Natural Language Processing (NLP) Market Research Report forecasts a CAGR of 27.6% by the year 2030. The market research report provides in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, drivers, challenges, expert reviews & Natural Language Processing (NLP) Market forecast.
Natural Language Processing (NLP) is generally defined as the automatic manipulation of natural languages, like speech and text, by software. Current approaches to NLP are based on deep learning, a type of AI that evaluates and uses patterns in data to enhance a program’s understanding.
The natural language processing market is strongly influenced by a massive jump in digital data, an increase in the usage of smart devices, and an increase in demand for enhanced customer experience. In addition, growing investments in the healthcare sector and the emergence of a variety of new application areas are expected to further boost the market for natural language processing. The market, however, faces a variety of obstacles that players need to overcome in order to thrive and succeed. Key challenges include the need for effective predictive technologies, the need to reduce the gap between machine and man, the introduction of strict government regulations, and varying customer adoption trends.
Recognition technologies are extensively used technologies in NLP. Most companies, from large organizations to small organizations, use some form of recognition technology, like optical character recognition, interactive voice recognition, or image recognition. Natural language processing is most widely used for the extraction of information and machine translation.
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Natural Language Processing Market Key Players
Some of the major players identified in the global natural language processing (NLP) market are
Natural Language Processing Market Segmentation
The global natural language processing industry has been segmented into technology, type, service, deployment, and vertical.
Based on Technology
Based on Type
Based on Service
Based on Deployment Model
Based on Vertical
Natural Language Processing Market Regional Analysis
Region-wise, the global natural language processing market has been segregated into North America, Europe, Asia Pacific, and the rest of the world.
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North America to dominate the global market
North America is expected to make a major contribution to this market during the forecast period. This is due to the rapid growth of infrastructure and the high level of adoption of digital technologies in the region. Furthermore, most of the main players in these regions are raising demand for NLP in North America. The US is predicted to have the highest market share in the North American market; however, Canada will see the fastest growth rate in the forecast period.
COVID-19 Impact on the Global Natural Language Processing Market
The adoption of artificial intelligence and other technologies has proved useful in mitigating the spread of COVID-19. For example, natural language processing (NLP) allowed chats used to identify and predict the outbreak at its initial stage and avoid further spread to non-contaminated areas. Technology giants like IBM Corporation are innovating and developing solutions to reduce the burden of healthcare systems and government agencies by automating the handling of coronavirus-related phone calls. IBM has merged Watson Assistant and NLP technology to manage phone calls made by people to collect information on the spread of COVID-19 in their respective areas. In addition, it is reported that the first public alert outside of China was made in Boston (US) via HealthMap on December 30th of 2019. This alert was about the unidentified pneumonia cases in Wuhan, China.
On the other side, scientists and technological experts, in collaboration with frontline medical staff, are working towards the common objective of disease detection, testing, control, and drug discovery. For these purposes, the alliance is gradually adopting natural language processing, analytics-based drug & vaccine discovery, geo-sensing, and data science technologies.
NLP operates on the basic concept of understanding a statement and processing it, followed by obtaining and providing the results as per the user’s query. NLP is the analysis of the natural language used by humans and is one of the potentials of AI used in companies to search and discover specific information stored in a broad database of organizations. Since AI is a wide term with various use cases, the NLP is used to detect and restrict the spread of misleading information. For example, Singapore is the first country in the world to implement NLP and enforce the law and take tough legal action against people spreading fake news around the country. Government agencies are now implementing tools to evaluate social media content and gain insight into COVID-19 issues and make informed decisions to minimize the risk of spread of infection to non-contaminated areas.
The demand for natural language processing is rising with increasing awareness across industry verticals and the benefits provided, including reliability, scalability, real-time operation, minimal or no human intervention, and operationality across a wide range of application areas. These factors contribute to the growth of this market. However, market growth has been slowed by a global pandemic and a lockdown, where the demand for NLP solutions is limited to emergency services. The market is expected to rebound by the second quarter of 2021, given that the global lockdown is lifted and the coronavirus cases have decreased.
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