Natural Language Processing (NLP) Market Size is Projected To Reach USD 27.6 Billion By 2026 - Valuates Reports
BANGALORE, India, July 9, 2020 /PRNewswire/ -- The adoption of natural language processing is rapidly increasing due to the rising interest in human-to-machine communications and increasing demand for big data, powerful computing, and enhanced algorithms.
The global Natural Language Processing (NLP) market size is projected to reach USD 27.6 Billion by 2026, from USD 9.9 Billion in 2020, at a CAGR of 18.6% during 2020-2026.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
TRENDS INFLUENCING THE NATURAL LANGUAGE PROCESSING (NLP) MARKET SIZE
Factors such as increasing usage of smart devices, increasing adoption of cloud-based technologies, and NLP-based applications to enhance customer support, as well as growing technical innovation in the healthcare sector are expected to increase the growth of Natural language processing market size.
The NLP system parses the text and audio data into components, understands the context of the conversation and the intention of the person. This enables NLP to improve customer service by allowing customers to speak in context rather than offering them predefined choices. Furthermore, in the healthcare sector, NLP can help improve the accuracy and completeness of the EHRs by converting the free text into standardized data. This could also make documentation easier by allowing care providers to dictate notes as NLP converts them into documented data.
Customer service centers are increasingly implementing natural language processing technology to offer improved customer experience. This, in turn, is expected to increase the NLP market size during the forecast period.
Natural language processing is most used for the extraction of information and machine translation. IT and telecommunications, automotive, defense, and aerospace are some industries that utilize NLP for various applications. This widespread application is expected to increase the Natural language process market size.
NLP manufacturers are increasingly focusing on e-commerce to improve customer experience with better merchandising and higher levels of customization. This integration of NLP in the e-commerce industry is expected to increase the Natural Language Process market size.
Growing innovation in the healthcare sector and the emergence of several new application areas are expected to boost the natural language market size.
NATURAL LANGUAGE PROCESSING (NLP) MARKET SHARE ANALYSIS
North America is the largest revenue-generating region in the NLP market, with the US accounting for the highest market share during the forecast period. Rapid infrastructure developments and the high adoption of digital technologies are the two main drivers of the region's NLP market size.
The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The growth in this region is attributed to increased purchasing capabilities of people and an increase in the usage of voice recognition applications.
TOP COMPANIES IN THE NATURAL LANGUAGE PROCESSING MARKET
The adoption of NLP solutions is growing worldwide, with increasing awareness about its benefits. Leading market players provide frameworks or technological tools to incorporate NLP into their solutions. The market vendors provide open-source frameworks for designing custom NLP solutions according to customer requirements. Some vendors sell sophisticated development tools or API solutions with custom features according to user requirements.
Some of the top companies in the NLP market discussed in this report are:
Natural Language Processing (NLP) Breakdown Data by Type
Natural Language Processing (NLP) Breakdown Data by Application
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The Healthcare Natural Language Processing (NLP) market is highly competitive, with the top 3 players dominating the market with a share of 54% in terms of revenue during 2018.
The major regions covered in the report are North America, Europe, China, Rest of Asia Pacific, Central & South America, Middle East & Africa, etc. It includes revenue analysis of each region for the year 2015 to 2026. This report analyzes Coronavirus COVID-19 on Natural Language Processing (NLP) in the Healthcare industry.
In 2018, the global Cloud Natural Language Processing market size was 1760 Million USD, and it is expected to reach 6160 Million USD by the end of 2025, with a CAGR of 17.0% between 2019 and 2025.
This report studies the Cloud Natural Language Processing market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025.
The Cloud Natural Language Processing market report also studies the competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
With increasing competition across end-users, organizations are using Statistical Natural Language Processing and ML tools via an AI platform that allows organizations to easily connect to their clients for the required solution. This factor is expected to drive the Statistical Natural Language Processing Market size during the forecast period.
The global Artificial Intelligence Market Size is expected to reach USD 169411.8 Million in 2025, from USD 4065 Million in 2016 growing at a CAGR of 55.6% from 2018 to 2025.
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