Email
info@comserveonline.com
Shibuya-ku, Tokyo, Japan, Japan, Jan 16, 2022, 23:55 /Comserve / -- As per the study of Research Dive, the global natural language processing market forecast shall be $41,695.1 million by 2027, growing from $9,701.6 million in 2019, at a healthy CAGR of 20.6%.
Impact Analysis of COVID-19 on the Global Natural Language Processing Market:
The NLP market has witnessed increased adoption of services due to the work from home structure imposed in most countries during the COVID-19 outbreak. For instance, natural language processing (NLP) has helped the healthcare industry widely by organizing the COVID-19 affected patients data and by providing the accurate data to the governing bodies which helped the government to understanding the situation and act accordingly in order to curb the spread of the disease. Moreover, technology giants, including IBM Corporation, a leading software developer and one of the key market players in NLP, are innovating and developing solutions to ease the burden on healthcare systems as well as on government institutions by automating the handling of phone calls related to the coronavirus infections.
Download Sample PDF Of This Report:- https://www.sdki.jp/sample-request-114204
Natural Language Processing Market Analysis:
Factors such as increasing usage of smart devices, increasing adoption of cloud-based technologies, and NLP-based applications to enhance customer support, as well as growing technical innovation in the healthcare sector are expected to increase the growth of Natural language processing market size.
The NLP system parses the text and audio data into components, understands the context of the conversation and the intention of the person. This enables NLP to improve customer service by allowing customers to speak in context rather than offering them predefined choices. Furthermore, in the healthcare sector, NLP can help improve the accuracy and completeness of the EHR (Electronic Health Record) by converting the free text into standardized data. This could also make documentation easier by allowing care providers to dictate notes as NLP converts them into documented data.
Code-Mixed (CM) language is the alteration of languages within a conversation and is a common communicative phenomenon that occurs in multilingual communities across the world. CM language has been associated with informal or casual speech. It is available in written text, especially in computer-mediated communication and social media. NLP tasks, such as normalization, language identification, language modeling, part-of-speech tagging, and dependency parsing, machine translation, and Automatic Speech Recognition (ASR), face issues while working on non-canonical multilingual data in which two or more languages are mixed, this is majorly because the NLP can perform only one task as a time thus it consumes more time.
The healthcare industry is generating a huge amount of data with an increased pace of digitalization among hospitals and other healthcare premises. Such organizations are finding it difficult to manage the data without sophisticated systems as it is challenging to analyze the text data. However, NLP has appeared as an important technology to extract meaningful insights from large volumes of data. Increase in investments in the healthcare vertical is increasing opportunities in natural language processing services and solutions.
Based on components, the global natural language processing market is bifurcated into solution and services. The live sub-segment for the natural language processing market will have an exponential growth and surpass $25,725.7 million by 2027, rising from $2,468.6 million in 2019. However, on demand platform accounted $3,591.4 million in 2019 and is further projected to generate a revenue of $33,924.7 million by the end of 2027.
On the basis of deployment mode, the global market for natural language processing platform is divided into on-premises and cloud. The on-premise sub-segment have dominated the market in 2019 and is further anticipated to register a revenue of $ 19,975.5 million during the analysis period. However, the cloud deployment mode will grow at a fast pace and is further expected to generate a revenue of $21,723.8 million by 2027, increasing from $ 4,374.70 million in 2019.
On the basis of type, the natural language processing market is segmented into rule based, statistical and hybrid. The hybrid sub-segment is projected to be a rapidly growing sub-segment in the global industry and is expected to register a revenue of $14,547.0 million by 2027. However, statistical sub-segment held the largest market share in 2019 and it is expected to surpass $14,655.6 million during the analysis period.
Based on application, the natural language processing market is mainly categorized into machine translation, automatic summarization, sentiment analysis, text classification, question answering, others. The global natural language processing market for machine translation sub segment is projected to register a revenue of $9,454.8 million by the end of 2027. However, the text classification is the fastest-growing sub-segment and it is expected to cross $6,167.6 million by 2027, with a healthy CAGR of 21.1% during the forecast period.
On the basis of vertical, the natural language processing market is broadly automotive, BFSI, government, healthcare, media and entertainment, retail and consumer goods, others. The healthcare vertical will be a rapidly growing sub-segment in the global market and is expected to register a revenue of $6,356.4 million during the forecast period. However, media and entertainment vertical held the largest market share in 2019 and it is expected to surpass $7,676.8 million in the analysis period.
Based on regional analysis, the Asia-Pacific natural language processing market is projected to grow at a rate of 21.10% by registering revenue of $9,264.7 million by 2027. However, the North America natural language processing market registered revenue of $3,669.1 million in 2019 and is projected to reach $14,935.2 million by 2027.
Download Sample PDF Of This Report:- https://www.sdki.jp/sample-request-114204
The companies involved in the global natural language processing market are IBM Corporation, Microsoft Corporation, Google, inc., Amazon.com, Inc, Facebook, Inc. Apple Inc, 3M, SAS, Baidu.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:
Lauren BrownShibuya Data Count
Email: sales@sdki.jp
Tel: + 81 50 50509159
Related Links
https://www.sdki.us/
