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Tapping into New Geographical Markets is a Great Way to Grow!What's Your Addressable Opportunity in the Natural Language Processing (NLP) Market? |
COVID-19 IMPACT SURVEYMonitor Market Dynamics!Early March 2020, we reached out to senior enterprise executives who are driving strategy, business development, marketing, sales, product management, technology and operations at competitive firms worldwide. Our ongoing survey is focused on how this will this affect their business ecosystems. We invite you to participate in our survey and add to collective perspectives. Market movements are tracked for 2020, 2021 and broadly for the period of 2022 through 2025. Critical changes are monitored dynamically for the rest of this year. Updated analytics will reflect new and evolving market realities. Our first update scheduled for May 2020 and another in the Fall. Clients receive complimentary updates during 2020. If your company is a recent client for this project, we may have already reached out to your colleagues to participate in our program. If you're an active player in the space but hasn't yet subscribed to our project, we invite you to participate and share your perspectives. Please sign-up here. Amid the COVID-19 crisis, the global market for Natural Language Processing (NLP) estimated at US$13 Billion in the year 2020, is projected to reach a revised size of US$25.7 Billion by 2027, growing at a CAGR of 10.3% over the analysis period 2020-2027.Statistical NLP, one of the segments analyzed in the report, is projected to grow at a 10.2% CAGR to reach US$10.9 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Rule-based NLP segment is readjusted to a revised 11% CAGR for the next 7-year period. This segment currently accounts for a 29.7% share of the global Natural Language Processing (NLP) market. The Natural Language Processing (NLP) market in the U.S. is estimated at US$3.8 Billion in the year 2020. The country currently accounts for a 29.66% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$4.5 Billion in the year 2027 trailing a CAGR of 9.6% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.4% and 8.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.4% CAGR while Rest of European market (as defined in the study) will reach US$4.5 Billion by the year 2027. In the global Hybrid NLP segment, USA, Canada, Japan, China and Europe will drive the 9.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.9 Billion in the year 2020 will reach a projected size of US$5.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3 Billion by the year 2027.We bring years of research experience to this 17th edition of our report. The 166-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed. Competitors identified in this market include, among others, 3M Company; Amazon Web Services, Inc.; Apple, Inc.; Dolbey Systems, Inc.; Google Cloud Platform; Hewlett-Packard Development Company LP; IBM Corporation; Inbenta Technologies, Inc.; Microsoft Corporation; NetBase Solutions, Inc.; Nuance Communications, Inc.; SAS Institute, Inc.; SparkCognition, Inc.; Verint Systems, Inc. |
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