Natural Language Processing Market by Component, Type, Application, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026
DUBLIN, March 3, 2021 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The Global Natural Language Processing (NLP) 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.
The global spread of COVID-19 has generated numerous privacy, data protection, security, and compliance questions. These challenges have increased the need for companies and organizations to secure and analyze their sensitive data for strategic business decisions. New practices such as work from home and social distancing have increased the requirement of NLP solutions and services, and the development of digital infrastructures for large-scale technology deployments. Organizations are implementing NLP solutions and services to access the landscape of scientific papers relevant to the coronavirus pandemic. Moreover, scientists are developing COVID-19 therapeutics which uses NLP technology to track new papers, particularly around drug or vaccine safety.
The services segment is expected to grow at a higher CAGR during the forecast period
The NLP market is segmented on the basis of components into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. NLP services play a vital role in the functionality of NLP platform and software tools. These services are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The demand for NLP software tools and platform is increasing globally due to the rising demand to gain real-time insights from voice or speech data across BFSI, healthcare and life sciences, and retail and eCommerce vertical.
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.
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 NLP market has been segmented into five regions: North America, Euroe, 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Natural Language Processing Market 4.2 Market: Top Three Applications 4.3 Market: by Component and Top Three Verticals 4.4 Market, by Region
5 Market Overview 5.1 Introduction 5.2 Natural Language Processing: Evolution 5.3 Natural Language Processing: Architecture 5.4 Market Dynamics 5.4.1 Drivers 5.4.1.1 Increasing Usage of Smart Devices to Facilitate Smart Environments 5.4.1.2 Growing Demand for Cloud-Based NLP Solutions to Reduce Overall Costs and Better Scalability 5.4.1.3 Rising Urge of Predictive Analytics to Reduce Risks and Identify Growth Opportunities 5.4.2 Restraints 5.4.2.1 Complexities due to the Usage of Code-Mixed Language while Implementing NLP Solutions 5.4.2.2 Limitations in the Development of NLP Technology Using Neural Networks Restricting the Usage of Cloud-Based Services 5.4.3 Opportunities 5.4.3.1 Increase in Investments in the Healthcare Vertical 5.4.3.2 Rise in the Adoption of NLP-Based Applications Across Verticals to Enhance Customer Experience 5.4.4 Challenges 5.4.4.1 Regulatory and Privacy Concerns Over Data Security 5.4.4.2 Interoperability and Reliability Issues while Deploying NLP Algorithms 5.4.5 Cumulative Growth Analysis 5.5 Case Study Analysis 5.5.1 Introduction 5.5.1.1 Use Case: Scenario 1 5.5.1.2 Use Case: Scenario 2 5.5.1.3 Use Case: Scenario 3 5.5.1.4 Use Case: Scenario 4 5.5.1.5 Use Case: Scenario 5 5.5.1.6 Use Case: Scenario 6 5.6 Natural Language Processing Market: COVID-19 Impact 5.7 Patent Analysis 5.8 Supply Chain Analysis 5.9 Value Chain Analysis 5.10 Regulatory Landscape 5.10.1 General Data Protection Regulation 5.10.2 Health Insurance Portability and Accountability Act of 1996 5.10.3 Governance, Risk, and Compliance 5.10.4 European Union Data Protection Regulation 5.10.5 Can-Spam Act 5.10.6 Sarbanes-Oxley Act of 2002 5.11 Pricing Model Analysis 5.12 Porter's Five Forces Analysis 5.12.1 Threat of New Entrants 5.12.2 Threat of Substitutes 5.12.3 Bargaining Power of Suppliers 5.12.4 Bargaining Power of Buyers 5.12.5 Intensity of Competitive Rivalry 5.13 Technology Analysis 5.13.1 Artificial Intelligence and Natural Language Processing 5.13.2 Deep Learning and Natural Language Processing 5.13.3 Big Data and Natural Language Processing
