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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