Natural Language Processing (NLP) Market Growth, Opportunities Business Scenario, Share, Size, Scope, Key Segments and Forecast to 2027
The global Natural Language Processing 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 environments 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 investments in the healthcare vertical is expected to offer opportunities for NLP vendors across the globe.
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NLP technology facilitates intelligent systems to decode the meaning of human sentences and master communication. NLP solutions are crucial for businesses that work with huge amounts of unstructured data such as emails, social media conversations, survey responses, and data in other forms. Companies can analyze data to find what is trending amid the pools of data and use those insights to automate tasks and make business decisions. The most prevalent application of NLP technology is sentiment analysis, where machines learn to understand common human feelings like irony to detect fake news online, text classification that brings order to unstructured data by gaining insights, in chatbots and virtual assistants to make them smarter and better follow commands, and detect errors.
The on-premises segment is expected to grow at a higher CAGR during the forecast period
The NLP market by deployment mode has been segmented into on-premises and cloud. Enterprises opt for the deployment mode based on their requirements regarding the scalability and level of data security required. The on-premises model is the most preferable among the enterprises, which consider data as a valuable asset and need to maintain high-level security to comply with regulations. The on-premises deployment of NLP solutions provides organizations with significant improvements for data validation, standardization, and robust matching, as it is done locally with monitoring.
The SMEs 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. The SMEs segment is expected to grow higher CAGR during the forecast period. The adoption of chatbots, IVR, and messaging apps across SMEs is increasing across the globe with the rising focus on delivering improved customer service. The SMEs are at an early stage in terms of NLP adoption, with most small enterprises experimenting in the exploratory stage, but they have started showing a greater interest in getting an analytics platform to reap desired outcomes.
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The statistical type segment is expected to hold the largest market size during the forecast period
The type of NLP solutions is 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. The statistical method benefits such as better speed, robustness, and reliability are expected to drive the adoption of NLP solutions and services in the market. Statistical NLP is one of the better approaches to generate results where a large volume of data is involved. Due to the huge volume availability of text and speech corpora online, the statistical NLP has shown remarkable success in the past few decades.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The NLP market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, manufacturing, others (education, travel and hospitality, and media and entertainment). The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The vertical’s high growth rate can be attributed to the increasing healthcare complexities and growing need for advanced NLP-driven EHRs to extract meaningful insights from unstructured clinical data. Healthcare firms are utilitzing NLP solutions to improve patient experiences and health care quality all through effective clinical decision support and streamlined medical policy assessment, achieving the objective of medical value creation.
North America to hold the largest market size during the forecast period
The NLP market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Improvements in cloud computing platforms, which are now more efficient, affordable, and capable of processing complex information, have led to the growth of inexpensive software development tools and plentiful datasets, which play a vital role in the development of AI technology in the US market. Asia Pacific is expected to grow at the highest CAGR during the forecast period on account of the rising awareness and increasing AI investments by the ;eading economies in the region.
Major vendors 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.
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