New York, USA, July 14, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Research Dive, the global natural language processing market is predicted to gain revenue of $42,389.83 by 2027, rising from $9,701.56 million in 2019 at a stable CAGR of 20.6% from 2020-2027.
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Market Analysis
Natural language processing (NLP) is generally utilized by organizations to collect and analyze data from their consumers on a daily basis. The development of AI systems such as smart assistants and chatbots, and others allow organizations to sift through the data and find relevant information. These factors have prominently assisted in the growth of the global market in the analysis period.
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Organizations that have been using conventional data entry systems encounter complex issues. The usage of the conventional systems has been a restraining factor for the market growth.
The simplicity of the natural processing systems along with the ability to effortlessly introduce it into any organization has been a dominating factor leading to the market growth. NPL’s extensive use in the healthcare in sorting through the data with ease is expected to provide the market with growth opportunities in the forecast period.
Segmental Analysis – By Component, Deployment, Type, Application Type, Vertical Type, and Region
Solution Sub-segment to Dominate the Market
By component, the solution sub-segment generated revenue of $5,048.3 million in 2019 and is anticipated to rise further at a CAGR of 19.1% in the predicted timeline. NLP software tools are being used extensively all over the world to obtain real-time results that have been extracted from voice and speech data. This has added to the growth of the segment.
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On-premises Sub-segment to Gain Highest Market Share
By deployment, the on-premises sub-segment garnered revenue of $3,701.6 million in 2019 and is predicted to grow at a CAGR of 18.2% in the analysis period.
Statistical Sub-segment to Garner Highest Revenue
By type, the statistical sub-segment secured revenue of $3,701.6 million in 2019 and is set to gain further momentum at a CAGR of 19.1% in the forecast period. The exchange of data between chat-bots and humans is made easier using statistical NLP which helps in deciphering the conversation.
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Machine Translation (MT) Sub-segment to Garner Significant Revenue
By application, machine translation gained revenue of $2,394.3 million in 2019 and is set to rise immensely at a CAGR of 10% during the forecast period. This growth is due to the ability of the system to quickly translate larger forms of text. This feature is one of the prominent reasons for the market’s rapid growth.
Media and Entertainment Sub-segment to Experience Swift Revenue Growth
By vertical type, the media and entertainment sub-segment garnered revenue of $1,931.1 million in 2019 and is predicted to experience faster growth at a CAGR of 19.1% over the forecast period. The availability of multiple digital entertainment mediums have changed the way media companies function and reach out to their audience. Customized recommendations and a personalized tough to this experience could further assist in the growth of the market.
Regional Analysis
The extensive investments into NLP and its related applications within North American organization has led to the growth of the market in the region. Additionally, the use of natural language processing makes restructuring data easier which is why it has been implemented into multiple start-ups. This has further boosted the growth of the market.
COVID-19 Impact on the Global Natural Language Processing Market
The pandemic severely affected several industries including the natural language processing market due to shortage in the availability of essential goods. This happened due to the supply chain being severely crippled. But, the market is predicted to gradually recover due to the rising demand to provide customers with better support and assistance in sectors like healthcare.
Key Market Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. IBM
2. Google
3. Facebook
4. 3M
5. Baidu, Inc
6. Microsoft
7. Amazon
8. Apple, Inc
9. Intel
10. SAS Institute, Inc
For instance, in January 2021, Google, a global leader in the field of technology launched Product Discovery Solutions. This technological medium enables customers to get personalized results within the retail domain at a faster pace. Meant specifically for the retail sector, the technology relies on AI algorithms as well as the cloud search feature to scan through an extensive database and provide the appropriate results.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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