The Global Natural Language Processing Market is expected to reach $24.51 billion by 2023, growing at a CAGR of 18.78%
High volume of unstructured data, enhanced utility of smart devices, increased use of NLP in call centers, increased demand for better customer experience and expanding application areas are factors driving the Global Natural Language Processing Market.
Infoholic Research LLP, a global market research and consulting organization has published a study titled “Global Natural Language Processing Market: Global Drivers, Restraints, Opportunities, Trends and Forecasts up to 2023”.
Natural language processing (NLP), also known as computational linguistics is an amalgamation of artificial intelligence, machine learning and linguistics. NLP is one of the most leveraged technologies in artificial intelligence and the growth of the technology is being propelled by the growth of related technologies such as deep learning and cognitive computing. NLP combines artificial intelligence, computer science and computational linguistics to help machines in reading texts by simulating the human ability of understanding languages. The technology offers competitive advantage to businesses in legal, media and digital ad services. Automotive, healthcare, education and the retail sectors are extensively investing in the technology as NLP is continuously evolving and is capable of interpreting and adapting to a wide variety of human languages. Sentiment analysis is largely used in web and social media monitoring as it gives businesses access to the opinion of end-users about the organization and its services. Useful insights on customer preferences and attitudes can be obtained from the emoticons in social media.
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Technological mainstays namely Google, IBM, Microsoft and others are making significant investment in the field of natural language processing. NLP and text analytics have a major role to play in social media sentiment analysis, business intelligence, data governance, cognitive computing and business intelligence. Text analytics is a subset of NLP and is one amongst the two analytics options that NLP offers, apart from speech analytics. NLP helps in establishing relationship in documents, carrying out searches, understanding the demarcations of sentences and phrases, and determining names and places through semantic technologies. In the context of text analytics, NLP helps in identifying aspects of regulatory compliance, categorization, sentiment analysis and text clustering. NLP solutions are either statistics based, rule based or a hybrid.
The Global Natural Language Processing Market has been segmented and analyzed by offerings, technologies, verticals and regions. The offerings segment has been sub-segmented by hardware, software and services. The sub-segments under verticals encompass Healthcare and Lifesciences, Retail and Consumer Goods, High Tech and Electronics, Media and Entertainment, BFSI, Manufacturing, and Research and Education.
The various technologies analyzed are Pattern and Image Recognition, Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Auto Coding, Professional Services and Support and Maintenance Services. Pattern and Image Recognition accounts for a major share of the market.
The regions analyzed in the report are North America, EMEA, Latin America and APAC. North America holds the largest market share followed by Europe and the APAC region. North America is the leading region for natural language processing and it is anticipated that the region would continue its dominance during the forecast period owing the widespread adoption of AI technologies across various verticals such as healthcare, automotive, customer service, BFSI, manufacturing, retail etc. Europe and Asia-Pacific are the other two key regions in the natural language processing market. The EMEA region has received significant investments in advanced AI technologies, machine learning and robotics. Europe has several machine learning start-ups and research hubs. Increase in research and development activities in the APAC region drive the market growth. Investments on natural language processing are increasing in countries such as India and China. The two countries are the hot bed of several AI start-ups, which are conducting research in the field of machine learning and natural language processing and are exploring the possibilies of applying the technology across diverse verticals. China, India and Australia are the major markets in the APAC region.
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“The Global Natural Language Processing Market is experiencing a bust of high growth. New avenues of application are emerging for natural language processing technologies. The imminent future is expected to experience democratization of deep learning which will also impact the natural language processing market. Natural Language processing market will gradually move towards mass adoption and will follow a similar growth trajectory as has been witnessed in the case of data visualization, business intelligence and predictive analytics market”- Shayantani Deb Roy, Infoholic Research.
The report covers the present scenario and the growth prospects of the Global Natural Language Processing market during the forecast period (2017-2023). The report provides an exhaustive analysis of the industry covering the following features:
- The report is analyzed based on components, end-users, application and regions
- The report covers the evolution of natural language processing across a plethora of industries, its features, advantages, and importance
- The report analyses the Global Natural Language Processing Market from a socio-economic perspective. The macro and micro economic factors have been analyzed in the report
- The report covers the drivers, restraints, and opportunities(DRO) in the market impacting the market growth during the forecast years
- The report includes a detailed vendor profiling, which includes financial health, business units, key business priorities, SWOT analysis, business strategy
- The report covers implementation and adoption of natural language processing in the various industries