NLP Market Valued at $11.8 Billion in 2020
TechSci Research valued the global natural language processing market at $11.82 billion in 2020 and projects it to reach $53.08 billion by 2026, due in large part to rising use of voice assistants, the availability of large volumes of data, and increased engagement on social media platforms.
The market includes automatic text summarization, semantic analysis, text extraction, sentiment analysis, speech recognition, machine translation, risk and threat detection, and language scoring. Of those, the sentiment analysis segment is expected to grow at a higher pace due to the increasing need for providing better customer service, monitoring social media posts, and analyzing the sentiments from a large volume of data.
Based on deployment mode, the on-premises segment held a market share of 52.13 percent in 2020. However, the cloud segment is expected to grow at a higher rate through 2026 due to requirements for less equipment support and greater security from malignant ransomware assaults.
Based on vertical, the IT and telecom segment held a share of 20.57 percent in 2020. However, the healthcare and life sciences segment is expected to grow at a higher rate as organizations turn to NLP to help in predictive analysis, maintaining a database of the patients and their underlying health conditions, and monitoring customer feedback to improve services.
Geographically, North America dominated the market in 2020, with a share of 26.62 percent. However, the Asia-Pacific region is expected to grow at a higher pace due to increased investments and adoption of AI based techniques.
Among the leading companies identified in the report are Google, Microsoft, Amazon, IBM, Veritone, Apple, 3M, Baidu, Intel, and Dolbey Systems.