The global natural language processing market was valued at US$ 9.7 Bn in 2019 and is anticipated to further cross US$ 30 Bn by 2028 (henceforth, referred to as the forecast period). 85% of business engagement is expected to be done over the forecast period without human interaction. Chatbots are also projected to save more than USD 8 billion dollars for organisations worldwide by 2020. Many industry experts also argue that by the end of 2020, 25 percent of all businesses will incorporate a chatbot or virtual client assistant using NLP technologies into their customer services.
Vanguard piloted an intelligent agent that helps its customer service staff answer the frequently asked questions. It plans to eventually allow customers to engage with the cognitive agent directly, rather than with the human customer-service agents.
In addition, NLP is used by financial institutions for different text mining applications, cross-border payments, foreign exchange, and many other applications. Citibank, for example uses NLP for text mining and for biometric security applications. In compliance and fraud prevention, text analytics also helps. For example, it is necessary to monitor electronic banking communications (chats, emails, and instant messages) to reduce the risk of fraudulent account operations, external business operations, and sharing sensitive customer information.
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The United Services Automobile Association, collaborated with IBM Global Services for developing text analytics solution for detecting fake insurance claims. US-based startup, VoiceBase also started offering Text Analytics functionality in parallel with voice data.
Due to the ongoing Covid-19 pandemic the market is witnessing growth in healthcare sector. For instance, In response to the COVID-19 pandemic, the White House and a coalition of leading research groups have prepared the COVID-19 Open Research Dataset (CORD-19). CORD-19 is a resource of over 200,000 scholarly articles, including over 100,000 with full text, about COVID-19, SARS-CoV-2, and related coronaviruses. This freely available dataset is provided to the global research community to apply recent advances in natural language processing and other AI techniques to generate new insights in support of the ongoing fight against this infectious disease. Such developments are further expected to drive the growth of the market during the forecast period.
Scope of the Report
Hardware (processor, GPU, etc.), software (tools provided by major vendors to support NLP-based features and services (API-based SaaS offerings) are included in the scope of the revised study on the natural language processing market. A detailed assessment of the impact of COVID-19 on end-user demand and growth forecasts is provided in the study, taking into account different basic scenarios.
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Key Market Trends
Large Organizations are Expected to Register a Significant Growth
- Large organizations are one of the primary drivers and investors in the NLP market. As these organizations are increasingly adopting deep learning, along with supervised and unsupervised machine learning technologies for various applications, the adoption of NLP is likely to increase. Cost and risk are some of the major factors driving the adoption of these technologies among large organizations.
- Additionally, many small enterprises are dependent on large enterprises. This is due to some of the broad platform offerings from Amazon, Google, or Microsoft that are way too general, wherein, they still may be used in the industry verticals.
- Most of the large end-user organizations across various industries are mainly utilizing these technologies to enhance their internal and external operations. Moreover, the ROI of the technology is not always in the monetary form, hence, most of the small organizations find it risky to invest in.
- In addition, text analytics and NLP technologies, such as political reviews and hate speeches, are also used by social media companies to monitor and track social media activities. With the aid of these tools, platforms such as Facebook and Twitter manage published content. Demand for the application of information extraction products is also expected to increase due to the increasing importance of web data for effective marketing and decision-making. Mobile chatbots are expected to revolutionise the marketing and trade sectors within the next few years.
- Many big European retailers harnessed the power of NLP and text mining, for customer feedback sentiment analysis and hired a dedicated AI development team in Ukraine to build a solution. By integrating the sentiment analysis tool into their processes, these retailers increase customer loyalty, drive business changes, and achieve an appropriate return on sales and marketing investments.
North America to Witness the Highest Market Growth
According to RichRelevance, online shoppers in the United States are more inclined to use Google Assistant than the other platforms. Additionally, the utilization of smart speakers to obtain results on diverse topics is gaining increasing popularity, which, in turn, is expected to compel the companies to invest in the technology. This creates an immense opportunity for other application developers to target potential customers.
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NLP may also enhance the customer experience programs with various added benefits, thereby attracting more consumers, which, in turn, is projected to have a positive impact on the market growth in the country. The growing innovations in the market studied, by the global players based in the United States, are bringing advancement into the NLP market and fueling the rate of product launch in the region.
IBM Research AI, for example, is exploring different NLP applications for enterprise domains. The company has developed three programmes for this purpose, the first being advanced AI, where systems can learn from fewer amounts of information, leverage external knowledge, and use techniques that include neurosymbolic language approaches that combine neural and symbolic processing. An AI analysis, which focuses on how a system reaches a decision, is the second programme. The third is AI scaling, which allows for continuous adaptation and better system monitoring and testing to support the deployment of language systems in line with the rigorous expectations of businesses.
In September 2019, NeuralMetrics Inc., a US company, announced the commercialization of its SmartRatio SaaS platform. It uses NLP and machine learning to extract actionable insights from hard-to-access and unstructured public data for better decision making, with increased revenues. The company’s platform is currently live in production environments with several commercial lines that P&C insures.
Competitive Landscape
The natural language processing market is highly competitive and consists of several major players who have been trying to gain larger shares. These major players with prominent shares in the market have been focusing on expanding their customer base across foreign countries and are also providing new innovative solutions, along with deals and mergers to increase their market shares and profitability. Key players include Google Inc. and Microsoft Corporation, among others. The recent developments in the market include
- January 2020 – NetBase announced the merger with Quid, which is one of the prominent companies in AI-driven text analytics. As a result of this merger, the combined company will have an enhanced portfolio in the next generation consumer and market intelligence solution. The merged company will deliver contextual insights that reveal business trends across all forms of structured and unstructured data.
- January 2020 – The Royal Wolverhampton NHS Trust and Babylon entered a 10-year partnership to create an integrated digital health system to serve the Wolverhampton city’s population. Babylon’s Artificial Intelligence will help to provide live monitoring of patients with chronic conditions, and personalized care plans.
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