|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Global Natural Language Processing (NLP) Market was valued at USD 10.72 billion in 2020, and it is expected to be worth USD 48.46 billion by 2026, registering a CAGR of 26.84% during th forecast period (2021-2026). Due to the ongoing Covid-19 pandemic the market is witnessing growth in healthcare sector.
For instance, In response to the COVID-19 pandemic, the White House and a coalition of leading research groups have prepared the COVID-19 Open Research Dataset (CORD-19). CORD-19 is a resource of over 200,000 scholarly articles, including over 100,000 with full text, about COVID-19, SARS-CoV-2, and related coronaviruses. This freely available dataset is provided to the global research community to apply recent advances in natural language processing and other AI techniques to generate new insights in support of the ongoing fight against this infectious disease. Such developments are further expected to drive the growth of the market during the forecast period.
- Over the past few years, deep learning architectures and algorithms have made impressive advances in the fields of image recognition and speech processing. The application to natural language processing (NLP) has proven to make significant contributions, yielding state-of-the-art results for some complex NLP application tasks. NLP has witnessed considerable growth over the past few years, owing to the affordable, scalable, and computational power, an increase in digitization of data, and the merger of NLP with deep learning (DL) and machine learning (ML).
- The increasing use of NLP in healthcare centers and call centers, rising demand for advanced text analytics, and growing machine-to-machine technology are the primary factors responsible for the growth of the market studied.
- NLP is witnessing growth in healthcare centers, as many healthcare organizations are using the technology to ingest and analyze massive amounts of patient data. Additionally, the growing use of internet and connected devices, along with the enormous volume of patient data, is driving the growth of the market studied.
Scope of the Report
The scope of the study on the natural language processing market includes hardware (processor, GPU, etc.), software (tools provided by major vendors to support NLP-based features), and services (API-based SaaS offering). The other key segments covered in the study include segmentation by processing type (image, text, and speech/voice-based), segmentation by size of the organization (large organizations and small and medium organizations), segmentation by end-user industry (education, BFSI, healthcare, IT and telecom, retail, etc.) and segmentation by geography (North America, Europe, Asia-Pacific, and Rest of the World). The assessment of impact of COVID-19 on the market has also been considered as part of the study.
|Size of the Organization|
|Small and Medium Organizations|
|End User Industry|
|IT and Telecom|
|Media and Entertainment|
|Other End User Industries|
|Rest of the World|
Key Market Trends
Large Organizations are Expected to Register a Significant Growth
- Large organizations are one of the primary drivers and investors in the NLP market. As these organizations are increasingly adopting deep learning, along with supervised and unsupervised machine learning technologies for various applications, the adoption of NLP is likely to increase. Cost and risk are some of the major factors driving the adoption of these technologies among large organizations.
- Most of the large end-user organizations across various industries are mainly utilizing these technologies to enhance their internal and external operations. Moreover, the ROI of the technology is not always in the monetary form, hence, most of the small organizations find it risky to invest in.
- Moreover, large-scale social media platforms are also utilizing text analytics and NLP technologies for monitoring and tracking social media activities, such as political reviews and hate speeches. Platforms like Facebook and twitter are managing the published content with the help of these tools. The demand for information extraction product application is also anticipated to increase due to the growing importance of the web data for effective marketing and decision-making. Within the next few years, mobile chatbots are anticipated to revolutionize the marketing and commerce sectors.
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North America to Witness the Highest Market Growth
- According to RichRelevance, online shoppers in the United States are more inclined to use Google Assistant than the other platforms. Additionally, the utilization of smart speakers to obtain results on diverse topics is gaining increasing popularity, which, in turn, is expected to compel the companies to invest in the technology. This creates an immense opportunity for other application developers to target potential customers.
- NLP may also enhance the customer experience programs with various added benefits, thereby attracting more consumers, which, in turn, is projected to have a positive impact on the market growth in the country. The growing innovations in the market studied, by the global players based in the United States, are bringing advancement into the NLP market and fueling the rate of product launch in the region.
- For instance, IBM Research AI is exploring various applications of NLP for enterprise domains. For this, the company developed three programs, the first being advance AI where systems can learn from fewer amounts of data, leverage external knowledge, and use techniques that include neurosymbolic approaches to language, which combine neural and symbolic processing. The second program is an analyzing AI, which focuses on how a system reaches a decision. The third is scaling AI, which enables continuous adaptation, and better monitoring and testing of systems, in order to support the deployment of language systems under the rigorous expectations of enterprises.
