|Status : Published||Published On : Jan, 2021||Report Code : VRICT5139||Industry : ICT & Media||Available Format :||Page : 190|
The global natural language processing (NLP) market was valued at USD 10.5 billion in 2020, which is expected to reach USD 25.0 billion by 2027, registering a CAGR of 20.5% during the forecast period. Increasing focus on customer experience, need for managing large volumes of data, growing demand in contact centers, and rising shift in businesses toward automation, propelling the growth of the market.
Insight by Type
On the basis of type, the global natural language processing (NLP) market is categorized into statistical, rule-based, and hybrid, wherein statistical category held largest share in the market in 2020, owing to the advantages of statistical NLP solutions over traditional rule-based NLP solutions.
Insight by Deployment Type
Based on deployment type, the natural language processing (NLP) market is segmented into cloud and on-premises. Among these segments, cloud category expected to exhibit fastest growth during the forecast period. The growth of this segment is attributed towards the fact that various organizations have started deploying AI-based technologies for data translation.
Insight by Component
On the basis of component, the natural language processing (NLP) market is segmented into auto solutions and services. Among the two segments, the solutions segment to hold a larger market size during the forecast period.
Insight by Organization Size
On the basis of organization size, the natural language processing (NLP) market is segmented into small and medium-sized enterprises, large enterprises.
Insight by Application
Based on application, the natural language processing (NLP) market is segmented into information extraction, question answering, machine translation, automatic summarization, sentiment analysis text processing, and others. Among these segments, machine translation category held largest share in the market in 2020, owing to the increasing demand in organizations for solutions that can facilitate translation of text into multiple languages.
Insight by Industry
Based on industry, the natural language processing (NLP) market is segmented into BFSI, healthcare, retail and ecommerce, manufacturing, media and entertainment, travel and hospitality, it & telecommunication, and others. Among these segments, BFSI category held largest share in the market in 2020.
Global natural language processing (NLP) market has been driven by several key factors, predominantly Increasing focus on customer experience, need for managing large volumes of data, growing demand in contact centers, and rising shift in businesses toward automation.
Lack of skilled resources is hindering the growth of the natural language processing (NLP) market, globally.
Need for an efficient human–machine interface is the major key opportunities witnessed in the market, globally.
Geographically, North America has accounted for the largest share in natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for enhanced customer experience, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
Some of the key players operating in the global natural language processing (NLP) market are 3M Company, Apple Inc., Microsoft Corporation, Verint Systems Inc., AWS Inc, Dolbey Systems Inc., Genpact Ltd., Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, and Hewlett Packard Enterprise (HPE) Company.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- Understanding adoption, production, export, import and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research