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Natural Language Processing Market size Worth USD 161.81 Billion by 2029 | Report by Fortune Business Insights

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Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) — The global natural language processing market size was valued at USD 20.80 billion in 2021. The market is expected to grow from USD 26.42 billion in 2022 to USD 161.81 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Rising digital transformation and adoption of advanced technologies are expected to fuel the industry’s growth. Fortune Business Insights™ provides this information in its report titled “Natural Language Processing (NLP) Market Forecast, 2023-2029”

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Key Industry Development

July 2022 – SoundHound collaborated with LG to develop Voice AI Technology for next-gen in-vehicle infotainment systems. This strategy may enable Original Equipment Manufacturers (OEMs) to generate novel revenue streams.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 18.1%
2029 Value Projection USD 161.81 Billion
Base Year 2021
Natural Language Processing Market Size in 2021 USD 20.80 Billion
Historical Data for 2018 to 2020
No. of Pages 180
Segments covered Deployment, Enterprise Size, Technology, Industry Vertical and Geography

COVID-19 Impact

Increasing Reliance on Digital Tools Enhanced Industry Growth During the Pandemic

This market was positively impacted during the COVID-19 pandemic due to increasing reliance on digital tools. The alarming spike in COVID-19 infections led to the adoption of stringent lockdown regulations, thereby forcing manufacturers to depend upon digital services. Moreover, rising adoption of electronics elevated natural language processing adoption. Also rapid digitalization in companies enhanced the adoption of the software. These factors enhanced this industry’s growth.

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

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Drivers and Restraints

Increasing AI-based Software Adoption to Foster Market Progress

Natural language processing software is used to make sure that a robotic system functions as per the requirement of users. Rising adoption of AI-based software adoption is expected to elevate this industry’s progress. Technological advancement in Artificial Intelligence (AI) is expected to enhance the demand for NLP tools. Furthermore, major players focus on developing effective products that help businesses automate their business operations globally. For example, SecureKloud Technologies announce DataEdge, an AI-powered and cloud-powered data analytics platform, that allows organizations to gain insights and undertake effective decisions. These factors may drive the natural language processing market growth.

However, limited interoperability and data security concerns may hamper the industry’s progress.

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Segments

Cloud Segment to Dominate Backed by Rising Adoption of Cloud Services and Software

By deployment, the market is segmented into on-premises, cloud, and hybrid. The cloud segment is expected to dominate due to rising adoption of cloud services and software.

Large Enterprises to Lead Backed by Increasing Development of NLP Tools

As per enterprise size, the market is segregated into Small & Medium-sized Enterprises (SMEs) and large enterprises. Large enterprises segment is likely to lead due to rising development of Natural Language Processing (NLP) tools.

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Text Analytics Segment to Dominate Market Share Attributable to Increasing Consumer Analytics Development

Based on technology, the market is segmented into interactive voice response, optical character recognition, text analytics, speech analytics, classification and categorization, pattern and image recognition, and others (auto coding, professional services, and others). The text analytics segment is expected to dominate the market share due to rising consumer analytics development.

High Tech and Telecom Segment to Lead Attributable to Increasing Advanced AI-based Tools Adoption by Businesses

By industry vertical, the market is categorized into healthcare, retail, high tech and telecom, Banking, Financial Services & Insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others (government, energy & power, and other). The high tech and telecom segment is expected to lead due to rising advanced AI-based tools adoption by businesses.

Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Regional Insights

Presence of Major Players to Propel Market Growth in North America

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North America is projected to dominate the natural language processing market share due to the presence of major players. The market in North America stood at USD 7.82 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the development of advanced technology-based NLP platforms is expected to enhance the industry’s progress.

In Europe, the increasing adoption of cloud computing among enterprises is expected to enhance the adoption of NLP. This factor is expected to enhance the industry’s progress.

In Asia Pacific, the growing focus on AI adoption is expected to enhance the demand for natural language processing. Furthermore, the adoption of deep learning and machine learning is expected to elevate this industry’s progress.

Competitive Landscape

Major Players Deploy Acquisitions to Enhance their Market Reach

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The prominent companies operating in the market deploy acquisitions to enhance their market reach. For example, SAP SE completed the acquisition of Askdata in July 2022. This acquisition was aimed at supporting AI-driven natural language searches and enabling businesses to undertake effective decisions. This strategy may allow the company to expand its market reach and enhance sales. Furthermore, major players deploy mergers, novel product launches, innovations, research and development, and industrial automation to enhance their market position.

