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NLP Market Rising at 29.4% CAGR to Reach USD 127.26 Billion by 2028; Backed by Increasing Demand for Smart Devices Worldwide, says Fortune Business Insights™

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Pune, India, Dec. 23, 2021 (GLOBE NEWSWIRE) — The global NLP market size is expected to experience exponential growth by reaching USD 127.26 billion by 2028 while exhibiting a CAGR of 29.4% between 2021 and 2028. Fortune Business Insights in its report, titled, “Natural Language Processing (NLP) Market, 2021-2028.”, mentions that the market stood at USD 16.53 billion in 2020. Factors such as the increasing adoption of smart devices and the growing adoption of NLP technology in healthcare settings are expected to favor the adoption of the product globally. For instance, in January 2021, Pryon Inc, an AI company, introduced an NLP platform that aids the companies to add no-code AI capabilities and deploy NLP projects easily with the help of virtual assistants and smart devices.

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List of the Companies Operating in NLP Market:

  • Amazon Web Services, Inc. (Washington, United States)
  • Baidu, Inc. (Beijing, China)
  • Microsoft Corporation (Washington, United States)
  • Hewlett Packard Enterprise Development LP (HPE) (California, United States)
  • IBM Corporation (New York, United States)
  • Google, Inc. (California, United States)
  • Intel Corporation (California, United States)
  • Inbenta (California, United States)
  • SAS Institute Inc. (North Carolina, United States)
  • Veritone Inc. (California, United States)
  • SAP SE (Walldorf, Germany)
  • Narrative Science (Narrative Science)
  • Linguamatics (Cambridge, United Kingdom)
  • Conversica (Washington, United States)
  • SparkCognition, Inc. (Texas, United States)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 29.4%
2028 Value Projection USD 127.26 Billion
Base Year 2020
Market Size in 2020 USD 16.53 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Deployment, Enterprise Size, Technology, Industry Vertical and Geography
Growth Drivers Increasing Demand from Healthcare Sector to Aid Growth
Product Innovation by Major Companies to Strengthen Their Market Positions

The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Market Segmentation:

Based on deployment, the market is trifurcated into on-premises, cloud, and hybrid. On the basis of enterprise size, the market is classified into SMEs and Large Enterprises. Moreover, based on the technology, the market is divided into interactive voice response (IVR), optical character recognition (OCR), text analytics, speech analytics, classification and categorization, pattern and image recognition, and others. On the basis of industry vertical, the market is segmented into healthcare, retail, high tech, and telecom, banking, financial services and insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others. Lastly on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

What does the Report Include?

The market for natural language processing report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Increasing Demand from Healthcare Sector to Aid Growth

The growing adoption of digital technology across healthcare institutions has led to the production of significant data. It is vital to handle the data efficiently to gain data-insights. This has led to the increasing adoption of analytics-driven methodologies to easily analyze large amounts of data. Moreover, the massive amount of patient data and electronic health records has enabled the healthcare sector to adopt advanced technologies to review, search, and interpret large volumes of patient data. Therefore, the surging demand from the healthcare sector is expected to contribute to the global NLP market growth during the forecast period.

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REGIONAL INSIGHTS

North America – The region stood at USD 6.21 billion in 2020 and is expected to hold the largest global natural language processing market share in terms of revenue in the forthcoming years. This is due to the presence of established companies that are focusing on adopting advanced solutions to improve business processes in the region.

Asia-Pacific – The market in the region is expected to gain traction backed by the supportive government initiatives that promote the adoption of advanced technologies such as natural language processing in the businesses.

COMPETITIVE LANDSCAPE:

Product Innovation by Major Companies to Strengthen Their Market Positions

The market is segmented into several major companies striving to maintain their dominance by introducing innovative natural language processing solutions to cater to the industrial applications. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.

Industry Development:

  • February 2020 – Kore.Ai announced the launch of an enterprise-grade VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, Deep Learning, NLP and Predictive Analytics.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Natural Language Processing Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Natural Language Processing (NLP) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Deployment (Value)
        • On-Premises
        • Cloud
        • Hybrid
      • By Enterprise Size (Value)
        • Small and Medium-sized Enterprises (SMEs)
        • Large Enterprises
      • By Technology (Value)
        • Interactive Voice Response (IVR)
        • Optical Character Recognition (OCR)
        • Text Analytics
        • Speech Analytics
        • Classification and Categorization
        • Pattern and Image Recognition
        • Others (Auto Coding, Professional services, etc.)