- In September 2019, NeuralMetrics Inc., a US company, announced the commercialization of its SmartRatio SaaS platform. It uses NLP and machine learning to extract actionable insights from hard-to-access and unstructured public data for better decision making, with increased revenues. The company’s platform is currently live in production environments with several commercial lines that P&C insures.
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The Natural Language Processing Market is highly competitive and consists of several major players who have been trying to gain larger shares. These major players with prominent shares in the market have been focusing on expanding their customer base across foreign countries and are also providing new innovative solutions, along with deals and mergers to increase their market shares and profitability. Key players include Google Inc. and Microsoft Corporation, among others.
- January 2020 - NetBase announced the merger with Quid, which is one of the prominent companies in AI-driven text analytics. As a result of this merger, the combined company will have an enhanced portfolio in the next generation consumer and market intelligence solution. The merged company will deliver contextual insights that reveal business trends across all forms of structured and unstructured data.
- February 2021 - Baidu Inc. presented Ernie-M, which is a multilingual model that could analyze 96 languages. It is a training model and has the capacity to improve the cross-lingual transferability on languages that are data-sparse.
- January 2020 - The Royal Wolverhampton NHS Trust and Babylon entered a 10-year partnership to create an integrated digital health system to serve the Wolverhampton city’s population. Babylon’s Artificial Intelligence will help to provide live monitoring of patients with chronic conditions, and personalized care plans.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Technology Snapshot
4.5 Market Drivers
4.5.1 Shifting Trend from Product-centric to Customer-centric Experience
4.5.2 Increasing Demand for Smart Devices Across Industrial Internet of Things (IIoT)
4.5.3 Advancement in Machine-to-machine Communication Technology
4.5.4 Increasing Amount of Digital Data with the Rise in Use of Smart Devices
4.6 Market Challenges
4.6.1 Lack of Skilled Professionals Across the Industry
4.6.2 Complexity in the Shift from Traditional to Advanced Technology
4.7 Market Opportunities
4.7.1 Increasing Adoption of Cognitive Technology in the Field of Artificial Intelligence
4.8 Impact of COVID-19 on the Natural Language Processing (NLP) Market
5. MARKET SEGMENTATION
5.1.1 On -premise
5.2 Size of the Organization
5.2.1 Large Organizations
5.2.2 Small and Medium Organizations
5.4 Processing Type
5.5 End User Industry
5.5.4 IT and Telecom
5.5.7 Media and Entertainment
5.5.8 Other End User Industries
5.6.1 North America
5.6.3 Asia Pacific
5.6.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Hardware Providers
22.214.171.124 NVIDIA Corporation
126.96.36.199 Intel Corporation
188.8.131.52 Baidu Inc.
184.108.40.206 Qualcomm Incorporated
220.127.116.11 Texas Instrument
6.1.2 Software and Service Providers
18.104.22.168 Google Inc.
22.214.171.124 Microsoft Corporation
126.96.36.199 Micro Focus International PLC (HPE)
188.8.131.52 SAS Institute Inc.
184.108.40.206 IBM Corporation
220.127.116.11 NetBase Solutions Inc.
18.104.22.168 Verint System Inc.
22.214.171.124 Genpact Limited
126.96.36.199 Adobe Inc.
188.8.131.52 Intel Corporation
184.108.40.206 NVIDIA Corporation
220.127.116.11 Amazon Web Services Inc.
18.104.22.168 App Orchid Inc.
22.214.171.124 Inbenta Technologies Inc.
126.96.36.199 Veritone Inc.
188.8.131.52 SAP SE
184.108.40.206 Salesforce.com Inc.
220.127.116.11 Rasa Technologies GmbH
18.104.22.168 Babylon Healthcare Services Limited
22.214.171.124 Klevu Oy
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The NLP Market market is studied from 2018 - 2026.
What is the growth rate of NLP Market?
The NLP Market is growing at a CAGR of 26.84% over the next 5 years.
Which region has highest growth rate in NLP Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in NLP Market?
North America holds highest share in 2020.
Who are the key players in NLP Market?
Microsoft Corporation, Micro Focus International PLC (HPE) , SAS Institute Inc. , IBM Corporation , Google Inc. (Alphabet Inc.) are the major companies operating in NLP Market.