New York, USA, May 04, 2021 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global natural language processing market is predicted to gain revenue of over $42,389.83 million at a steady CAGR of 20.6% from 2020-2027. This detailed report contains a glimpse into some of the prominent pointers of the market including growth factor, challenges, varied opportunities, restraints, and more during the forecast period. Moreover, the report also provides market figures that help the new entrants understand the market better
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The NLP plays an integral part in any company’s functioning. A large amount of data is collected from users and consumers every day. This is done via smart assistants, chatbots, email filters and more, that scan through it to provide filtered results for the people. In case a customer has any queries, a lot of times, the system uses NLP to look through years of data to find a search result that is accurate and as per the requirement. Every company hence constantly works on upgrading their NLP to maintain reliability and effectiveness. The surge in use of artificial intelligence has also further put NLP on top which is one of the primary reasons for the growth of the market in the forecast period.
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Many organizations still use the traditional code system to enter data, but a majority of them have been switching to NLP. Many who aren’t adapted to it are facing a few complexities which have been a restraining factor for the marker growth.
But, the natural language processing system is comparatively easier to use and implement which is pushing more organization to make it a part of their functioning. This innovative method is hence leading to further growth of the NLP market.
According to the report, the market is divided into certain categories – component, deployment, type, application type, vertical type, and regional analysis.
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Solution Sub-segment to Gain Highest Market Share
The solution sub-segment saw a rise in revenue of over $5,048.3 million in 2019. This growth was due to the requirement of more real-time insights in both voice and speech form of data.
On Premises Sub-Segment will be Most Profitable
The on-premises sub-segment garnered over $5,327.9 million as revenue in 2019. The platform also helps in securing the data accessed by consumer by examining user generated content as well as web content in a safe environment.
Statistical Sub-segment to Witness Significant Growth
The statistical sub-segment recorded revenue of $3,701.6 million in 2019 and this rise is due to the fact that the data undergoes statistical inference. This makes it easier for the NLP to decipher conversations between the chat-bots and humans.
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Machine Translation Sub-segment to Gain Higher Profits
The machine translation sub-segment garnered revenue of $2,394 million in 2019 and is predicted to grow even further. This growth is due to one of the primary features of MT where it allows one to translate large amount of texts in shorter timeframe.
Media and Entertainment Sub-segment to Gain Popularity in the Market
The media and entertainment sub-segment was able to make over $1,931.1 million in revenue in 2019. It continues to experience a steady due to the demands of consumers. Many companies have also gravitated towards digital platforms to provide quality content. This has also led to the implementation of artificial intelligence to make the entertainment experience grander.
North America to Experience Immense Growth in the Market
The North American region secured over $3,669.1 million in terms of revenue in 2019. The need to utilize NLP and AI to structure and filter data is currently rising. The US has multiple start-ups working with unstructured data which has also added to the demand for NLP in North America.
Key Players of the Market
As per the report some of the key players constantly working on enhancing this market are:
3. Apple Inc
5. SAS Institute Inc
10. Baidu, Inc
For instance, in December 2020, IBM provided an overview of new advancements that they’ve lined up for the IBM Watson. They include a reading comprehension system which uses innovative question-answering (QA) system. It also now includes an additional 10 languages such as Hebrew, Croatian, Hindi, Norweigan (Nynorsk), Swedish and more. This makes it easier for people to understand and use the technology efficiently.
Impact of COVID-19 on the Global Natural Language Processing Market
The pandemic caused companies, industries and various organizations to shut down on a large scale. Manufacturing units bore the brunt and at the same time, led to drop in the growth of the natural language processing market. It is predicted to regain momentum towards later years and the market is expected to grow even further.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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