Growing demand for professional services across industries is expected to drive the Natural Language Processing (NLP) market
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. Similarly, in customer service centers, it is being used to predict customer demand in real-time and allowing services agents to provide optimal solutions. However, the initial setup costs rise and a lack of skilled professionals to understand the outcome of NLP is anticipated to hamper the market growth.
The report also highlights numerous aspects of the global Natural Language Processing by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the Natural Language Processing (NLP) industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The Natural Language Processing (NLP) market has strong competition among the well-established as well as new emerging players. Also, the Natural Language Processing technology players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the application segment, the market is bifurcated into machine translation, information extraction, automatic summarization, text classification, sentiment analysis, and others. It is expected that the sentiment analysis segment will have to have the highest growth rate in this market throughout the forecast period. The growth of this segment is mainly attributed to the increasing demand for data-driven insights to enhance the customer experience. social media monitoring and workforce management.
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
By Data Type, 2018-2025 (USD Billion)
By End-user, 2018-2025 (USD Billion)
- IT and Telecom
- Media and Entertainment
By Deployment, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America