Pure language processing market value $35.1 billion by 2026

MarketsandMarkets Research Pvt.  ltd.

MarketsandMarkets Analysis Pvt. ltd.

Chicago, June 21, 2022 (GLOBE NEWSWIRE) — In keeping with a brand new market analysis report “natural language processing Market by Element, Sort (Statistical, Hybrid), Software (Auto Summarization, Sentiment Evaluation, Danger & Menace Detection), Deployment Mode, Group Measurement, Vertical & Area – International Forecast to 2026″ revealed by MarketsandMarkets™, the pure language processing market dimension will develop from USD 11.6 billion in 2020 to USD 35.1 billion by 2026, at a compound annual progress fee (CAGR) of 20.3% at in the course of the forecast interval. Rising demand for cloud-based NLP options to scale back general prices and higher scalability and rising use of sensible units to facilitate sensible environments are anticipated to drive the expansion of the NLP market. Rising adoption of NLP-based purposes throughout all verticals to enhance buyer expertise and improve funding within the healthcare trade is predicted to offer alternatives for NLP suppliers worldwide.

Browse the in-depth desk of contents at “pure language processing market
202 – Tables
67 – Numbers
271 – Pages

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Report scope

Report Metrics

Particulars

Market dimension accessible for years

2015-2026

Base yr thought-about

2019

Forecast interval

2020-2026

Forecast items

Worth (USD billion)

Market worth in 2020

$11.6 billion

Anticipated worth in 2026

$35.1 billion

Segments Lined

Element, sort, software, deployment mode, group dimension, trade and area

Areas coated

North America, Europe, Asia-Pacific, MEA and Latin America

Firms coated

IBM (US), Microsoft (US), Google (US), AWS (US), Fb (US), Apple (US), 3M (US), Intel (US), SAS Institute (US), Baidu (China), Inbenta (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext ( Spain), Well being Constancy (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), Gnani.ai (India), Niki (India) ), Mihup (India), Observe.AI (USA), Hyro (USA), Simply AI (England), RaGaVeRa (India)

The NLP market is predicted to expertise a downturn in 2020 as a result of international lockdown. The COVID-19 pandemic has elevated churn and rocked almost each vertical. The lockdown is impacting international manufacturing, provide chain and logistics as enterprise continuity throughout numerous verticals is severely impacted. The verticals dealing with the most important downsides are manufacturing, transportation and logistics, and retail and client items. Availability of important objects is affected attributable to lack of manpower to work on manufacturing traces, provide chains and transportation, though important objects are exempt from the lockdown. The situation is predicted to be introduced underneath management by early 2021, whereas the demand for NLP options and companies is predicted to extend attributable to rising demand for bettering buyer expertise and constructing one-on-one relationships with prospects. A number of verticals are already planning to deploy a various vary of NLP options and companies to allow digital transformation initiatives, which tackle vital processes, enhance enterprise operations and differentiate buyer viewing experiences. Decreased operational prices, higher buyer experiences, higher buyer churn, higher visibility into processes and operations, and higher real-time resolution making are key enterprise and operational priorities that ought to drive adoption. of the NLP market worldwide.

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The on-premises section is predicted to develop at the next CAGR in the course of the forecast interval

The NLP market by mode of deployment has been segmented into on-premises and cloud. Firms select the mode of deployment based mostly on their necessities for scalability and the extent of information safety required. The on-premises mannequin is most most well-liked amongst enterprises, which view information as a priceless asset and want to take care of a excessive degree of safety to adjust to laws. On-premises deployment of NLP options provides organizations important enhancements for information validation, standardization, and strong matching, as carried out regionally with monitoring.

The SME section is predicted to develop at the next CAGR in the course of the forecast interval

Based mostly on group dimension, the NLP market is segmented into SMBs and huge enterprises. The SME section is predicted to extend its CAGR in the course of the forecast interval. Adoption of chatbots, IVR, and messaging apps in SMBs is rising worldwide, with an rising give attention to bettering customer support. SMBs are at an early stage when it comes to NLP adoption, with most small companies experimenting on the exploratory stage, however they’ve begun to indicate better curiosity in getting an analytics platform to reap the outcomes. desired.

Statistical sort section is predicted to carry the biggest market dimension over the forecast interval

The kind of NLP options is categorized into rule-based, statistical, and hybrid. NLP is rising in reputation and has develop into potential as a result of availability of a considerable amount of information. The approach extracts significant data from structured information. The benefits of the statistical technique reminiscent of higher pace, robustness and reliability are anticipated to drive the adoption of NLP options and companies available in the market. Statistical NLP is likely one of the greatest approaches to producing outcomes when a big quantity of information is concerned. As a result of large availability of textual content and speech corpora on-line, statistical NLP has loved exceptional success over the previous a long time.

Among the many verticals, healthcare and life sciences section is predicted to develop on the highest CAGR in the course of the forecast interval

The NLP market is segmented into a number of verticals together with BFSI, IT & Telecom, Retail & eCommerce, Healthcare & Life Sciences, Transportation & Logistics, Authorities & Public Sector, Vitality & Utilities, Manufacturing , different (schooling, journey and hospitality, and media and leisure). The healthcare and life sciences trade vertical is predicted to develop on the highest CAGR over the forecast interval. The vertical’s excessive progress fee will be attributed to the rising complexity of healthcare and the rising want for superior NLP-based EHRs to extract significant insights from unstructured scientific information. NLP options assist enhance affected person expertise and high quality of care by efficient scientific resolution assist and streamlined medical coverage analysis, attaining the purpose of making medical worth.

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North America will maintain the biggest market dimension in the course of the forecast interval

The pure language processing market has been segmented into 5 areas: North America, Europe, APAC, MEA, and Latin America. Amongst these areas, North America is predicted to carry the biggest market dimension in the course of the forecast interval. Enhancements in cloud computing platforms, which at the moment are extra environment friendly, reasonably priced and able to dealing with advanced data, have led to the expansion of cheap software program improvement instruments and considerable datasets, which play a vital position within the improvement of AI know-how within the US market. . APAC is predicted to develop on the highest CAGR over the forecast interval attributable to rising consciousness and elevated funding in AI.

The primary NLP suppliers are IBM (US), Microsoft (US), Google (US), AWS (US), Fb (US), Apple (US), 3M ( United States), Intel (United States), SAS Institute (United States). ), Baidu (China), Inbenta (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (Spain), Well being Constancy (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), Gnani.ai (India), Niki (India), Mihup (India), Observe.AI (United States United States), Hyro (United States), Simply AI (England), RaGaVeRa (India). These NLP distributors have adopted numerous natural and inorganic methods to take care of their positions and improve their market shares within the international NLP market.

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