Natural Language Processing for Business Market Size, Share, Analysis, Trends, Growth, 2032

Natural Language Processing for Business Industry Prospective:

The global natural language processing for business market size was evaluated at $17 billion in 2023 and is slated to hit $139 billion by the end of 2032 with a CAGR of nearly 24% between 2024 and 2032.

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Natural Language Processing for Business Market: Overview

Natural language processing (NLP) has become a key tool for various firms in a spectrum of industries. It helps computers in understanding, interpreting, and generating human language. Reportedly, NLP can unleash valuable insights and drive the business space. Furthermore, NLP finds applications in chatbots, market research, precision marketing, sentiment analysis, data classification, and text mining.

Key Insights

• As per the analysis shared by our research analyst, the global natural language processing for business market is projected to expand annually at the annual growth rate of around 24% over the forecast timespan (2024-2032)
• In terms of revenue, the global natural language processing for business market size was evaluated at nearly $17 billion in 2023 and is expected to reach $139 billion by 2032.
• The global natural language processing for business market is anticipated to grow rapidly over the forecast timespan owing to massive need for automation along with breakthroughs in technology.
• In terms of component, the software segment is slated to register the highest CAGR over the forecast period.
• Based on deployment mode, the cloud-based segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on end-user, the healthcare segment is predicted to dominate the segmental growth in the ensuing years.
• Region-wise, the Asia-Pacific natural language processing for business industry is projected to register the fastest CAGR during the projected timespan.

Natural Language Processing for Business Market: Growth Factors

Growing demand for automated tools to boost the global market expansion over 2024-2032

Massive need for automation along with breakthroughs in technology is projected to augment the expansion of global natural language processing for business market. Furthermore, a rise in the volume of unstructured data, including social media posts, customer reviews, and documents, has created a huge need for new software tools for deriving valuable insights, thereby driving global market trends. Necessity of enhancing customer experience and easy access to cloud-based tools is projected to foster the expansion of the market across the globe. Integrating NLP with other systems is projected to protrude the expansion of the global market in the coming years.

Natural Language Processing for Business Market: Restraints

Less access to skilled personnel can deter the growth of the global industry over analysis timeline

Lack of availability of expert personnel and less data for training as well as testing NLP models can retard the expansion of the global natural language processing for business industry. Apart from this, executing NLP models has proved expensive for firms with limited budgets, thereby posing a huge threat to global industry expansion.

Natural Language Processing for Business Market: Opportunities

Demand for improvising data-driven business decisions is expected to expedite the global market expansion by 2032

Need for improving the decision-making process and an increase in data-driven marketing activities is expected to create new growth opportunities for the global natural language processing for business market. Furthermore, the need to comply with regulatory authorities and integrate NLP models with other technologies is likely to craft a favorable roadmap for the global market.

Natural Language Processing for Business Market: Challenges

A surge in the need for knowing audience sentiment can challenge the global industry growth trends

A rise in the cost of developing NLP models and the need for scalability & computational requirements are a few of the factors that are likely to challenge the expansion of global natural language processing for business industry. Furthermore, the need for bringing proficiency in sentiment analysis and capturing contextual accuracies is expected to decimate the expansion of the global industry.

Natural Language Processing for Business Market: Segmentation

The global natural language processing for business market is divided into component, deployment mode, end-user, and region. 

In terms of component, the natural language processing for business market across the globe is segmented into software and services segments. Apparently, the software segment, which accumulated nearly 75% of the global market revenue in 2023, is anticipated to account for the fastest CAGR during the coming years as a result of an immense demand for NLP-based software in a plethora of end-use industries. Moreover, the software makes use of NLP algorithms for processing & understanding natural language, thereby helping firms in deriving valuable insights.

Based on the deployment mode, the global natural language processing for business industry is segmented into on-premise, hybrid, and cloud-based segments. Apparently, the cloud-based segment, which led the global industry in 2023, is likely to contribute significantly towards the segmental growth globally in the ensuing years and this can be as a result of their scalability, swift installation, cost-efficiency, and easy access.

On the basis of end-user, the global natural language processing for business market is sectored into BFSI, media & entertainment, healthcare, IT & telecom, and retail & e-commerce segments. Moreover, the healthcare segment is anticipated to dominate the segmental space over the forecast period. Furthermore, the segmental surge can be due to a rise in the volume of healthcare data along with the need for advanced systems for assessing the data and gaining insights, patterns, and trends from it.

Natural Language Processing for Business Market: Report Scope

Natural Language Processing for Business Market: Regional Insights

North America is likely to maintain leadership position in the global market over the projected timespan

North America, which contributed about 42.1% of the global natural language processing for business market size in 2023, is set to establish a number one position in the global market in the ensuing years. In addition, the regional market progress in the next eight years can be attributed to swift breakthroughs in AI tools along with the presence of giant firms such as IBM Corporation, Google, Inc., and Microsoft Corporation. Furthermore, easy acceptance of NLP applications in BFSI, healthcare, and retail sectors is expected to expedite the regional market growth trends.

Asia-Pacific natural language processing for business industry is expected to record the fastest CAGR annually in the coming few years. The expansion of the industry in the sub-continent can be owing to supportive government policies and the use of AI tools in various end-use sectors. Apart from this, Japan and China are making use of NLP in various firms coupled with the acceptance of machine learning solutions.

Natural Language Processing for Business Market: Competitive Space

The global natural language processing for business market profiles key players such as:

• Amazon Web Services Inc.
• IBM Corporation
• Apple Inc.
• Google LLC
• Microsoft Corporation
• Intel Corporation
• SAP SE
• Hewlett-Packard Enterprise
• SAS Institute Inc.
• Verint Systems Inc.

The global natural language processing for business market is segmented as follows:

By Component

• Software
•  Services

By Deployment Mode

• On-Premise
• Hybrid
• Cloud-Based

By End-User

• BFSI
• Media & Entertainment
• Healthcare
• IT & Telecom
• Retail & E-Commerce

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa