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The Worldwide Natural Language Processing Industry is Expected to Reach $35.1 Billion by 2026

Research and Markets
·10-min read

Dublin, March 02, 2021 (GLOBE NEWSWIRE) -- 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, 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.

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

For more information about this report visit https://www.researchandmarkets.com/r/ac4vu1

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