TOC Continued…!

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Slovenian Tourist Board Unveils Innovative Projects to Enhance Tourism and Sports Visibility: Audio Stories, AI-Powered Virtual Assistant, and “Slovenia – Sports Destination” Website

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LJUBLJANA, Slovenia, May 28, 2024 /PRNewswire/ — Slovenia is a land of countless natural beauties, cultural treasures, top health and wellness resorts and superb gastronomy, which the Slovenian Tourist Board aims to showcase to visitors in an innovative and attractive way. To achieve this, the Board continually analyzes current marketing trends and develops projects designed to excite tourists, spark their curiosity and inspire them to explore further.

By staying at the forefront of marketing strategies, the Slovenian Tourist Board ensures that the country’s unique attractions are presented in the most engaging and appealing manner possible. The most recent projects to boost Slovenia’s visibility include three new projects: Sounds Like Slovenia, a series of audio stories, an AI-powered virtual assistant named Alma on slovenia.info and the “Slovenia – Sports Destination” website.
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Meet Alma, an AI-powered virtual assistant
Alma, named after the adventurous traveller and writer Alma M. Karlin, operates using advanced AI technology, filtering content to suit user interests. She sources reliable information from the slovenia.info database and over 50 verified websites of Slovenian tourist destinations and providers. As one of the first AI assistants in Slovenian tourism, and among the few AI assistants integrated in national tourism organizations’ websites in Europe, Alma positions slovenia.info as a reliable source of information and inspiration for international visitors.
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Slovenia – Sports Destination Website
The Slovenia–Sports Destination website serves as a comprehensive resource for organizing sports activities and events, conferences, rehabilitation and inspiration, available in both Slovenian and English. Sports agencies, clubs, and event organizers can use the portal to connect directly with relevant partners in Slovenia. The website also provides direct contacts for specialized sports agencies and federations, assisting with the organization of preparatory matches and other logistical needs. Information on sports accommodations is also available.
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Sounds Like Slovenia 
Thematic playlists on Spotify and sound stories on slovenia.info provide an immersive audio experience of Slovenia’s landscapes and cultural offerings. Themes are categorized into five categories: the Sounds of Nature, Thrilling Outdoor Adventures, Cities and Culture, Health and Well-Being, and Gastronomy. Crafted for the global digital campaign, the audio list aims to captivate travelers worldwide.
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Together, these projects demonstrate Slovenia’s dedication to innovation and sustainability in tourism, offering visitors unforgettable experiences in this vibrant European destination with a green heart.
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Artificial Intelligence

Winners of Huawei ICT Competition 2023-2024 Global Final Announced

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SHENZHEN, China, May 28, 2024 /PRNewswire/ — On May 26, the closing and awards ceremony of the Huawei ICT Competition 2023–2024 Global Final was held in Shenzhen. This year’s competition attracted more than 170,000 students from over 2,000 universities and colleges across more than 80 countries and regions, making it the largest offline competition since its launch. More than 160 teams, adding up to a total of 470 contestants from 49 different countries and regions, made it through national and regional competitions to reach this year’s global final, held in Shenzhen May 23-26.

After fierce competition, 19 teams from nine countries (Algeria, China, Nigeria, Pakistan, Poland, the Philippines, Tanzania, Türkiye, and Uganda) won the Grand Prizes of the Practice and Innovation Competitions. The Best Social Media Popularity Award was won by a team from Pakistan. The Green Development Award was won by two teams from China and Morocco. The Women in Tech Award was granted to four teams from Kenya, Malaysia, Morocco, and Uganda. And the TECH4ALL Digital Inclusion Award was won by two teams from China and the Philippines.
Zhou Hong, President of Huawei’s Institute of Strategic Research, said: “To make sure everyone can truly enjoy the benefits of digitalization while such technologies are making radical progress, Huawei believes it is crucial to guarantee that digital technologies are accessible to all.”
Stefania Giannini, UNESCO Assistant Director-General for Education, said in a video message:,”UNESCO works to uphold the basic rights and agency of every learner and teacher when using digital technology and AI, and promote an inclusive, equitable, open, and secure digital future for all. Many thanks to our partners like Huawei for their longstanding support.”
Ritchie Peng, President of Huawei’s ICT Strategy and Business Development Department, stated: “ICT is the cornerstone of the intelligent world. Through the Huawei ICT Competition, we aim to provide students with a global platform to compete and exchange ideas.”
On the same day, Huawei also held the ICT Accelerating Education Transformation Summit. At the summit Huawei awarded 24 instructors the title “Huawei ICT Academy Global Most Valuable Instructor.” The awards, given out for the first time this year, aims to show gratitude for the important contributions the instructors have made to talent development, and mark them as role models showing how the brightest minds can grow even brighter. These role models will help drive sustainable development of the ICT talent ecosystem.
The Huawei ICT Competition is an annual contest held by Huawei for global university and college students. Through the competition, Huawei aims to provide students with an international platform for healthy competition and exchange of ideas. Since its launch in 2015, the competition has helped students enhance their ICT knowledge and practical skills, while also increasing their ability to innovate by using new technologies and platforms. The ultimate goal is to advance technological development and facilitate digital inclusion around the world.
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Artificial Intelligence

