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9 February, New York, USA, 2021 – The global NLP and transcription services market reached a robust valuation $19.8 billion in 2019. Thanks to rising demand for transcription based digital assistants like Siri, Alexa, and horizon of 5G, and increasing automation, the market will likely register robust CAGR of 26.1% during 2020-2027 period. The landscape of the global NLP and transcription services market remains an innovative, and competitive field. Some key players in the market are Nuance Communications, Inc., Google LLC, SAS Institute, Amazon.com, Inc., Linguamatics, McGowan Transcriptions, Marten Walsh Cherer Ltd, Oracle Corporation, IBM Incorporation, Conscriptor AB.
The rising penetration of smartphones, and growing usage of in-built, and third-party NLP softwares, growing cloud adoption, and rising investments in technology sector will propel tremendous growth for the global NLP and transcription services market.
Sentiment Analysis to Remain Key Driver to Growth in the NLP Market
The sentiment analysis has become an important tool for understanding, predicting, and responding to consumer sentiments in the social media sphere. The technology is deployed by major tech giants like Facebook, to small tech companies that aggregate consumer opinions. The promise of the technology remains widespread as companies try to understand consumers through surveys, comments on social media, events, and general online behaviour. The sentimental analysis is also key for giants like Facebook, Apple, Google to meet increasing government regulation to tackle hate speech online. The automation of sentimental analysis can also be key to create next-gen AIs which can understand consumers, and respond to them in a natural manner. The growth of such AIs through Siri, Alexa, and rising promise of automation remains key to growth in sentimental analysis. The sentimental analysis today is used by all major companies to gauge consumer trends ahead of time, and respond to consumer needs.
Education to Remain a Key Sector in the NLP and Transcription Services Market
The education sector remains a major promise for growth in the NLP and transcription services market. The demand for both online, and offline education continues to rise. The growing demand for education has also culminated into myriad of opportunities for publishing study materials, notes, and other educational resources for educators, and students alike. Moreover, softwares like NLP are also ideal for use for disabled individuals, who can benefit from the NLP and transcription services to gain equal access to many conventional services in the education sector. Furthermore, education institutes can also provide cheap, and convenient access to all students with softwares like NLP, and transcription services to reach out to students from various backgrounds. The NLP software can also be ideal for higher institutes to communicate with students from new regions, and non-native speakers of the prominent language. The growing demand for education, and increasing appeal of digitalization amidst Covid-19 will remain a major driver for growth in the global NLP and transcription services market.
Rising Demand in Healthcare and Life Sciences Remain Major Draws for Growth
The healthcare sector is expected to remain the highest end-user for the transcription, and NLP services in the near future. The transcription technology promises to automate the cumbersome process of valuable spoken, and written notes from doctors, nurses, and administrators. Moreover, the administration in healthcare is an often expensive affair, with rising burden to maintain medical records to cater to federal health agencies for financial aid. Moreover, the inclusion of NLP technology can be essential for treating critically-ill patients with surgical needs, while exchanging notes from different doctors within a matter of minutes. The NLP technology can also help explain the elderly critically important medical terms, in a simple manner to chronically ill patients. This is also an important criteria set by Medicare to personalize medicine with digitalization to improve the efficacy of healthcare in the United States. The growing demand for equal access to medical services in rural areas, the growing demand for transcription-based models in healthcare, and rising technological efficacy of the products will drive robust growth in the global NLP and transcription services market.
Banking Sector to Remain Key Beneficiary of Digitalization to Drive Growth
Digitalization has been a major boon for the banking sector globally. The adoption of digitalization has provided the banking industry an easy access to financial data of individuals, easy access to reach consumers when they are in need for financial products like loans, and distributed costs to reach millions globally for maximum cost-efficiency. The growing demand for financial products like loans, credit cards, insurance, among others has brought about a need to serve millions with automated services like NLP-based digital assistants. Today, the banking industry offers customers access to several banking services like bank accounts, credit cards, along with personal assistants to troubleshoot, and guide through. The rising demand for banking services globally, distributed lower costs due to digitalization, and growing demand for NLP-based transcription, and AIs will drive robust growth for the global NLP and transcription services market.
North America to Register Highest Growth during the Forecast Period
North America held the largest share of the total market revenues in 2018. The rising investment in technologies like AI, 5G, and automation will bring further growth for the regional players during the upcoming periods. Key companies in the AI technology like Facebook, Google, among others remain US-based, and with investments in contributing technologies like cloud, data server, and super computers, the region will likely remain ahead in total revenues in the global NLP and transcription services market. Europe, and Asia Pacific also remain highly innovative landscapes in the global market, as demand for digitalization among young population, and growing innovation in smartphone technology, and 5G in Europe will drive major growth in the global NLP and transcription services market.
The Global NLP and Trascription Services Market Report is Segmented as Below:
• Text Classification
• Machine Translation
• Question Answering
• Sentiment Analysis
• Information Extraction
• Automatic Summarization
By Deployment Type
By Industry Vertical
• IT & Telecom
• Retail & eCommerce
• Government & Defense
• Media & Entertainment
o Rest of North America
Rest of Europe
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
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