Global Natural Language Processing Market Outlook: Research
The natural language processing market is expected to grow at a CAGR of 18.4% during the forecast period (2019-2027), owing to increasing adoption rate in various verticals, according to Absolute Markets Insights .
A scholarly market analysis titled Natural Language Processing Market has been published by Absolute Markets Insights. The study provides useful information on different aspects of the business, which are important factors in propelling the growth of the market. In addition, the report also provides crucial factors, which can be identified as market restraints. Both primary and secondary research techniques were used by analysts to effectively analyze the data. The global natural language processing market is expected to grow at 18.4% CAGR during the forecast period 2021-2027. The report also focuses on current scenarios and offers information on historical records to understand the existing and futuristic scope of the industry.
Natural Language Processing (NLP) is a part of artificial intelligence that helps computers understand, interpret, and manipulate human language. Technology encompasses many disciplines, including computer science and computational linguistics, in its quest to bridge the gap between computational understanding and human communication. NLP helps computers communicate with humans in their own language as well as other language-related tasks. One such example is the implementation of NLP whereby it helps computers read text, hear speech and then interpret it. Some advanced applications include sentiment measurement and determining important parts of the message.
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Today’s machines can analyze more linguistic data than humans, without any fatigue, and that too on a regular and fair basis. An incredible amount of unstructured data is generated every day, from different verticals, from medical records to social media. In such a crucial time, automation is essential to efficiently analyze text and speech data. An example is the implementation of Cogito of Expert System in Rabobank, the Netherlands. The explosive growth of unstructured information including business documents, emails, customer interactions, call notes, etc. led Rabobank, Netherlands to its partnership with Expert System for an advanced system that would improve the use of data and information to maximum business value for the bank.
In terms of revenue, the natural language processing market was US $ 12,749 million in 2018 and is expected to reach US $ 42,591 million by 2027, growing at a CAGR of 18.4% in 2018. during the forecast period. The detailed research study provides qualitative and quantitative analysis of the Natural Language Processing market. The market has been analyzed from both the demand and the supply side. The demand analysis covers the market revenue across all regions and further across all major countries. The supply analysis covers the major market players along with their regional and global presence and strategies. The geographic analysis carried out focuses on each of the major countries in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.
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Main suggestions from the report:
• In terms of revenue, the North America region accounted for the highest market share in 2018 and is expected to experience a sustainable CAGR during the forecast period.
• Statistical type among different types of NLP models accounted for a significant market share in 2018 and is expected to grow at a CAGR of 15.9% during the forecast years.
• On-premise deployment has the largest market share among the deployment models offered by various software companies. Although businesses are embracing new technologies, data security is still a concern.
• The major players operating in the global natural language processing market are 3M Company, Abe AI Inc., Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io AG, DigitalGenius, Inc., Dolbey Systems , Inc., Expert System SpA, ExplosionAI GmbH, Flamingo Ai, Google LLC, Hewlett Packard Enterprise Co., IBM Corporation, Lexalytics, Inc., Microsoft Corporation, MobVoi Inc. (HK SMARTMV LIMITED), MonkeyLearn Inc., NetBase Solutions, Inc., SAS Institute Inc., SoundHound, Inc., TextRazor Ltd., Verint Systems Inc., among others.
• Growing demand for improved customer experience is one of the major factors driving the growth of the global natural language processing market.
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Natural Language Processing Market:
• By type
• By deployment model
o On site
• By technology
o Interactive voice response (IVR)
o Optical character recognition (OCR)
o Recognition of patterns and images
o Classification and categorization
o Text analysis
o Speech analysis
• By department
o Managed service
o Professional service
• By application
o Information extraction
o Generation of reports
• By end user
o Banking, Financial Services and Insurance (BFSI)
o IT and Telecommunications
o Retail trade and consumer goods
o Media and entertainment
o Energy and utilities
• By region
The United Kingdom
Rest of Europe
South East Asia
Rest of Southeast Asia
Rest of Asia-Pacific
o Middle East and Africa
Rest of the Middle East and Africa
Rest of Latin America
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Company: Absolute Markets Insights
Email ID: [email protected]
Phone: + 91-740-024-2424
Contact Name: Shreyas Tanna
Absolute Markets Insights helps provide accurate and the latest trends related to consumer demand, consumer behavior, sales and growth opportunities, for a better understanding of the market, thus helping to design, present and demand forecasts. of products. Our experts provide you with the end products that can deliver transparency, actionable data, a cross-channel deployment schedule, performance, precise testing capabilities, and the ability to promote continuous optimization.
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