NEXCOM, CTOne, and Vertex Join Forces to Enhance Private Network Security

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TAIPEI, May 28, 2024 /PRNewswire/ — NEXCOM, a leading supplier of network solutions, CTOne, a global cybersecurity leader in communication technology, and Vertex, a professional system integrator of 5G private network, join forces for groundbreaking POC targeted to advance 5G private network security within semiconductor manufacturing site framework. Designed to address the specific cybersecurity challenges common in OT networks, collaborative solution offers unparalleled protection, and seamless integration into existing network architectures with minimal disruption to operations during deployment.

Improved Network Security
NEXCOM’s 1U Edge server, the TCA 5170, delivers scalable performance and advanced cybersecurity features, empowering manufacturers with robust OT network protection. Leveraging cutting-edge technologies, the TCA 5170 accelerate encryption and decryption processes, ensures authentication and real-time threat detection, safeguarding private networks against evolving cyber threats. Its scalability makes it ideal for deployments of all sizes, from smaller production lines to semiconductor giants, providing comprehensive security solutions for diverse industrial needs.
More Visibility, Easier Management
The integrated solution simplifies the management of complex OT networks, enabling IT teams to efficiently monitor and manage network security while optimizing resource utilization. CTOne’s virtualized private 5G security software, installed on TCA 5170 and deployed at strategic points at the semiconductor manufacturing site, integrates seamlessly across IT and CT networks to deliver full visibility with real-time monitoring of data traffic. Combined with CTOne’s built-in 5G protection capabilities, the solution enable immediate interception and isolation of threats while supporting a Zero Trust strategy.
“This collaboration has been pivotal in delivering a comprehensive cybersecurity solution for semiconductor manufacturing sites,” said Ming-Yang, Yi, senior manager of AMEA business development group of CTOne. “By integrating our advanced 5G visibility and security capabilities with NEXCOM’s TCA 5170, we’ve created a robust solution that enhances data protection and optimizes operational efficiency of private 5G networks.”
“Working alongside NEXCOM and CTOne has allowed us to deliver a truly comprehensive cybersecurity solution for private 5G network,” said Willis Fu, Technical Director at Vertex. “Bringing together NEXCOM’s TCA 5170 and CTOne’s Mobile Network Security solution ensures seamless protection of the private 5G network, providing our end customer with peace of mind and confidence in their operations.”
“The TCA 5170 is a compact 1U server that offers different configurations and scalable performance, allowing our ecosystem partners to easily adapt and run their applications for deployments of all scales,” said Jennifer Lan, Sales & Marketing Director of Network & Communication Solutions at NEXCOM. “Our successful collaboration with CTOne and Vertex underscores our commitment to providing top-tier security and operational efficiency for our clients.”
Read full Case Study: Security-Solution-to-Protect-Private-Networks-at-Semiconductor-Facilities.pdf (nexcom.com)
This joint solution can be experienced firsthand at upcoming exhibitions:
May 29 – May 31, 2024, CommunicAsia 2024, Singapore, Singapore EXPO, Hall 4, booth 4E3-14June 26  – June 28, 2024, COMNEXT, Japan, Tokyo, Tokyo Big Sight, South Hall, Booth 9-14About NEXCOM
Founded in 1992 and headquartered in Taipei, Taiwan, NEXCOM integrates its diverse capabilities and operates six global businesses, including the Network and Communication Solutions (NCS) unit. NCS focuses on the latest network technology and helps to build reliable network infrastructure, by delivering professional design and manufacturing services for customers all over the world. NCS’s network application platform is widely adopted in Cyber Security, Load Balancing, 5G uCPE, SD-WAN, SASE, Edge Computing, OT Security, Storage, NVR, and other network applications for businesses of all sizes.
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