Global Natural Language Processing (NLP) Market

The global natural language processing (NLP) market size is projected to reach USD 80.68 billion by 2026, thereby exhibiting a CAGR of 32.4% during the forecast period. This information is published by Fortune Business Insights™, in a report, titled, "Natural Language Processing (NLP) Market Size, Share & Industry Analysis, By Deployment (On-Premises, Cloud, and Hybrid), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech and Telecom, BFSI, Automotive & Transportation, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2019-2026." The report further states that the market was USD 8.61 billion in 2018. It is set to gain momentum from the rising demand for big data, improved algorithms, and powerful computing.

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https://www.fortunebusinessinsights.com/industry-reports/natural-language-processing-nlp-market-101933

What Does the Report Contain?

• Extensive analysis of the NLP market trends, opportunities, challenges, growth drivers, and barriers
• Competitive analysis, consisting of mergers and acquisitions, new product launches, contracts, agreements, and partnerships
• Information about niche segments

Need to Meet Consumer Requirement Instantly Will Propel Market Growth

In today’s technology-driven world, it is very important to understand a client’s requirements or feedback. But it is becoming extremely difficult to manage this task on account of the availability of numerous channels through which the clients can provide information. Hence, companies require a platform that is suitable for managing their business processes. They are persistently looking for opportunities to improve the capabilities of customer experience (CX). NLP, integrated with artificial intelligence (AI), helps in analyzing the clients’ comments or inquiry messages. It then converts those into separate solutions based on the instant responses by the client, available consumer data, and history of information. These factors are expected to boost the natural language processing market growth during the forecast period.

Rising Government Initiatives to Favor Growth in Asia Pacific

In terms of region, the market is fragmented into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Out of these, North America NLP market size was USD 4.12 billion NLP in 2018. The companies present in this region are investing huge sums in the advancement of NLP solutions and the applications associated with them. Apart from that, in the U.S., the amount of unstructured data is rising rapidly, owing to the growth of start-up companies. Those companies are, therefore, deploying NLP services. Also, the rising demand for NLP and AI-equipped products and solutions and good return on investments are set to fuel the market growth in this region.

Asia Pacific, on the other hand, is anticipated to be a fast-growing region in the coming years owing to the increasing adoption of AI. The governments of various countries situated in this region are taking various initiatives to implement AI in the business processes. Amongst them, China is projected to showcase the highest implementation of NLP solutions. The State Council of China, for instance, released its ‘New Generation Artificial Intelligence Development Plan’ that suggests the country’s strategy to create a domestic AI industry valued at approximately USD 150 billion. It is set to become one of the leading AI power by 2030.

Key Industry Developments

The market comprises of several enterprises of all sizes. They are investing huge sums in developing advanced products to gain more NLP market revenue. Besides, some of the other enterprises are engaging in mergers and acquisitions to deliver prompt services to their consumers. Below are a couple of the latest industry developments:

• November 2019: Amazon Comprehend, a natural language processing service, has begun supporting real-time custom classification. The user can utilize this feature to route, label, and understand information based on their own business rules. For instance, the person can immediately categorize the support requests and route them to the concerned support team. It would also help in automatically moderating comments as they are flowing on the website.
• August 2019: Salesforce, a cloud-based software company, declared that it has acquired Tableau Software, an interactive data visualization software company, headquartered in the U.S. The acquisition has brought together the world’s leading analytics platform with the most renowned CRM. Together, they will be able to change the way companies perceive not only their consumers but also the entire world. It would do so by providing AI-equipped insights across all types of use cases and data for people of every skill level.

Fortune Business Insights™ lists out some of the most significant companies operating in the NLP market. They are as follows:

• 3M Company
• Adobe Systems Inc.
• Amazon Web Services Inc.
• Apple Inc.
• Google (Alphabet Inc.)
• Hewlett-Packard Enterprise Company
• Intel Corporation
• International Business Machine (IBM) Corporation
• Microsoft Corporation
• SAS Institute Inc.
• Other key market players

Rahul Gdave Fortune Business Insight Writer