speeding up business processes by uncovering insights and synthesizing information from complex documents.