Natural Language Processing (NLP) Market Size is Projected To Reach USD 27.6 Billion By 2026 - Valuates Reports

BANGALORE, India, July 9, 2020 /PRNewswire/ -- The adoption of natural language processing is rapidly increasing due to the rising interest in human-to-machine communications and increasing demand for big data, powerful computing, and enhanced algorithms.

The global Natural Language Processing (NLP) market size is projected to reach USD 27.6 Billion by 2026, from USD 9.9 Billion in 2020, at a CAGR of 18.6% during 2020-2026.

The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.

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TRENDS INFLUENCING THE NATURAL LANGUAGE PROCESSING (NLP) MARKET SIZE

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 EHRs 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.

Customer service centers are increasingly implementing natural language processing technology to offer improved customer experience. This, in turn, is expected to increase the NLP market size during the forecast period.

Natural language processing is most used for the extraction of information and machine translation. IT and telecommunications, automotive, defense, and aerospace are some industries that utilize NLP for various applications. This widespread application is expected to increase the Natural language process market size. 

NLP manufacturers are increasingly focusing on e-commerce to improve customer experience with better merchandising and higher levels of customization. This integration of NLP in the e-commerce industry is expected to increase the Natural Language Process market size.