The global Natural Language Processing (NLP) Market size to grow from USD 11.6 billion in 2020 to USD 35.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. Growing demand for cloud-based NLP solutions to reduce overall costs and better scalability and increasing usage of smart devices to facilitate smart enviroments are expected to drive the NLP market growth. The rise in the adoption of NLP-based applications across verticals to enhance customer experience and increase in investments in the healthcare vertical is expected to offer opportunities for NLP vendors.
The SME segment to grow at a higher CAGR during the forecast period
Based on organization size, the NLP market is segmented into SMEs and large enterprises. Large enterprises are the leading adopters of NLP solutions and services due to the increasing need to analyze speech and text data collected over the years. These enterprises are focusing on delivering enhanced customer experiences and gaining a leading edge in the market. The SMEs segment is expected to grow higher CAGR during the forecast period.
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The Hybrid segment segment to grow at a higher CAGR during the forecast period
The type of NLP solutions categorized into rule-based, statistical, and hybrid. NLP is gaining popularity and has become possible due to the availability of a large amount of data. The technique extracts meaningful insights from structured data. Hybrid segment is expected to grow at the highest CAGR during the forecast period. Hybrid models offer combined benefits such as high accuracy, better speed, robustness, and reliability. These combined benefits are expected to drive the adoption of NLP solutions.
NLP is a branch of artificial intelligence that helps computers understand, interpret, and manipulate human language. NLP draws from many disciplines, including computer science and computational linguistics, in its pursuit to fill the gap between human communication and computer understanding. Today, companies use NLP solutions for the automatic summarization of large data sets and dashboards, machine translation, text classification, and sentiment analysis. These solutions and services also help organizations in saving time and money by enabling employees to focus on value-added tasks; in other words, they reduce efforts of workforce. Furthermore, NLP solutions generate automated, but accurate and consistent written reports on a set schedule. In an analytical setting, NLP solutions accelerate the time to derive insights and drive the cause, usage, and adoption of analytical tools. By generating personalized messages, these solutions drive customer satisfaction and retention, boost customers’ loyalty, increase the revenue flow, and enhance the net income.
Some of the key players operating in the NLP include IBM (US), Microsoft (US), Google (US), AWS (US), Facebook (US), Apple (US), 3M (US), Intel (US), SAS Institute (US), Baidu (China), Inbenta (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (Spain), Health Fidelity (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), Gnani.ai (India), Niki (India), Mihup (India), Observe.AI (US), Hyro (US), Just AI (England), RaGaVeRa (India). These NLP vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global NLP market.
IBM was founded in 1911 and is headquartered in New York, US. The company is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. It operates through five major business segments, namely cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. IBM’s product portfolio includes an analytics cloud platform, a blockchain platform, a Watson IoT platform, and a Watson Customer Engagement solution. It offers industry solutions, system services, IT infrastructure, resiliency services, and financing. The company provides solutions to various industry verticals, including IT, healthcare and life sciences, government, telecom, automobile, manufacturing, fast-moving consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It has a presence in more than 175 countries in North America, Europe, APAC, MEA, and Latin America. IBM offers an NLP solution for NLU, which is helping organizations to extract insights from unstructured data, create reports, and analyze sentiments from customer data. Such solutions are offered as a cloud-based model that is easily available to users anywhere.
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Amazon Web Services (AWS) was founded in 2006 and is headquartered in Washington, US. The company is a subsidiary of Amazon and primarily offers cloud computing services in the form of web services. It offers a wide range of products and services to customers present in 190 countries. AWS’ product portfolio comprises segments, such as compute, storage, database, migration, network, and content delivery, developer tools, management tools, media services, ML, and analytics. The solutions segment offers websites and web apps, mobile services, back-up, storage and archive, financial services, and digital media. The company caters to various industry verticals, including media and entertainment, automotive, education, BFSI, game tech, government, healthcare, and life sciences, manufacturing, retail, telecommunications, oil and gas, and power utilities. It has a presence in North America, Europe, APAC, MEA, and Latin America. AWS offers an NLP service named Amazon Comprehend for entity extraction, sentiment analysis, tokenization, and classification of unstructured data. This is a fully managed service allowing users to pay as per their usage.
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