6 Natural Language Processing Market, by Component 6.1 Introduction 6.1.1 Components: COVID-19 Impact 6.1.2 Components: Market Drivers 6.2 Solutions 6.2.1 Platform 6.2.2 Software Tools 6.3 Services 6.3.1 Professional Services 6.3.1.1 Consulting 6.3.1.2 System Integration and Implementation 6.3.1.3 Support and Maintenance 6.3.2 Managed Services
7 Natural Language Processing Market, by Deployment Mode 7.1 Introduction 7.1.1 Deployment Modes: COVID-19 Impact 7.1.2 Deployment Modes: Market Drivers 7.2 On-Premises 7.3 Cloud
8 Natural Language Processing Market, by Organization Size 8.1 Introduction 8.1.1 Organization Size: COVID-19 Impact 8.1.2 Organization Size: Market Drivers 8.2 Small and Medium-Sized Enterprises 8.3 Large Enterprises
9 Natural Language Processing Market, by Type 9.1 Introduction 9.1.1 Types: COVID-19 Impact 9.1.2 Types: Market Drivers 9.2 Rule-Based 9.3 Statistical 9.4 Hybrid
10 Natural Language Processing Market, by Application 10.1 Introduction 10.1.1 Applications: COVID-19 Impact 10.1.2 Applications: Market Drivers 10.2 Sentiment Analysis 10.3 Data Extraction 10.4 Risk and Threat Detection 10.5 Automatic Summarization 10.6 Content Management 10.7 Language Scoring 10.8 Others
11 Natural Language Processing Market, by Vertical 11.1 Introduction 11.1.1 Verticals: COVID-19 Impact 11.1.2 Verticals: Market Drivers 11.2 Banking, Financial Services, and Insurance 11.3 It and Telecom 11.4 Retail and Ecommerce 11.5 Healthcare and Life Sciences 11.6 Transportation and Logistics 11.7 Government and Public Sector 11.8 Energy and Utilities 11.9 Manufacturing 11.10 Others
12 Natural Language Processing Market, by Region 12.1 Introduction 12.2 North America 12.3 Europe 12.4 Asia-Pacific 12.5 Middle East and Africa 12.6 Latin America
13 Competitive Landscape 13.1 Overview 13.2 Market Evaluation Framework 13.3 Market Share, 2020 13.4 Historic Revenue Analysis of Key Market Players 13.5 Key Market Developments 13.5.1 New Product Launches and Product Enhancements 13.5.2 Business Expansions 13.5.3 Mergers and Acquisitions 13.5.4 Partnerships, Agreements, Contracts, and Collaborations 13.6 Company Evaluation Matrix Definitions and Methodology 13.7 Company Evaluation Matrix, 2020 13.7.1 Star 13.7.2 Emerging Leaders 13.7.3 Pervasive 13.7.4 Participants 13.7.5 Strength of Product Portfolio 13.7.6 Business Strategy Excellence 13.8 Startup/SME Evaluation Matrix, 2020 13.8.1 Progressive Companies 13.8.2 Responsive Companies 13.8.3 Dynamic Companies 13.8.4 Starting Blocks 13.8.5 Strength of Product Portfolio 13.8.6 Business Strategy Excellence
14 Company Profiles 14.1 Introduction 14.2 IBM 14.3 Microsoft 14.4 Google 14.5 Amazon Web Services 14.6 Facebook 14.7 Apple 14.8 3M 14.9 Intel 14.10 Baidu 14.11 SAS Institute 14.12 Linguamatics 14.13 Inbenta 14.14 Health Fidelity 14.15 Veritone 14.16 Dolbey 14.17 Narrative Science 14.18 Bitext 14.19 Conversica 14.20 Sparkcognition 14.21 Automated Insights 14.22 Gnani.Ai 14.23 Niki.Ai 14.24 Mihup 14.25 Observe.Ai 14.26 Hyro 14.27 Just Ai 14.28 Ragavera
15 Adjacent and Related Markets 15.1 Introduction 15.2 NLP in Healthcare and Life Sciences Market - Global Forecast to 2025 15.2.1 Market Definition 15.2.2 Market Overview 15.2.2.1 NLP in Healthcare and Life Sciences Market Size, by Component 15.2.2.2 NLP in Healthcare and Life Sciences Market Size, by Type 15.2.2.3 NLP in Healthcare and Life Sciences Market Size, by Deployment Mode 15.2.2.4 NLP in Healthcare and Life Sciences Market Size, by Organization Size 15.2.2.5 NLP in Healthcare and Life Sciences Market Size, by Application 15.2.2.6 NLP in Healthcare and Life Sciences Market Size, by End-user 15.2.2.7 NLP in Healthcare and Life Sciences Market Size, by Region 15.3 Conversational AI Market- Global Forecast to 2025 15.3.1 Market Definition 15.3.2 Market Overview 15.3.2.1 Conversational AI Market, by Component 15.3.2.2 Conversational AI Market, by Type 15.3.2.3 Conversational AI Market, by Technology 15.3.2.4 Conversational AI Market, by Deployment Mode 15.3.2.5 Conversational AI Market, by Application 15.3.2.6 Conversational AI Market, by Vertical 15.3.2.7 Conversational AI Market, by Region
16 Appendix 16.1 Industry Experts 16.2 Discussion Guide 16.3 Knowledge Store: The Subscription Portal 16.4 Available Customizations
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