Global Natural Language Processing Market - Overview
The global natural language processing is growing
continually. The market growth attributes to the increased adoption rate of NLP
technology across various industry verticals. Besides, the growing demand for
M2M translation and increasing application areas of NLP drive the growth of the
market. Moreover, the increasing usage of machine learning, deep learning, and
natural language processing escalate market growth.
According to Market Research Future (MRFR), the
global Natural Language Processing Market is poised to grow at
24%CAGR throughout the forecast period (2017 to 2023). With the increasing
volumes of data generated each day, the need for high computation power,
cloud-based services, and advanced algorithms are growing rapidly. Increasing
artificial intelligence (AI) platforms to analyze the enterprise data increased
the natural language processing market size.
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AI uses adaptive learning and computer vision
techniques and offers detailed insights to help enterprises with better
management decisions. Additionally, increasing demand for NLP technologies in
brand building substantiates the growth of the market. The latest market
trends, such as growing demand for customer-driven solutions, adaptive NLP, and
forecasting models to build AI solutions that unlock actionable insights hidden
in unstructured and structured data, influence the market growth.
Furthermore, increasing deployments of natural
language processing models with artificial intelligence (AI) by researchers,
business analysts, data science teams, and portfolio managers substantiate
market growth. Also, the increasing needs of businesses to cut operational
costs, generate better risk, and investment insights to experience 24x productivity
gain increases the demand for industry-leading NLP solutions. Many
organizations use adaptive NLP and forecasting features to build and deploy AI
solutions.
On the other hand, complexities associated with the
development of NLP are the major factors projected to impede the growth of the
market. Nevertheless, increasing AI implementation in the media &
entertainment sectors would support market growth throughout the review period.
Also, the growing competition across the industries and growing emphasis on
business intelligence boost the development of the market.
Impact of COVID-19 on the Global Natural
Language Processing (NLP) Market at: https://www.marketresearchfuture.com/report/covid-19-impact-natural-language-processing-market
Natural Language Processing Market -
Segments
The report is segmented into six dynamics:
By Technology :
Auto-Coding, Text Analytics, Optical Character Recognition (OCR), Interactive
Voice Response, Speech Analytics, Pattern & Image Recognition, Speech
Analytics, and others.
By Type :
Rule-Based NLP, Statistical NLP, and Hybrid NLP.
By Service :
Integration, Consulting, and Maintenance Services.
By Deployment :
On-Premise and On-Demand.
By Vertical :
Healthcare, Retail Sector, Media & Entertainment, Manufacturing, and
others.
By Regions :
Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Natural Language Processing Market -
Regional Analysis
North America dominates the global natural language
processing market. The largest market share attributes to the presence of a
large number of NLP vendors in the region. Besides, the increasing adoption of
advanced NLP technology in various industry verticals drives the growth of the
regional market.
Moreover, the rising penetration of IIoT devices
substantiates the market growth in the region. Substantial investments in
R&D for the development of natural language processing technology increase
the size of the natural language processing market.
Europe stands second in the global market. The
market growth attributes to the presence of various notable players and large
deployments of NLP platforms. The high adoption of NLP technology across the
rapidly growing industry pushes the development of the regional market.
Additionally, the rising numbers of medium and large
enterprises act as a major tailwind for the growth of the regional market.
Substantial investments transpired by key players in the development of NLP
platforms positively impact the growth of the regional market.
The natural language processing market in the Asia
Pacific region is growing rapidly. Factors such as the increasing adoption of NLP
technology and cloud deployment boost the growth of the regional market.
Furthermore, massive uptake of language processing
technology in increasing numbers of large and SMEs to enhance customer
satisfaction and operational performance boosts the regional market growth.
India and China are the major markets for NLP technology in the region.
Natural Language Processing Market -
Competitive Analysis
Highly competitive, the NLP market appears
fragmented due to the presence of several well-established players. Mergers
& acquisitions, innovation, and brand reinforcement remain prevailing key
trends for the leading players as these strategies support their growth and
expansion plans.
Major Players:
Players leading the NLP market include 3M Co. (US),
IBM Corporation (US), Hewlett-Packard Co. (US), Oracle Corporation (US), Apple
Inc. (US), Microsoft Corporation (US), SAS Institute Inc. (US), Dolbey Systems
Inc. (US), Verint Systems Inc. (US), and Net base Solutions Inc. (US), among
others.
Industry/Innovation/Related News:
September 22, 2020 ---- Accern Corporation (the US),
a leading global software company, announced the strategic data partnership
with a US-based IT service management company Crux Informatics Inc. The
partnership would allow the company to deliver data to consumers faster, more
efficiently, and cost-effectively.
Combining Accern's industry-leading, AI-powered data
sets with Crux's world-class data-delivery and operations services, financial
service enterprises can now access Accern's AI-generated analytics through a
streamlined process and with a flexible delivery range of API to Cloud
Warehouse formats. Accern Corporation is a no-code artificial intelligence (AI)
leader that allows technical and non-technical users to build AI-powered
solutions.
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