Natural Language Processing Market worth $35.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 17, 2021 /PRNewswire/ -- According to the new market research report "Natural Language Processing Market by Component, Type (Statistical, Hybrid), Application (Automatic Summarization, Sentiment Analysis, Risk & Threat Detection), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size to grow from USD 11.6 billion in 2020 to USD 35.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period.
Growing demand for cloud-based NLP solutions to reduce overall costs and better scalability and increasing usage of smart devices to facilitate smart environments are expected to drive the NLP market growth. The rise in the adoption of NLP-based applications across verticals to enhance customer experience and increase in investments in the healthcare vertical is expected to offer opportunities for NLP vendors.
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202 – Tables
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The NLP market is expected to witness a slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every vertical. The lockdown is impacting global manufacturing, and supply chain and logistics as the continuity of operations for various verticals is getting badly impacted. The verticals facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of essential items is impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021, while the demand for NLP solutions and services is expected to increase due to the increased demand for enhancing customer experiences and building personalized relationships with prospects. Several verticals are already planning to deploy a diverse array of NLP solutions and services for enabling digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer viewing experiences. The reduction in operational costs, better customer experiences, and improved customer churn rate, enhanced visibility into processes and operations, and improved real-time decision-making are key business and operational priorities expected to drive the adoption of NLP.
On-premises segment is expected to grow at a higher CAGR during the forecast period
The NLP market by deployment mode has been segmented into on-premises and cloud. Enterprises opt for the deployment mode based on their requirements regarding the scalability and level of data security required. The on-premises mode is the most preferable among the enterprises, which consider data as a valuable asset and need to maintain high-level security to comply with regulations. The cloud deployment mode is dominating the market due to its advantages, such as scalability, easy availability, and cost-savings. The cloud segment is expected to account for a larger market size during the forecast period.
The SME segment to grow at a higher CAGR during the forecast period
Based on organization size, the NLP market is segmented into SMEs and large enterprises. Large enterprises are the leading adopters of NLP solutions and services due to the increasing need to analyze speech and text data collected over the years. These enterprises are focusing on delivering enhanced customer experiences and gaining a leading edge in the market. The SMEs segment is expected to grow higher CAGR during the forecast period.
The Hybrid segment segment to grow at a higher CAGR during the forecast period
The type of NLP solutions categorized into rule-based, statistical, and hybrid. NLP is gaining popularity and has become possible due to the availability of a large amount of data. The technique extracts meaningful insights from structured data. Hybrid segment is expected to grow at the highest CAGR during the forecast period. Hybrid models offer combined benefits such as high accuracy, better speed, robustness, and reliability. These combined benefits are expected to drive the adoption of NLP solutions.
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Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The NLP market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and ecommerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, manufacturing, others (education, travel and hospitality, and media and entertainment). The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The vertical's high growth rate can be attributed to the increasing healthcare complexities and growing need for advanced NLP-driven EHRs to extract meaningful insights from unstructured clinical data. To address the COVID-19 impact on the BFSI vertical, the adoption of digital technologies such as video banking facilities, AI-supported tools, and conversational platforms has become essential.
North America to hold the largest market size during the forecast period
The Natural Language Processing Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Improvements in cloud computing platforms, which are now more efficient, affordable, and capable of processing complex information, have led to the growth of inexpensive software development tools and plentiful datasets, which play a vital role in the development of AI technology in the US market. APAC is expected to grow at the highest CAGR during the forecast period on account of the rising awareness and increasing AI investments.
Major vendors in the NLP include IBM (US), Microsoft (US), Google (US), AWS (US), Facebook (US), Apple (US), 3M (US), Intel (US), SAS Institute (US), Baidu (China), Inbenta (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (Spain), Health Fidelity (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), Gnani.ai (India), Niki (India), Mihup (India), Observe.AI (US), Hyro (US), Just AI (England), RaGaVeRa (India). These NLP vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global NLP market.
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