Growing adoption of cloud-based services, increasing demand for customized customer experience and increased usage of smart devices are among the key factors driving the natural language processing market.
Dallas, United States - October 30, 2020 /MarketersMedia/ —
The global Natural Language Processing (NLP) market size is expected to surpass USD 41 billion by 2025, at a CAGR of ~23 %. Growing adoption of natural language processing (NLP) in big data applications to adequately interpret large data pools from multiple data sources has been pushing growth in NLP market in forthcoming years, a new report by Adroit Market Research opines. Technological innovations are better heightened inclusion to offer disparate offerings and versions such as hybrid, rule and statistical natural language processing to support advanced analytics such as optical character, interactive voice and speech analytics. These developments are further improving growth outlook in natural language processing market in the forthcoming years.
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The customer service industry has always been an essential factor in the world’s economy and with the increasing globalization, it is becoming one of the strong pillars for any economy. Technologies have the prospective to be implemented to a range of retailer business goals, enhanced customer experience, customer value, and more. The advancements in technologies such as machine learning and big data analytics have significantly influenced the Natural Language Processing (NLP) industry growth past few years. Integration of these technologies within the Natural Language Processing (NLP) enables organizations to create and identify prize optimization, client profiles and produce customer loyalty programs based on the client information.
Spurt in digital content and proliferation of data from smart devices are estimated to sustain far reaching growth momentum in natural language processing market in the coming years. North America is likely to hold a significant position in natural language processing market, where as APAC is also anticipated to emerge as a prominent growth hub backed by technological innovations such as voice analytics.
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Google and IBM Release New Tools to Streamline Natural Language Processing for Superlative Business Outcome
Google a key market participant at natural language processing market has expanded its deep learning model capabilities with the launch of Big Bird to improve transformer neural network capabilities to improve natural language processing functionalities. Need to minimize the functional complexities of transformers have fueled this recent development by Google, thus further solidifying its lead in natural language processing (NLP) market. Further, Google AI has also released its a new extension for PRADO which basically are projection attention neural network under the brand, pQRNN. The development is projected to favor and improve natural language processing capabilities, ideal for small model dimensions.
Further in NLP market market, market leader IBM has invested aggressively towards improving Watson AI to offset language barriers aimed at delivering high end support towards understanding English documents. IBM is investing in improved NLP developments to streamline business decision making for better results. IBM Watson new NLP tools are in place to diversify machine learning capabilities, thereby helping in decoding human speech.
North America is expected to contribute significantly in this market during the forecast period 2020–2025. This is due to the rapid developments in infrastructure and the high adoption of digital technologies in the region. Also, the presence of the majority of the key players in these regions is boosting the demand for NLP in North America. The US is expected to have the largest market share in the North American market, however, Canada will witness the fastest growth rate during the forecast period.
The major players in the global Natural Language Processing (NLP) market are Google, IBM, Microsoft, Intel, Apple, AWS, and Facebook. The other potential players in the Natural Language Processing (NLP) market are Inbenta Technologies, 3M, Veritone, Dolbey, Narrative Science, Lexalytics and Automated Insights. The NLP market is fragmented with the existence of well-known global and domestic players across the globe. It has been observed that the well-established companies are coming up with innovative and new versions of NLP technologies.
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Segment Overview of Global Natural Language Processing (NLP) Market
By Application, 2018-2025 (USD Billion)
By Data Type, 2018-2025 (USD Billion)
By End-user, 2018-2025 (USD Billion)
IT and Telecom
Media and Entertainment
By Deployment, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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