NLP and Transcription Services Market to Grow at Robust 26.1% CAGR during 2020-2027.

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.

Key players :

Conscriptor AB
McGowan Transcriptions
Microsoft Corporation
3M Company
SAS Institute
Oracle Corporation
Google LLC
Marten Walsh Cherer Ltd
GoTranscript
IBM Incorporation
Amazon Inc.
Nuance Communications, Inc.
M*Modal
Linguamatics

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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.

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On the Basis of Types:

Natural Language Processing (NLP)
Transcription Services

On the Basis of Applications:

Automotive
Healthcare
Banking Financial Services and Insurance
IT and Telecom
Government, Defense & Aerospace

Global NLP and Transcription Services Market: Regions

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
  • Asia Pacific (China, Japan, India, Southeast Asia and Australia)
  • Latin America (Brazil, Argentina and Colombia)
  • Middle East and Africa

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