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 Natural Language Processing 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.
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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.
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.