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List of Key Players Profiled in the Report

  • Hewlett Packard Enterprise Development LP (U.S.)
  • Amazon.com, Inc. (U.S.)
  • Google, LLC. (Alphabet) (U.S.)
  • SAP SE (Germany)
  • IBM Corporation (U.S.)
  • Inbenta Holdings Inc. (U.S.)
  • Linguamatics (U.K.)
  • SoundHound AI, Inc. (U.S.)
  • NetBase Quid, Inc. (U.S.)
  • JUST AI LIMITED (U.K.)

Major Table of Contents:

  • Global Natural Language Processing (NLP) Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Deployment (USD)
      • On-Premises
      • Cloud
      • Hybrid
    • By Enterprise Size (USD)
      • Small and Medium Enterprises
      • Large Enterprises
    • By Technology (USD)
      • Interactive Voice Response (IVR)
      • Optical Character Recognition (OCR)
      • Text Analytics
      • Speech Analytics
      • Classification and Categorization
      • Pattern and Image Recognition
      • Others (Auto Coding, Professional services, and others)
    • By Industry Vertical (USD)
      • Healthcare
      • Retail
      • High Tech and Telecom
      • Banking, Financial Services, and Insurance (BFSI)
      • Automotive & Transportation
      • Advertising & Media
      • Manufacturing
      • Others (Government, Energy & Power, and Others)
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Natural Language Processing (NLP) Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Deployment (USD)
      • On-Premises
      • Cloud
      • Hybrid
    • By Enterprise Size (USD)
      • Small and Medium Enterprises
      • Large Enterprises
    • By Technology (USD)
      • Interactive Voice Response (IVR)
      • Optical Character Recognition (OCR)
      • Text Analytics
      • Speech Analytics
      • Classification and Categorization
      • Pattern and Image Recognition
      • Others (Auto Coding, Professional services, and others)
    • By Industry Vertical (USD)
      • Healthcare
      • Retail
      • High Tech and Telecom
      • Banking, Financial Services, and Insurance (BFSI)
      • Automotive & Transportation
      • Advertising & Media
      • Manufacturing
      • Others (Government, Energy & Power, and Others)
    • By Country (USD)
      • United States
      • Canada

TOC Continued…!

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

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Artificial Intelligence

How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024

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HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.

Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence

Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.

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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
Drone Sensor Market Size, Share, Industry Growth & Trends by Sensor Type, Platform (VTOL Type, Fixed Wing Type, Hybrid Type), Application (Navigation, Collision Detection & Avoidance, Data Acquisition, Motion Detection, Power Monitoring), End Users and Region – Global Forecast to 2029
Smart Agriculture Market Size, Share, Statistics and Industry Growth Analysis Report by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region (America, Europe, Asia Pacific, Row) – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress Ave.Suite 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/anti-drone-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/anti-drone.asp
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Artificial Intelligence

CluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review

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CluePoints furthers its commitment to delivering innovative solutions that enhance clinical trial efficiency with this latest addition to its enterprise software platform.
KING OF PRUSSIA, Pa., Sept. 27, 2024 /PRNewswire/ — CluePoints continues to transform clinical trial review and leverage its industry-leading software to enhance the interrogation, analysis and presentation of data with the launch of its latest application, Medical & Safety Review (MSR).

The tool simplifies and streamlines the medical analysis of study data through user-friendly dashboards, data manipulation and cleaning, query management and full transparency over the data history. This not only improves efficiency and communication in medical oversight, but also elevates patient safety, differentiating MSR as a smarter and unique solution.
Designed by, and for Medical and Safety Reviewers, MSR converts the manual analysis of patient outcomes, which can be prone to inefficiency and error, into an accurate, efficient process. MSR tackles time-consuming study preparation for specific visualizations by featuring a comprehensive standard visualization library as well as the ability to copy and reuse dashboards across different studies, enabling the identification of outlying values, change tracking, and improved communication for smarter clinical trials.
Other benefits of MSR include:
Enhanced medical review efficiency and reduced human errors via automated checksReduced time spent by clinical and data management teams in reviewing dataImproved collaboration with integrated review workflows across departmentsEnsured record quality and accountability with comprehensive change trackingDriving faster decision making with the proactive detection of trends and safety issuesEnsuring regulatory compliance with rule-based detection and user assignmentsAndy Cooper, Chief Executive Officer at CluePoints, commented, “We are thrilled to announce the launch of Medical & Safety Review to our growing product offerings. MSR is the latest application addition to the CluePoints platform, which includes products such as Risk-Based Quality Management (RBQM) and our Site Profile & Oversight Tool (SPOT). Together, they provide a comprehensive approach to clinical trial optimization, enhancing data integrity, ensuring regulatory compliance, and accelerating drug development. The creation of MSR ensures a more streamlined review process while prioritizing patient safety at every step and empowers medical teams to swiftly identify outliers, track data changes, and improve communication.”
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of Artificial Intelligence using Advanced Statistics and Machine Learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
 

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