New York, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global natural language processing market. As per the report, the market is anticipated to garner $42,389.83 million and rise with a CAGR of 20.6% in the 2020-2027 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the natural language processing market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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COVID-19 Impact on the Natural Language Processing Market Growth
The outbreak of the COVID-19 pandemic in 2020 has had a severe impact on the growth of the natural language processing market. During the pandemic, the governments of many regions executed stringent lockdowns in numerous regions, which forced several industries to cease normal functioning. Hence, the demand for digital transformation in various industries increased massively. As a result, the demand for natural language processing solutions for improving customer experiences also increased enormously in numerous sectors, such as healthcare. All these factors propelled the market growth during the disaster period.
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Factors Impacting the Natural Language Processing Market Growth
The growing initiatives by various businesses to improve customer experiences by implementing natural language processing solutions is fueling the growth of the global natural language processing market. Additionally, the growing digitalization in the healthcare sector is boosting the use of natural language processing solutions in various hospitals and other healthcare premises. This factor is likely to unlock profitable opportunities for the market’s growth in the forecast period. However, various complexities in natural language processing owing to the use of code-mixed language are expected to hinder the market’s growth.
The report segments the global natural language processing market into component, deployment, type, application type, vertical type, and region.
Solution Sub-Segment to Grab a Foremost Share of the Market
Among the component segment, the solution sub-segment is expected to grow with a CAGR of 19.1% in the estimated timeframe. This growth is mainly owing to the growing demand for natural language processing software and platforms owing to their remarkable features such as quick deployment, intelligent data analysis, and enhanced security.
Cloud Sub-Segment to Grow Remarkably
Among the deployment segment, the cloud sub-segment is foreseen to record the highest CAGR in the forecast period. This growth is mainly because of the growing demand for cloud-based natural language processing platforms, as they allow users to use and scrutinize user-generated content, multilingual content, and other web content in a highly secure way, and also help in accessing the data from anywhere at any time.
Statistical Sub-Segment to Grow Speedily
Among the type segment, the statistical sub-segment is expected to grow with a CAGR of 19.1% in the forecast period. This growth is mainly because of the growing use of statistical natural language processing solutions, as they allow natural conversations between chatbots and humans.
Machine Translation (MT) Sub-Segment to Observe Maximum Growth
Among the application type segment, the machine translation (MT) sub-segment is predicted to grow with a CAGR of 19.0% in the forecast period. This growth is mainly because of the growing adoption of MT natural language processing solutions, as they help users by saving their time by translating huge textual content.
Media and Entertainment Sub-Segment to Grab a Foremost Share of the Market
Among the vertical type segment, the media and entertainment sub-segment is expected to grow with a CAGR of 19.1% in the estimated timeframe. These days there has been a significant rise in the adoption of digital platforms in entertainment and media companies, which is boosting the need for natural language solutions. This factor is likely to propel the growth of the media and entertainment sub-segment of the natural language processing market.
Asia-Pacific Language Processing Market to Observe Supreme Growth
The report analyzes the global natural language processing market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to observe increased growth with a CAGR of 21.1% in the projected period. This growth is mainly owing to the growing demand for natural language processing solutions owing to the rising implementation of artificial intelligence technologies and digital devices in various countries in the region.
Major Players of the Natural Language Processing Market
The report lists some of the foremost players functioning in the global natural language processing market including
- Microsoft
- IBM
- Apple Inc.
- 3M
- Intel
- Baidu, Inc.
- SAS Institute Inc.
- Amazon, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here to purchase full report
For instance, in May 2022, One AI Inc., the developer of an API-first NLP service, introduced stealth mode with $8 million in funding to aid businesses to add natural language processing features into their applications.
More about Natural Language Processing Market:
- Recent Trends and Advances in the Natural Language Processing Arena
- Natural Language Processing: Making Lives of Both Man and Machine Easier
