Global Natural Language Processing Market Projected to Beat $42,389.83 Million, Rising at 20.6% CAGR from 2020 to 2027 - Exclusive Report [353 pages] by Research Dive
Rising use of natural language processing techniques by companies for obtaining customer reviews is fueling the natural language processing market growth. The North America market is likely to lead the market in the near future.
NEW YORK, April 13, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Natural Language Processing Market by Component (Solution and Services), Deployment Type (Cloud and On-premise Model), Type (Rule Based, Statistical, and Hybrid), Application Type (Machine Translation, Automatic Summarization, Sentiment Analysis, Text Classification, Question Answering, and Others), Vertical Type (Automotive, BFSI, Government, Healthcare, Media & Entertainment, Retail & Consumer Goods, and Others), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
The Global Natural Language Processing Market is expected to garner $42,389.83 million by 2027, growing at a CAGR of 20.6% from 2020 to 2027. The report delivers comprehensive insights into the current conditions and future scope of the industry by scrupulously analyzing market drivers and restraints, opportunities, major segments, and regions.
The market is segmented on the basis of type, deployment mode, component, application, vertical, and region.
Among deployment mode segment, the cloud sub-segment is estimated to lead the market by growing with a significant CAGR during projected period. The growth of this sub-segment is mostly owing to the rising use of a cloud-based natural language processing platform, as it allows users to use and analyze multilingual content, user-generated content, and other web-content.
Among type segment, the statistical sub-segment is anticipated to grab a dominating share of the market by rising at a CAGR of 19.1% throughout the forecast period. The growth of this sub-segment is majorly owing to rising demand for natural conversations between chat-bots and humans.
Among region, the North America region market is anticipated to dominate the global market by collecting a revenue of $14,935.2 million in the estimated timeframe. The growth of this region market is chiefly owed to the growing demand for natural language processing products and services by companies in this region.
Increasing use of natural language processing techniques by companies and brands for obtaining customer reviews is the major factor driving the growth of the global natural language processing market. In addition, growing investments in the development of NLP and its applications is expected to open doors to innovative opportunities for the market growth in the forecast period. However, rise of complications owing to the usage of code-mixed language in NLP processes is anticipated to obstruct the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Natural Language Processing Market:
The COVID-19 pandemic has made a severe impact on the growth of the global natural language processing market. The increasing need for enhancing customer experiences amidst the COVID-19 crisis has fueled the demand for NLP products and services, especially in the healthcare sector, during the pandemic period.
Top 10 Players of the Natural Language Processing Industry
The major players of the global natural language processing industry are
SAS Institute Inc.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in August 2019, Baidu Research, a research wing of Baidu focused on fundamental research in artificial intelligence, launched ERNIE 2.0 (Enhanced Representation through kNowledge IntEgration), a brand-new natural language understanding model that outstripped Google's state-of-the-art BERT and the new XLnet in 16 NLP tasks.
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