Natural Language Processing Market to Reach USD53.08 Billion By 2026
Increasing deployment of semantic search
platforms and growth in the adoption of cloud-based platforms to drive the growth of the Global Natural Language Processing
Market through 2026.
According to TechSci Research report, “Global Natural Language Processing Market By Component
(Solutions, Services and Managed Services), By Deployment Mode (On-Premises and
Cloud), By Type (Statistical, Hybrid and Rule-Based), By Application (Automatic
Text Summarization, Semantic Analysis, Text Extraction, Sentiment Analysis,
Speech Recognition, Machine Translation and Others), By Vertical (IT and
Telecom, Retail and E-commerce, Healthcare and Life Sciences, Government and
Public Sector, BFSI and Others), By Region, Competition, Forecast &
Opportunities, 2016-2026”, the Global Natural Language Processing Market
was valued at USD11.82 billion in 2020 and is expected to grow at a
CAGR of 28.16% during the forecast period owing to the rising demand for semantic
search platforms, industrial automation, and adoption of cloud-based platforms across
the globe. In addition to this, increased use of Chatbots across customer
service industries, use of voice assistants and increased technological
investments across the healthcare industry for root cause analysis, review
management, etc. are further
propelling the market.
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The
Global Natural Language Processing Market is segmented on the basis of component,
deployment mode, type, application, vertical and region. Based on component,
the market is segmented into solutions, services, and managed services. The solutions
segment held 37.70% market share in 2020, however services segment is expected
to grow at a higher rate in future. In terms of deployment mode, the market is bifurcated
into on-premises and cloud. In 2020, on-premises segment dominated the market
with a share of 52.13%, but this is expected to decrease in the upcoming years
due to adoption of cloud-based solutions which provide better service and have less
implementation cost. Based on type, the market is segmented into statistical,
hybrid and rule based. The statistical segment dominated the market with a
share of 40.79% in 2020, however hybrid segment is expected to grow at a faster
rate in future because hybrid NLP uses a combination of both statistical and rule-based
NLP which is more convenient and gives better results. 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.). The automatic text summarization captured the market and had a share of
17.90% in 2020. However, sentiment analysis is expected to grow at a higher
rate in future, due to its increased use in retail industry and on social media
platforms.
Based
on verticals 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, manufacturing, automotive, etc.
The IT and telecom sector captured the market in 2020 with a share of 20.57%.
Healthcare sector followed by the BFSI sector is expected to grow at a faster
rate in the forecast period.
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Google LLC, Microsoft Corporation, Amazon.com,
Inc., IBM Corporation, Veritone Inc., 3M Company, Apple Inc., Dolbey Systems,
Inc., Intel Corporation, Baidu, Inc. are among the leading players operating in
the Global Natural Language Processing Market. Companies operating in the
market are using strategies such as product advancement through the addition
of new features, mergers, and collaborations to boost their market share.
“North America accounted for the largest share of 26.61% in 2020 due to large
R&D investments and widespread adoption of AI techniques in countries like
United States and Canada. However, APAC is expected to be the fastest growing
region during the forecast period with a CAGR of 28.59%. Countries falling under
the Asia-Pacific region like China, Japan and South Korea have done huge
investments in R&D and are technologically well versed. Also due to the COVID-19
pandemic, huge successful technological investments have been done in the
healthcare sector and the demand in the industry is likely to increase in the
nearby future as well.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Natural Language
Processing Market By Component (Solutions, Services and Managed Services), By
Deployment Mode (On-Premises and Cloud), By Type (Statistical, Hybrid and
Rule-Based), By Application (Automatic Text Summarization, Semantic Analysis,
Text Extraction, Sentiment Analysis, Speech Recognition, Machine Translation
and Others), By Vertical (IT and Telecom, Retail and E-commerce, Healthcare and
Life Sciences, Government and Public Sector, BFSI and Others), By Region,
Competition, Forecast & Opportunities, 2016-2026” has
evaluated the future growth potential of the Global Natural Language Processing
Market and provides statistics and information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Global Natural Processing
Language Market.
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