The global natural language processing (NLP) market was valued at US$ 11,500.0 Million in 2020 and is expected to surpass US$ 49,023.2 Million by 2028, registering a CAGR of 20.4% during the forecast period (2021-2028), according to the Global Natural Language Processing (NLP) Market Report, By Component (Platform/Solution and Services), by Application (Machine Translation, Information Extraction, Report Generation And Predictive Risk Analytics), By Industry (Automotive, BFSI, Government, Healthcare, Media and Entertainment, Retail & E-commerce and Others), By Deployment Type (On-Premise and Cloud) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Emerging data operations and increasing usage of smart devices is expected to drive market growth during the forecast period. With the advancement in communication and IoT technologies, it becomes possible to offer customers smart home environment and connected vehicle experience. Natural Language Processing (NLP) enables computers/smart devices to understand the human language. Smart assistants including Apple’s Siri and Amazon’s Alexa are example of Natural Language Processing as they recognize speech and respond with relevant answers based on the context. The smart devices can be a smart phone, an industrial machine, or a device operating smart home/building environment. Similarly, chatbots are being used by several financial services which can automate conversations and interact with people through messaging platforms. For instance, Capital One Financial Corporation, a financial service provider company, launched a Chatbots named as Eno for its customers. Eno is a NLP chatbot that helps people to communicate through texting.
Moreover, there is an increasing adoption of smart devices in the healthcare sector. Healthcare and life sciences industry generates large volume of data, which is driven by compliance & regulatory requirements, record keeping, and patient care. The growing trend of digitization and data driven solutions to improve healthcare delivery system is driving the growth of this market. Therefore, the increasing data driven operations and increasing adoption of smart devices are major factors driving growth of this market. Also, major organizations are focused on implementing Big Data Analytics, which provides insight from large data sets and improvise outcomes while reducing costs. In May 2018, Google AI collaborated with University of California, San Francisco, Stanford Medicine, and The University of Chicago Medicine to integrate machine learning in Electronic Health Records (EHR) in order to achieve scalable and accurate results and develop a data processing pipeline for transforming EHR files into a standardized format. On February 27, 2018, eClinicalWorks launched its Acute Care EHR. It will enable a seamless flow of information between ambulatory and acute care settings. Hamilton Healthcare System, a 42-bed community hospital, is expanding its relationship with eClinicalWorks and becoming the first hospital to go live with the Acute Care EHR and Revenue Cycle Management solution. The increasing customer awareness about connected devices has made a great impact on adoption of smart devices. Thus the increasing adoption of smart devices is a key factor driving growth of the natural language processing market.
Global Natural Language Processing (NLP) Market - Impact of Coronavirus (Covid-19) Pandemic
Moreover, NLP has shown increase in demand in healthcare industry and it is expected to exhibit highest CAGR over the forecast period as compared to most of other industry verticals. For instance, according to the World Economic Forum (WEF), the natural language processing helped researchers to tackle with the huge amount of COVID-19 data that would be impossible for human to analyze. It helped to track the spread of COVID-19 and also, the NLP can summarize thousands of COVID-19 research papers such as CORD-19 added by research scientist as they are continuously working and updating about the vaccines and treatment for the disease. The appropriate information on the biology of SARS-CoV2 from COVID-19, comorbidities and patient demographics, spread of disease globally or at regional level, and possible vaccines or drugs that might treat the disease and impacts of this disease, are available in scientific papers, clinical trial records, preprints, adverse event reports, and electronic healthcare records. These information are analyzed by the NLP technology, which is expected to increase the market value for global natural language processing market.
Owing to COVID-19 the market is expected to witness slowdown at some extent. According to the Coherent Market Insights, the global natural language processing market generated revenue of US$ 11.5 Bn in 2020, wherein, growth rate slightly decreased from 16.6% in 2019 to 12.8% in 2020. However, over the forecast period starting from the year 2021 the NLP market is expected to grow significantly.
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