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Natural Language Processing Market to reach a market size of $29.5 billion by 2025

Press release   •   Jan 10, 2020 10:55 IST

According to a new report Global Natural Language Processing Market, published by KBV Research, The Global Natural Language Processing Market size is expected to reach $29.5 billion by 2025, rising at a market growth of 20.5% CAGR during the forecast period. Major growth drivers in the NLP market include an increase in the use of smart devices, an increase in cloud-based solutions and NLP-based applications to enhance customer service, as well as an increase in technological innovation in the healthcare sector.

The BFSI market dominated the Global Natural Language Processing Market by Industry Vertical 2018. The Healthcare market is showcasing prominent growth rate of 20.9% during (2019-2025). NLP innovations is proving to be one of the key healthcare industry revolutions; this software automates the burdensome processes of transcribing spoken or written notes from clinical staff, collects key information, and provides clinicians with the ability to refine the issue list, making it more precise and detailed.

The Solution market dominated the Global Natural Language Processing Market by Component 2018. The Services market is expected to witness a CAGR of 23.4% during (2019-2025). The services segment is an essential part of the natural language processing market. In order for any software to work effectively, services need to be installed to improve the efficiency of the entire process.

The Text Classification market dominated the Global Natural Language Processing Market by Application 2018. The Machine Translation market is witnessing a CAGR of 22% during (2019-2025). Additionally, The Sentiment Analysis market is expected to witness CAGR of 22.5% during (2019-2025).

North America is projected to have the largest market size during the forecast period, while the region is witnessing rapid technological advances; thus, the high adoption of digital technologies is one of the drivers of NLP market growth in the region. The Europe market is experiencing a CAGR of 19.7% during (2019-2025). Additionally, The Asia Pacific market is poised to witness a CAGR of 22.7% during (2019-2025).

Structural Insights: https://www.kbvresearch.com/natural-language-processing-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Google, Inc., Amazon.com, Inc., Apple, Inc., Facebook, Inc., Intel Corporation, SAS Institute, Inc., Baidu, Inc., Health Fidelity, Inc., Conversica, Inc., and Inbenta Technologies, Inc.

Recent Strategies Deployed in Natural Language Processing Market

» Partnerships, Collaborations and Agreements:

Nov-2019: Microsoft signed partnership agreement with Graphcore in which Microsoft will develop systems for Azure and enhancing the advanced natural language processing and machine learning models on IPUs.

Apr-2019: SAS partnered with Citi and EY for the NextGen Project that uses artificial intelligence (AI) in order to develop a risk analytics scoring engine. This project is aimed at analysing the global trade transactions in depth and uses advanced analytics and natural language processing for understanding the networks of related parties, customer activity, and unstructured data in a better way.

Apr-2019: Google collaborated with Grid Dynamics, a provider of engineering and consulting services. This collaboration is centered on the acceleration of enterprise adoption of Google Cloud Platform (GCP) Technologies. Grid will use the GCP API for accelerating the development of machine learning models for supply chain optimization, predictive analytics, computer vision, conversational commerce, deep learning, and natural language processing.

Mar-2019: SAS Institute came into partnership with NVIDIA for helping the businesses in bringing the artificial intelligence (AI) into their organizations. The companies are coming together across computer vision, machine learning, and natural language processing, with NVIDIA GPUs and CUDA-X AI acceleration libraries.

Jan-2019: Health Fidelity collaborated with Change Healthcare for using risk adjustment solution of Change Healthcare. Its risk adjustment solution has been embedded with machine learning technology and natural language processing (NLP) for helping the ACA Commercial, Medicare Advantage, and Medicaid Payers in increasing claim accuracy and better addressing the compliance obligations.

» Acquisition and Mergers:

Jul-2018: Facebook acquired Bloomsbury AI, a UK based startup whose natural language AI owned the considerable value. The acquisition strengthens the natural language processing research and helps the company in further understanding the natural language and its applications.

May-2018: Microsoft announced the acquisition of Semantic Machines, developer of new approaches for building conversational AI. Together the companies will develop their work in conversational AI with Microsoft's digital assistant Cortana and social chatbots like XiaoIce.

Jan-2018: Conversica acquired Intelligens.ai, a provider of conversational AI for marketing and sales focused on Latin America market. The acquisition adds Intelligens technology, data set, and conversations to the Conversica's conversational AI platform, allowing customers to take the advantages of new capabilities and increased AI accuracy.

Jul-2017: Baidu took over KITT.AI, a developer of technologies that enables voice interaction with digital devices and services. The acquisition bolsters Baidu's AI technology.

» Product Launches and Product Expansions:

Nov-2019: Baidu introduced PaddlePaddle upgrades that include a streamlined toolkit dubbed Paddle Lite 2.0. It is the updated version of Baidu's natural language processing framework.

Nov-2019: Microsoft Research's Natural Language Processing Group unveiled dialogue generative pre trained transformer. DialoGPT is a deep-learning natural processing model for use in automatic conversation response generation. This model has been trained on more than 147M dialogues and achieves the results on several benchmarks.

Oct-2019: Google introduced two new dialog datasets for natural language processing development. These datasets are: Taskmaster-1 and Coached Conversational Preference Elicitation (CCPE). The datasets includes thousands of conversations as well as annotations and labels for training the digital assistants for better determining the intentions and preferences of users.

Aug-2019: Conversica made advancements in its conversational AI platform that powers the millions of front-office conversations between Conversica's AI assistants and people. The new enhancements offer the business users the flexibility and freedom for personalizing the conversations. The features include next generation of conversation editor, new users profile capability, and expanded library of conversation types & third-party integrations.

Aug-2019: Facebook announced the launch of Misspelling Oblivious (word) Embeddings (MOE), a new model for bolstering the use of natural language processing. This model is a mixture of a supervised task and fastText that is embedded with misspellings close to their correct variants.

Jul-2019: Baidu released ERNIE 2.0, a conversational AI framework and model that works in Chinese and English. ERNIE 2.0, a Chinese language understanding model, which outperformed other high-ranking NLP models.

Global Natural Language Processing Market Segmentation

By Component

Solution

Services

By Application

Text Classification

Machine Translation

Question Answering

Sentiment Analysis

Information Extraction

Automatic Summarization

Others

By Type

Rule Based

Statistical

Hybrid

By Deployment Type

On-premise

Cloud

By Industry Vertical

BFSI

IT & Telecom

Healthcare

Retail & eCommerce

Government & Defense

Media & Entertainment

Manufacturing

Others

By Geography

North America

US

Canada

Mexico

Rest of North America

Europe

Germany

UK

France

Russia

Spain

Italy

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Singapore

Malaysia

Rest of Asia Pacific

LAMEA

Brazil

Argentina

UAE

Saudi Arabia

South Africa

Nigeria

Rest of LAMEA

Companies Profiled

IBM Corporation

Microsoft Corporation

Google, Inc.

Amazon.com, Inc.

Apple, Inc.

Facebook, Inc.

Intel Corporation

SAS Institute, Inc.

Baidu, Inc.

Health Fidelity, Inc.

Conversica, Inc.

Inbenta Technologies, Inc.

Natural Language Processing Market Related Reports:

North America Market

Europe Market

Asia Pacific Market

LAMEA Market

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