New York, USA, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global natural language processing market is anticipated to garner revenue of $42,389.83 million by 2027 rising from $9,701.56 million in 2019 at a steady CAGR of 20.6% from 2020-2027.
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Market Dynamics
Growth: The collection of data from consumers has been implemented by multiple organizations by using natural language processing. It also helps in analyzing the vast amount of data on a daily basis. The use of AI systems has also led to development of smart assistants and chatbots which are known to go through large amounts of data to provide appropriate results to the consumers. These factors have resulted in the rapid growth of the market in the forecast period.
Restraints: A lot of organizations still continue to use conventional data entry systems which may not be able to sort through the issues faced in the current technological eras. This has hampered the growth of the market in the forecast period.
Opportunities: Natural processing systems are easier to implement according to the requirements of varied organizations. The NPL has been used in the healthcare system as well as which is highly efficient in sorting through large amounts of data which is expected to provide an opportunity of growth of the market.
Check out How COVID-19 impacts the Global Natural Language Processing Market: https://www.researchdive.com/connect-to-analyst/5343
Segmental Analysis
The report has categorized the market into multiple segments based on component, deployment, type, application type, and vertical type.
Component: Solution Sub-segment Expected to be the Most Lucrative
By component, the solution sub-segment garnered revenue of $5,048.3 million in 2019 and is expected to grow further at a CAGR of 19.1% from 2020-2027. The voice and speech data provides accurate and real time results for any query that is generated via the NLP software tools. This has ensured the rapid growth of the segment in the analysis period.
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Deployment Type: On-premises Sub-segment Predicted to Garner the Highest Market Revenue
The on-premises sub-segment garnered revenue of $5,327.9 million in 2019 and is predicted to rise further at a CAGR of 18.2% from 2020-2027.
Type: Statistical Sub-segment Expected to be the Most Profitable
The statistical sub-segment accounted for revenue of $3,701.6 million in 2019 and is set to rise further at a CAGR of 19.1% from 2020-2027. Statistical NLP simplifies the process of deciphering data exchanged between humans and chat-bots which further helps in providing occurring responses to queries. This is set to propel the growth of the segment in the estimated time period.
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Application: Machine Translation (MT) Sub-segment Expected to be the Most Beneficial
The machine translation garnered revenue of $2,394.3 million in 2019 and is expected to rise further at a CAGR of 10% from 2020-2027. The system holds the capability to translate large amounts of texts which is set to ensure the rapid growth of the segment in the forecast period.
Vertical Type: Media and Entertainment Sub-segment Forecasted to Garner the Highest Revenue
The media and entertainment sub-segment is registered revenue of $1,931.1 million in 2019 and is anticipated to grow further at a CAGR of 19.1% from 2020-2027. The functioning of media has evolved over the years which is a result of the vast array of digital entertainment platforms which are easily able to reach out to the audience. Recommendations based on the personal choices of the audience as well as the ability to provide a personal tough is anticipated to propel the growth of the market in the estimated time period.
Regional Analysis
Multiple organization within the region have been making investments into the development of NLP as well as the applications that help it function better. To add further, the restructuring of data can be simplified by using NLP due to which start-ups have been using them extensively. These factors have ensured the rapid growth of the global market in the region.
COVID-19 Impact on the Global Natural Language Processing Market
The pandemic caused an adverse effect on multiple industries as the disruption of the supply chain resulted in a shortage of essential goods. The sectors affected immensely are transportation, logistics, manufacturing, and retail. However, the demand from consumers has led to the implementation of natural language processing solutions extensively. To add further, various advancements such as better consumer satisfaction, better visibility, as well as operational priorities are expected to boost the growth of the NLP market amidst the pandemic.
Key Market Players
The report enlists the most prominent players of the global natural language processing market. They include:
1. Microsoft
2. Amazon
3. Apple, Inc
4. Intel
5. SAS Institute, Inc
6. IBM
7. Google
8. Facebook
9. 3M
10. Baidu, Inc
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
For instance, in May 2021, Microsoft, a global leader in various forms of technology released a list of features that their new tool – the GPT – 3 will contains. An impressive natural language model designed using OpenAI, will provide users with assistance to create applications without necessarily having in-depth knowledge about coding.
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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