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Natural Language Processing Market, By Component (Solutions and Services), Application (Machine Tran

Published Date: February 2020 | Report Code : IT2061572

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Natural Language Processing Market, By Component (Solutions and Services), Application (Machine Translation, Information Extraction, Automatic Summarization, Question Answering, Text Classification, Sentiment Analysis, and Others), Deployment Mode (On-premises and Cloud), Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), Industry Vertical (Banking, Financial Services and Insurance (BFSI), Manufacturing, Healthcare & Life Sciences, Retail & eCommerce, Government & Defense, Media & Entertainment, Telecommunications & IT, and Others), and By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and the Rest of the World) – Market Size & Forecasting to 2028

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Report Code : IT2061572

Status : Published February 2020

The global natural language processing market is expected to reach USD 9.2 billion in 2019 and anticipated to grow at a CAGR of 18.4% during the forecast period. NLP is an interdisciplinary field concerned with the interactions between computers and human natural languages in terms of speech or text. The NLP-powered software assists users in their daily lives in various ways like spell checking, personal assistant, and machine translation. Considering the case, if the user features a bank or a restaurant with an enormous load of consumers orders and complaints, handling the request during a manual manner are going to be cumbersome and constant, also less efficient in terms of productivity, therefore the users can use a chat-bot for his or her business, which can automate such process and reduce human interaction so as to extend productivity and efficiency of the business.

The factors that propel the growth of the natural language processing market are the growth in the adoption of smart devices, growth in the adoption of cloud-based solutions, and NLP-based applications to improve customer service. Moreover, the rise in technological investments in the healthcare industry further creates opportunities in the coming years.

Natural Language Processing Market Statistics (2017-2028)

Key Factors Impacting the Growth of Natural Language Processing Market:

  • The integration of natural language processing in the AI-based components is expected to influence market growth.
  • Growth in adoption of natural language processing in the end-use industries

The natural language processing market segmentation is based on component, application, deployment mode, organization size, industry vertical, and region.

Component Outlook:

Based on the component, the natural language processing market is segmented into solutions and services. The solution segment is going to dominate the market owing to the presence of leading players within the market are either offering platforms or software tools to integrate it into their solutions. Moreover, the rise in the adoption of NLP solutions is growing worldwide, with the increasing awareness about perceived benefits.

Natural Language Processing MarketNatural Language Processing Market Segmentation (2017-2028)

Application Outlook

Based on the application, the natural language processing market is segmented into machine translation, information extraction, automatic summarization, question answering, text classification, sentiment analysis, and others. The machine translation segment is expected to dominate the market in 2018 and expected to dominate the market during the forecast period. The growth in demand for integration of NLP in the AI-based technologies is further enhancing the need across the machine translation application during the forecast period.

Industry Vertical Outlook:

Based on the industry vertical, the natural language processing market is segmented into banking, financial services and insurance (BFSI), manufacturing, healthcare & life sciences, retail & e-commerce, government & defense, media & entertainment, telecommunications & IT, and others. The healthcare & life sciences segment is expected to grow at the highest CAGR during the forecast period owing to an increase in investment from the healthcare industries.

Regional Outlook:

Based on the region, the global natural language processing market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. In 2018, North America is predicted to dominate the market due to the rising big data volume, including the increasing demand to reinforce consumer satisfaction within the US, which is predicted to drive the NLP market growth within the country. The country is that specialize in its defense sector, primarily related to technological advancements. In September 2018, the defense advanced research projects agency (DARPA) announced to spice up its investment in AI over the subsequent five years, worth USD 2 billion. As a result, it's likely to possess a positive impact on the NLP market growth within the country over the forecast period.

In addition, in May 2018, the US and therefore the UK launched an AI hub to innovate new disruptive technologies for security and defense applications, which may bolster the advanced utilization of NLP.

Furthermore, the increasing demand for speech analytics within the US has compelled the businesses to make partnerships and offer exceptional services. For instance, in August 2018, Amazon and Microsoft launched Cortana-Alexa public preview for Windows 10 PCs and Echo speakers within the US, which might allow the purchasers to possess the advantages of both the assistants at an equivalent time. Thus, it'll create an enhanced customer experience with diverse added benefits, thereby, attracting more consumers, which successively is projected to possess a positive impact on the market growth within the country.

Natural Language Processing MarketNatural Language Processing Market Regional Analysis(2017-2028)

Competitive Landscape

The leading companies in the natural language processing market are focused on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period. This also expected to fuel market growth in the coming years. The key leading players in the global Natural Language Processing market include Google, IBM, Microsoft, Intel, Apple, AWS, Facebook, Inbenta Technologies, 3M, Veritone, Dolbey, Narrative Science, Bitext, Health Fidelity, Linguamatics, Conversica, SparkCognition, Automated Insights, SAS Institute, and Baidu.

This report also includes the profiles of key Natural Language Processing market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Natural Language Processing Market:

  • In February 2019, the research consortium, namely, Google DeepMind, Facebook AI, New York University, and the University of Washington launched a benchmark to measure natural language processing (NLP) abilities.
  • In December 2019, Hugging Face raised USD 15 million for its innovation and development of open-source natural language processing platform.
  • In December 2019, Luminoso launched QuickLearn 2.0, the next generation of its proprietary natural language modeling system. The innovation was aimed to turns unstructured text data into business-critical insights and reduces biases in AI-powered text analysis.

What Does This Report Provide?

This report provides a detailed understanding of the global natural language processing market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

Based on the Component

  • Solutions
  • Software Tools
  • Platform
  • Services
  • Managed Services
  • Professional Services

Based on Application

  • Machine Translation
  • Information Extraction
  • Automatic Summarization
  • Question Answering
  • Text Classification
  • Sentiment Analysis
  • Others

Based on Deployment Mode

  • On-premises
  • Cloud

Based on Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

Based on Industry Vertical

  • Banking, Financial Services and Insurance (BFSI)
  • Manufacturing
  • Healthcare and Life Sciences
  • Retail and eCommerce
  • Government and Defense
  • Media and Entertainment
  • Telecommunications and IT
  • Others

By Region:

North America

  • By Country (US, Canada, Mexico)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Western Europe

  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Eastern Europe

  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Asia Pacific

  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Middle East

  • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Rest of the World

  • By Region (South America, Africa)
  • By Offering
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Reasons to Buy This Report:

  • Market size estimation of the natural language processing market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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