Natural Language Processing Market 2021 Industry Recent Developments, Emerging Trends, Growth, Progression Status, Latest Technology, CAGR Estimates & Forecast 2025
The growing implementation of NLP based applications to improve customer experience is estimated to make substantial scope for Natural Language Processing (NLP) solution providers in the coming years.
Dallas, United States – April 27, 2021 /MarketersMedia/ —
The global Natural Language Processing (NLP) market size is expected to surpass USD 41 billion by 2025, at a CAGR of ~23 %. This is owing to the growing demand for analyzing the data generated from conversations, social media, and other sources to enhance the customer experience. NLP allows devices and systems to read, understand and provide insights by analyzing human languages. One of the major use of NLP is in customer service centers and Healthcare. In Healthcare, it is used to recognize and predict diseases based on the patient’s electronic health records and speech.
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The current global market is witnessing a surge in demand for cloud-based natural language processing (NLP) solutions as they aid in reducing the overall costs including operational costs along with providing better scalability. Along with this, there is a rise in adoption of smart devices easing the smart environment is a major driving factor globally boosting the growth of the natural language processing market. Surge in adoption of natural language processing solutions is attributed to the vast applications it offers across industry verticals with the main objective of enhancing customer experience along with an increase in investments in the healthcare sector is considered to widen the scope for opportunities.
The customer service industry has always been an essential factor in the world’s economy and with the increasing globalization, it is becoming one of the strong pillars for any economy. Technologies have the prospective to be implemented to a range of retailer business goals, enhanced customer experience, customer value, and more. The advancements in technologies such as machine learning and big data analytics have significantly influenced the Natural Language Processing (NLP) industry growth past few years.
With the advent of COVID-19 and the lockdown imposed as a result, the global Natural language processing market is witnessing a slowdown. The pandemic causing major disruptions across various verticals is eventually affecting the NLP market. The vertical aspects directly impacting the NLP market includes transportation and logistics, manufacturing and retail and consumer goods. Nonetheless, the rising demand for elevating customer experience is expected to boost the demand for NLP solutions. The deployment of varied NLP solutions is being adopted on a large-scale by verticals aiding digital transformation initiatives which are critical in addressing mission-critical processes along with differentiating customer viewing experience and improving operations.
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Increasing adoption of highly advanced technological aid such as artificial intelligence (AI) and digitization in the healthcare sector along with huge amounts of data generated on a regular basis are successfully driving the demand for NLP solutions. Healthcare sector is currently focused on adopting analytics-driven approach in order to utilize the large amount of data. This portrays as the biggest opportunity for the NLP market as it resolves the need for sophisticated systems enabling data analysis as NLP systems are capable of extracting relevant insights from the large volume of data.
NLP systems are either static or hybrid with wide range of applications such as sentiment analysis, automatic summarization, risk and threat detection. These range of applications are applied across several verticals including IT and telecom, BFSI, retail and consumer goods, eCommerce, healthcare and life science, government and public sector, transportation and logistics, and others. The healthcare and life science vertical projects maximum growth rate during the forecast owing to the rising need for extraction of meaningful data from unstructured clinical data with the help of NLP-driven EHRs. North America accounts for the largest market share with perpetual improvements in the field of cloud technology.
North America is expected to contribute significantly in this market during the forecast period 2020–2025. This is due to the rapid developments in infrastructure and the high adoption of digital technologies in the region. Also, the presence of the majority of the key players in these regions is boosting the demand for NLP in North America. The US is expected to have the largest market share in the North American market, however, Canada will witness the fastest growth rate during the forecast period.
The major players in the global Natural Language Processing (NLP) market are Google, IBM, Microsoft, Intel, Apple, AWS, and Facebook. The other potential players in the Natural Language Processing (NLP) market are Inbenta Technologies, 3M, Veritone, Dolbey, Narrative Science, Lexalytics and Automated Insights. The NLP market is fragmented with the existence of well-known global and domestic players across the globe. It has been observed that the well-established companies are coming up with innovative and new versions of NLP technologies.
Segment Overview of Global Natural Language Processing (NLP) Market
By Application, 2018-2025 (USD Billion)
Machine Translation
Information Extraction
Automatic Summarization
Text Classification
Sentiment Analysis
Others
By Data Type, 2018-2025 (USD Billion)
Text
Voice/Speech
Image
By End-user, 2018-2025 (USD Billion)
BFSI
IT and Telecom
Retail
Media and Entertainment
Education
Others
By Deployment, 2018-2025 (USD Billion)
Cloud
On-premises
Regional Overview, 2018-2025 (USD Billion)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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