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NLP Market to Reach $127.26 Billion by 2028; IBM Launches Watson Works to Provide Secure Data-Driven Insights for Organizations

June 14, 2021 | Information & Technology

The global natural language processing (NLP) market size is expected to showcase considerable growth by reaching USD 127.26 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Natural Language Processing (NLP) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud, Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech, and Telecom, Banking, Financial Services and Insurance (BFSI), Automotive & Transportation, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2021-2028” The report further mentions that the market stood at USD 16.53 billion in 2020 and is projected to exhibit a CAGR of 29.4% between 2021 and 2028.


IBM Introduces Watson Works to Help Workplaces Secure Data-Driven Insights


In June 2020, IBM Corporation announced the launch of its new artificial intelligence (AI) embedded curated set of products known as Watson Works. According to the company, the solution will help companies to navigate through several aspects regarding the returning of employees to the workplace following lockdown imposed by the government agencies to reduce the effect of the COVID-19 pandemic. The solution provides data-driven insights to help the organization make informed decisions regarding the facility management, re-entry, work allocation, and other priorities. Such initiatives by the companies are likely to surge the adoption of advanced natural language processing solutions globally.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/natural-language-processing-nlp-market-101933


Increasing Focus on Customer Satisfaction to Augment Growth


The surplus of channels through which the customers provide feedback and requirements has led to the organizations facing difficulties in understanding them. Therefore, there is a high demand for a platform to ensure efficient management of business processes. Customer satisfaction has become a pivotal part of the business and this is propelling the companies to adopt advanced solutions such as artificial intelligence to enhance customer experience. The integration of such technologies has enabled a seamless communication between the client and the system. Besides, they offer tailor-made recommendations as per the customer’s queries. Therefore, the increasing focus on enhancing the customer experience is expected to contribute to the global NLP market growth during the forecast period.


Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue


The global market for natural language processing is consolidated by the presence of major companies that are merging with other companies to expand their portfolio and secure their footprint across different horizons. Moreover, other key players are adopting strategies such as the introduction of new products, partnership, and collaboration to maintain their strongholds that will favor market growth. 


Industry Development:



  • March 2021 – Amazon Web Services (AWS) announced the launch of Lookout for Metrics, a new ML service. The company reports that the new solution will help large enterprises and SMEs to monitor vital business parameters such as revenue, transaction volume, and others.


List of the Companies Operating in the Market:



  • Amazon Web Services, Inc. (Washington, United States)

  • Baidu, Inc. (Beijing, China)

  • Microsoft Corporation (Washington, United States)

  • Hewlett Packard Enterprise Development LP (HPE) (California, United States)

  • IBM Corporation (New York, United States)

  • Google, Inc. (California, United States)

  • Intel Corporation (California, United States)

  • Inbenta (California, United States)

  • SAS Institute Inc. (North Carolina, United States)

  • Veritone Inc. (California, United States)

  • SAP SE (Walldorf, Germany)

  • Narrative Science (Narrative Science)

  • Linguamatics (Cambridge, United Kingdom)

  • Conversica (Washington, United States)

  • SparkCognition, Inc. (Texas, United States)


Further Report Findings:



  • North America is expected to remain at the forefront and hold the largest global NLP market share during the forecast period. This is ascribable to factors such as the increasing digital innovation in the healthcare sector in the region. For instance, in August 2020, Google Corporation introduced Language Interpretability Tool (LIT), an open-source model that has the ability to understand, audit, and visualize NLP models. North America stood at USD 6.21 billion in 2020.

  • The market in Asia-Pacific is expected to gain momentum backed by the supportive government initiatives to implement AI in the business processes that will propel the demand for advanced natural language processing solutions between 2021 and 2028.

  • Based on industry vertical, the healthcare segment is expected to showcase considerable growth backed by the increasing adoption of innovative NLP systems in the healthcare settings for efficient prescriptive and predictive analytics.


Table of Segmentation:


















































  ATTRIBUTE



   DETAILS



Study Period



  2017 – 2028



Base Year



  2020



Forecast Period



  2021 – 2028



Historical Period



  2017 – 2019



Unit



  Value (USD Billion)



Segmentation



   By Deployment; Enterprise Size; Technology; Industry Vertical; and Region



 



By Deployment



  • On-Premises

  • Cloud

  • Hybrid



By Enterprise Size



  • Small and Medium-sized Enterprises (SMEs)

  • Large Enterprises



By Technology



  • Interactive Voice Response (IVR)

  • Optical Character Recognition (OCR)

  • Text Analytics

  • Speech Analytics

  • Classification and Categorization

  • Pattern and Image Recognition

  • Others (Auto Coding, Professional services, etc.)



By Industry Vertical



  • Healthcare

  • Retail

  • High Tech and Telecom

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive & Transportation

  • Advertising & Media

  • Manufacturing

  • Others (Government, Energy & Power, Etc.)



By Region



  • North America (By Deployment, Enterprise Size, Technology, Industry Vertical)

    • United States

    • Canada



  • Europe (By Deployment, Enterprise Size, Technology, Industry Vertical)

    • UK

    • Germany

    • France

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (By Deployment, Enterprise Size, Technology, Industry Vertical)

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of APAC



  • The Middle East & Africa (By Deployment, Enterprise Size, Technology, Industry Vertical)

    • GCC

    • South Africa

    • Rest of MEA



  • Latin America (By Deployment, Enterprise Size, Technology, Industry Vertical)

    • Brazil

    • Mexico

    • Rest of Latin America




Natural Language Processing (NLP) Market
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