Natural Language Processing Market worth $35.1 billion by 2026 - Report by MarketsandMarkets™

Chicago, June 21, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Natural Language Processing Market by Component, Type (Statistical, Hybrid), Application (Automatic Summarization, Sentiment Analysis, Risk & Threat Detection), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Natural Language Processing Market size to grow from USD 11.6 billion in 2020 to USD 35.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. Growing demand for cloud-based NLP solutions to reduce overall costs and better scalability and increasing usage of smart devices to facilitate smart environments are expected to drive the NLP market growth. The rise in the adoption of NLP-based applications across verticals to enhance customer experience and increase investments in the healthcare vertical is expected to offer opportunities for NLP vendors across the globe.

Browse in-depth TOC on "Natural Language Processing Market”
202 - Tables
67 - Figures
271 - Pages

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Scope of the Report

The NLP market is expected to witness a slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every vertical. The lockdown is impacting global manufacturing, and supply chain and logistics as the continuity of operations for various verticals is getting badly impacted. The verticals facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of essential items is impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021, while the demand for NLP solutions and services is expected to increase due to the rising demand to enhance customer experiences and build personalized relationships with prospects. Several verticals are already planning to deploy a diverse array of NLP solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve business operations, and differentiate customer viewing experiences. The reduction in operational costs, better customer experiences, improved customer churn rate, enhanced visibility into processes and operations, and improved real-time decision-making are key business and operational priorities expected to drive the adoption of the NLP market across the globe.

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The on-premises segment is expected to grow at a higher CAGR during the forecast period

The NLP market by deployment mode has been segmented into on-premises and cloud. Enterprises opt for the deployment mode based on their requirements regarding the scalability and level of data security required. The on-premises model is the most preferable among the enterprises, which consider data as a valuable asset and need to maintain high-level security to comply with regulations. The on-premises deployment of NLP solutions provides organizations with significant improvements for data validation, standardization, and robust matching, as it is done locally with monitoring.

The SMEs segment to grow at a higher CAGR during the forecast period

Based on organization size, the NLP market is segmented into SMEs and large enterprises. The SMEs segment is expected to grow higher CAGR during the forecast period. The adoption of chatbots, IVR, and messaging apps across SMEs is increasing across the globe with the rising focus on delivering improved customer service. The SMEs are at an early stage in terms of NLP adoption, with most small enterprises experimenting in the exploratory stage, but they have started showing a greater interest in getting an analytics platform to reap desired outcomes.

The statistical type segment is expected to hold the largest market size during the forecast period

The type of NLP solutions is categorized into rule-based, statistical, and hybrid. NLP is gaining popularity and has become possible due to the availability of a large amount of data. The technique extracts meaningful insights from structured data. The statistical method benefits such as better speed, robustness, and reliability are expected to drive the adoption of NLP solutions and services in the market. Statistical NLP is one of the better approaches to generate results where a large volume of data is involved. Due to the huge volume availability of text and speech corpora online, the statistical NLP has shown remarkable success in the past few decades.

Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The NLP market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, manufacturing, others (education, travel and hospitality, and media and entertainment). The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The vertical’s high growth rate can be attributed to the increasing healthcare complexities and growing need for advanced NLP-driven EHRs to extract meaningful insights from unstructured clinical data. NLP solutions are helping improve patient experiences and care quality through effective clinical decision support and streamlined medical policy assessment, achieving the objective of medical value creation.

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North America to hold the largest market size during the forecast period

The Natural Language Processing Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Improvements in cloud computing platforms, which are now more efficient, affordable, and capable of processing complex information, have led to the growth of inexpensive software development tools and plentiful datasets, which play a vital role in the development of AI technology in the US market. APAC is expected to grow at the highest CAGR during the forecast period on account of the rising awareness and increasing AI investments.

Major vendors in the NLP include IBM (US), Microsoft (US), Google (US), AWS (US), Facebook (US), Apple (US), 3M (US), Intel (US), SAS Institute (US), Baidu (China), Inbenta (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (Spain), Health Fidelity (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), Gnani.ai (India), Niki (India), Mihup (India), Observe.AI (US), Hyro (US), Just AI (England), RaGaVeRa (India). These NLP vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global NLP market.

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