Pune, India, March 22, 2021 (GLOBE NEWSWIRE) -- The global Natural Language Processing Market was valued at USD 9.2 billion in 2019 and is anticipated to grow at a CAGR of 18.4% during the forecast period. Natural language processing is a part of computer science and artificial intelligence that deals with computer-human language interaction. It is a part of artificial intelligence and is capable of understanding and later translating human language into machine language.
In today's business world, massive amounts of data (big data) are created from a variety of sources, including emails, audio, documents, web blogs, forums, social networking sites, and so on. The technique of natural language processing has been used in the analysis of big data. Therefore, the natural language processing market is expected to emerge as a lucrative market in the coming years.
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Increasing usage of smart devices, and rising adoption of cloud-based technologies and natural language processing-based applications to enhance customer support, as well as growing technical innovation in the healthcare sector, are expected to fuel the growth of the natural language processing market.
In addition, the natural language processing market is expected to expand due to increased use of smart devices and the growing demand for cloud-based natural language processing solutions to minimize the overall costs and boost scalability. The rising adoption of natural language processing-based applications across industry verticals to improve customer experience, as well as increased investment in the healthcare vertical, will provide opportunities for natural language processing vendors.
Some Noted Developments Considered in the Report:
- In December 2019, Hugging Face raised USD 15 million for the innovation and development of its open-source natural language processing platform.
- In December 2019, Luminoso launched QuickLearn 2.0, the next generation of its proprietary natural language modeling system. The innovation was aimed to turn unstructured text data into business-critical insights and reduces biases in AI-powered text analysis.
- In February 2019, the research consortium, namely, Google DeepMind, Facebook AI, New York University, and the University of Washington, launched a benchmark to measure natural language processing (NLP) abilities.
COVID-19 Impact on the Global Natural Language Processing Market
The QMI team has closely monitored the impact of COVID-19 on the global natural language processing market, and it has been observed that the demand for natural language processing has witnessed growth in the healthcare sector. For instance, the COVID-19 Open Research Dataset was prepared by the White House and a coalition of leading research groups in response to the COVID-19 pandemic (CORD-19).
CORD-19 is a resource for over 200,000 scholarly articles on COVID-19, SARS-CoV-2, and associated coronaviruses, including over 100,000 full text articles. The global research community is provided with this freely available dataset to apply recent developments in the natural language processing and other AI techniques to generate new insights in support of the ongoing fight against this infectious disease. During the forecast period, such innovations are expected to accelerate market growth.
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Global Natural Language Processing Market, by Component
Based on component, the natural language processing market is segmented into solutions and services. Among these two segments, the solution segment of the global natural language processing market captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period.
The solution segment is expected to dominate the market due to the presence of leading players within the market, which are either offering platforms or software tools to integrate it into their solutions. Moreover, a rise in the adoption of natural language processing solutions worldwide due to the increasing awareness about their perceived benefits will also provide a major impetus to the market.
Global Natural Language Processing Market, by Deployment Mode
Based on the deployment mode, the market has been segmented into on premises and cloud. Among these segments, the cloud segment of the global natural language processing market will hold the highest market share during the forecast period. For big data applications, cloud technology is both scalable and versatile. Many AI and machine learning initiatives also come under the big data umbrella. Several steps are being taken by the main suppliers in the industry to introduce cloud-based natural language processing solutions. This is projected to fuel market growth during the forecast period.
Global Natural Language Processing Market, by Organization size
Based on the organization size, the market has been segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment of the global natural language processing market captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period.
One of the key drivers and investors in the natural language processing market is the large companies. The use of natural language processing is likely to increase as these organizations are gradually implementing deep learning, along with supervised and unsupervised machine learning technologies for different applications. Large companies are implementing these technologies for a number of reasons, including cost and risk reduction.
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Global Natural Language Processing Market, by Type
Based on type, the global natural language processing market is segmented into rule-based, statistical, and hybrid. Among these, the statistical natural language processing segment is projected to grow at the fastest rate during the forecast period. Statistical natural language processing is a branch of natural language processing that seeks to conduct statistical inference. The growth of this segment will be mainly driven by a rise in the adoption of statistical natural language processing-based applications across industry verticals to enhance customer experience, along with an increase in investments in the healthcare vertical.
Global Natural Language Processing Market, by Application
Based on application, the global natural language processing market is segmented into sentiment analysis, data extraction, risk and threat detection, automatic summarization, content management, language scoring, and others. Among these, the data extraction segment is projected to grow at the fastest rate during the forecast period. The growth in demand for the integration of natural language processing in AI-based technologies is enhancing the need for data extraction application, which will be driving the growth of this segment during the forecast period.
Global Natural Language Processing Market, by Vertical
Based on vertical, the global natural language processing market is segmented into BFSI, IT and telecom, retail and ecommerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, manufacturing, and others. The healthcare & life sciences segment is expected to grow at the highest CAGR during the forecast period owing to an increase in investment from the healthcare industries. Growing innovation in the healthcare sector and the emergence of several new application areas are expected to fuel the growth of this segment.
Global Natural Language Processing Market, by Region
Based on region, the global natural language processing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these regions, North America is predicted to dominate the market due to increased volume of big data, including an increase in demand to reinforce consumer satisfaction within the US. The US is known for its defense sector, which is primarily focused on technological advancements. In September 2018, the Defense Advanced Research Projects Agency (DARPA) announced to invest USD 2 billion in AI research over the subsequent five years. This is expected to have a positive impact on the natural language processing market growth in the country over the forecast period.
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Some Major Findings of the Natural Language Processing Market Report Include:
- Major global market trend & forecasts analysis along with the country-specific market analysis for up to 25 countries
- An in-depth global natural language processing market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the key market players operating in the global natural language processing market, which include Google, IBM, Microsoft, Intel, Apple, AWS, Facebook, Inbenta Technologies, 3M, Veritone, Dolbey, Narrative Science, Bitext, Health Fidelity, Linguamatics, Conversica, SparkCognition, Automated Insights, SAS Institute, and Baidu, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global natural language processing market
- Impact of COVID-19 on the global natural language processing market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Natural Language Processing Market, By Component (Solution And Services), By Type (Rule-Based, Statistical, and Hybrid.), By Organization Size (Small and Medium Sized Enterprises and Large Enterprises), By Deployment Mode (On-Premise and Cloud), By Applications (Sentiment Analysis, Data Extraction, Risk and Threat Detection, Automatic Summarization, Content Management, Language Scoring, and Others), By Verticals (BFSI, IT and Telecom, Retail And Ecommerce, Healthcare and Life Sciences, Transportation and Logistics, Government and Public Sector, Energy and Utilities, Manufacturing, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in depth analysis along with the table of contents (ToC).
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