Global Natural Language Processing Market was valued at USD11.82 billion in 2020 and is projected to reach USD53.08 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 Global Natural Language Processing Market in the coming years.
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. 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, 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, 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 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 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.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of Global Natural Language Processing Market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research 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 by TechSci Research.
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 market opportunities.
In this report, the Global Natural Language Processing Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Global Natural Language Processing Market, By Component:
o Managed Services
- Global Natural Language Processing Market, By Deployment Mode:
- Global Natural Language Processing Market, By Type:
o Rule Based
- Global Natural Language Processing Market, By Application:
o Automatic Text Summarization
o Semantic Analysis
o Text Extraction
o Sentiment Analysis
o Speech Recognition
o Machine Translation
- Global Natural Language Processing Market, By Vertical:
o IT and Telecom
o Retail and E-commerce
o Healthcare and Life Sciences
o Government and Public sector
- Global Natural Language Processing Market, By Region:
o North America
? United States
? United Kingdom
? South Korea
o Middle East & Africa
? South Africa
? Saudi Arabia
o South America
Company Profiles: Detailed analysis of the major companies present in the Global Natural Language Processing Market.
With the given Market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).