Dublin, May 12, 2021 (GLOBE NEWSWIRE) -- The "Global Natural Language Processing Market, By Component (Solutions, Services and Managed Services), By Deployment Mode (On-Premises and Cloud), By Type, By Application, By Vertical, By Region, Competition, Forecast & Opportunities, 2016-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Natural Language Processing Market was valued at $11.82 billion in 2020 and is projected to reach $53.08 billion by 2026. Rise in usage of voice assistants, availability of large volume of datasets and increased engagement on social media platforms are the primary factors for the growth of the Global Natural Language Processing Market in the coming years.
The Global Natural Language Processing Market is segmented into component, deployment mode, type, application, vertical, and region. Based on component, the market is segmented into solutions, services, and managed services. The Solutions segment captured 37.70% share of the global market in the year 2020. However, service segment is expected to grow at highest CAGR through 2026 due to widespread adoption of AI techniques by organizations across the globe.
Based on deployment mode, the market is sub-segmented into on-premises and cloud. The on-premises segment held a market share of 52.13% in 2020. However, the cloud segment is expected to grow at a significant pace during the forecast period due to widespread adoption of cloud-based storage platforms across the industries which are require less equipment support, and offer greater security from malignant ransomware assaults.
Based on type, the market is sub-segmented into statistical, hybrid and rule based. The statistical segment held a share of 40.79% in the market in 2020 because they utilize machine learning for creating models and deriving insights from a labeled text. However, the hybrid segment is expected to grow at higher CAGR during the forecast period due to its widespread adoption across the industries as it combines the best of rule-based and statistical approaches with natural language processing, machine learning, and human input. It provides increased transparency into the framework to guarantee a decent customer experience and the capacity to track against business objectives. The hybrid approach likewise offers increased adaptability, the ability to iterate, and speed, bringing about diminished strain on assets.
Based on applications the market is segmented into automatic text summarization, semantic analysis, text extraction, sentiment analysis, speech recognition, machine translation and others including risk and threat detection, language scoring, etc. Sentiment analysis segment is expected to grow at a higher pace in the upcoming years due to the increasing need for providing better customer service, monitoring the social media posts, and analyzing the sentiments from a large volume of data.
Based on vertical, the market is sub segmented into IT and telecom, retail and e-commerce, healthcare and life sciences, government and public sector, BFSI and others including transportation and logistics, automotive, manufacturing, etc. The IT and telecom segment held a share of 20.57% in 2020, however healthcare and life sciences segment is expected to grow at a higher rate in the forecast period due to widespread adoption of NLP which helps in predictive analysis, maintaining a database of the patients and their underlying health conditions, and also monitoring the customer feedback in order to provide better services.
Regionally, the Natural Language Processing market has been segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America dominated the market in 2020, with a share of 26.62%, however Asia Pacific region is expected to grow at a higher pace in future due to increased investments and adoption of AI based techniques across the industries.
The major players operating in the Global Natural Language Processing Market are Google LLC, Microsoft Corporation, Amazon.com, Inc., IBM Corporation, Veritone Inc., 3M Company, Apple Inc, Dolbey Systems, Inc., Intel Corporation, Baidu Inc. These companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market size of the Global Natural Language Processing Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Natural Language Processing Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Natural Language Processing Market based on component, deployment mode, type, application, vertical, company and regional distribution.
- To identify dominant region or segment in t the Global Natural Language Processing Market.
- To identify drivers and challenges for the Global Natural Language Processing Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Natural Language Processing Market.
- To identify and analyze the profiles of leading players operating in the Global Natural Language Processing Market.
- To identify key sustainable strategies adopted by market players in the Global Natural Language Processing Market.
The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of providers across the globe. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include the providers which could not be identified due to the limitations of secondary research. The publisher analyzed the providers, distribution channels and presence of all major players across the globe.
The publisher calculated the market size of the Global Natural Language Processing Market by using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- Natural Language Processing service providers.
- Market research and consulting firms.
- Government bodies such as regulating authorities and policy makers.
- Organizations, forums, and alliances related to artificial intelligence (AI).
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as developers, service providers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on Global Natural Language Processing Market
4. Executive Summary
5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Influencing Purchase Decisions
6. Global Natural Language Processing Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Component (Solutions, Services, Managed Services)
6.2.2. By Deployment Mode (On-Premises, Cloud)
6.2.3. By Type (Statistical, Hybrid and Rule Based)
6.2.4. By Application (Automatic Text Summarization, Semantic Analysis, Text Extraction, Sentiment Analysis, Speech Recognition, Machine Translation, Others)
6.2.5. By Vertical (IT And Telecom, Retail and E-Commerce, Healthcare and Life Sciences, Government and Public Sector, BFSI, Others)
6.2.6. By Company (2020)
6.2.7. By Region
6.3. Product Market Map
7. North America Natural Language Processing Market Outlook
7.1. Market Size & Forecast
7.2. Market Share & Forecast
7.3. North America: Country Analysis
8. Asia-Pacific Natural Language Processing Market Outlook
8.1. Market Size & Forecast
8.2. Market Share & Forecast
8.3. Asia-Pacific: Country Analysis
9. Europe Natural Language Processing Market Outlook
9.1. Market Size & Forecast
9.2. Market Share & Forecast
9.3. Europe: Country Analysis
10. South America Natural Language Processing Market Outlook
10.1. Market Size & Forecast
10.2. Market Share & Forecast
10.3. South America: Country Analysis
11. Middle East and Africa Natural Language Processing Market Outlook
11.1. Market Size & Forecast
11.2. Market Share & Forecast
11.3. MEA: Country Analysis
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Competitive Landscape
14.1. Google LLC
14.2. Microsoft Corporation
14.3. Amazon.com, Inc.
14.4. IBM Corporation
14.5. Veritone Inc.
14.6. Apple Inc.
14.7. 3M Company
14.8. Baidu, Inc
14.9. Intel Corporation
14.10. Dolbey Systems, Inc.
15. Strategic Recommendations
16. About Us & Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/vfkoz4