New York, USA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global natural language processing market is expected to generate a revenue of $42,389.83 million by 2027, growing rapidly at a CAGR of 20.6% during the forecast period 2020-2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Download Free Sample Report of the Global Natural Language Processing Market: https://www.researchdive.com/download-sample/5343
Dynamics of the Natural Language Processing Market
Drivers: Increasing need for an enhanced customer experience among people across the globe is expected to drive the growth of the market during the forecast period. In addition, surging demand for data analytics, artificial intelligence, powerful computing in various companies across the globe is further expected to bolster the growth of the global natural language processing market during the forecast period.
Restraints: Complications regarding the application of code-mixed language is expected to hinder the growth of the market during the forecast period.
Opportunities: Tremendous upsurge in investments in the healthcare sector is expected to create immense opportunities for the growth of the market during the forecast period.
COVID-19 Impact on the Natural Language Processing Market
The outbreak of coronavirus has had a devastating impact on the growth of the global natural language processing market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns forced the closure of manufacturing units and supply chains of various industries worldwide. Increasing rate of attrition coupled with the stringent travel restrictions imposed by the government has had a negative impact on the growth of the market.
Check out How COVID-19 impacts the Global Natural Language Processing Market: https://www.researchdive.com/connect-to-analyst/5343
Segments of the Natural Language Processing Market
The report has divided the market into various segments based on component, deployment, type, application type, vertical type, and region.
Component: Solution Sub-segment to be Most Profitable
The solution sub-segment generated a revenue of $5,048.3 million back in 2019 and is further expected to grow exponentially during the forecast period. Growing need for real-time insights from voice or speech data across numerous verticals is expected to bolster the growth of the natural language processing market sub-segment during the forecast period.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Deployment: On Premises Sub-segment to be Most Beneficial
The on-premises sub-segment generated a revenue of $5,327.9 million back in 2019 and is further expected to surge rapidly during the forecast period. Cloud-based natural language processing platform makes it possible for users to utilize and evaluate multilingual, user-generated content. This factor is expected to bolster the growth of the natural language processing market sub-segment during the forecast period.
Check out all Information and communication technology & media Industry Reports: https://www.researchdive.com/information-and-communication-technology-and-media
Type: Statistical Sub-segment to be Most Profitable
The statistical sub-segment generated a revenue of $3,701.6 million in 2019 and is further expected to grow exponentially during the forecast period. Increasing prevalence of statistical natural language processing (NLP) to carry out statistical inference in the field of natural language processing is expected to bolster the growth of the natural language processing market sub-segment during the forecast period.
Application Type: Machine Translation Sub-segment to be Most Lucrative
Machine translation system is less time consuming and much more efficient apart from its capability to translate large texts or speeches from one language to another. These factors are expected to drive the growth of the natural language processing market sub-segment during the forecast period.
Vertical Type: Media and Entertainment Sub-segment to Have the Highest Growth Rate
The media and entertainment sub-segment are expected to grow speedily with a CAGR of 19.1% during the forecast period. The increasing adoption of digital platforms in media and entertainment is expected to bolster the growth of the natural language processing market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have the Highest Growth Rate
The Asia-Pacific region is expected to surge exponentially with a healthy CAGR of 21.1% during the forecast period. Growing adoption of smart devices in this region is expected to stimulate the growth of the market. In addition, growing investment in AI done by prominent players of the market is expected to bolster the growth of the regional natural language processing market during the forecast period.
Key Players of the Natural Language Processing Market
1. Microsoft
2. Amazon
3. Apple, Inc
4. Intel
5. SAS Institute, Inc
6. IBM
7. Google
8. Facebook
9. 3M
10. Baidu, Inc
For instance, in September 2021, Nuix Limited, an Australian technology company that produces investigative analytics and intelligence software for extracting knowledge from unstructured data, acquired Topos Labs Inc., a developer of Natural Language Processing (NLP) software that helps computer systems better understand text and spoken words at speed and scale, in order to bolster Nuix’s product offering by helping customers get to relevant data even faster.
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.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Communication Intelligence (COMINT) Market: https://www.researchdive.com/8420/communication-intelligence-comint-market
Point of Sale Software Market: https://www.researchdive.com/8423/point-of-sale-software-market
Digital Vault Market: https://www.researchdive.com/5497/digital-vault-market
