Natural Language Processing Market: Global Industry Size, Share, Growth & Trends Analysis 2016-2024
Global Natural Language Processing Market: Overview
Natural language processing (NLP) is a computer application under artificial intelligence that can understand human language. This computerized technique allows human communication to be analyzed and interpreted by the computer on the basis of a set of technologies and theories. The goal of natural language processing is to minimize the time taken to understand computer languages such as Ruby, C, C++, and Java. NLP finds application in the analysis of big data owing to the fact that massive amounts of data are being generated in current business scenarios from sources such as audio, emails, web blogs, documents, social networking sites, and forums. Reports indicate that the global natural language processing market will prove to be extremely lucrative for the future.
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The major types of natural language processing solutions include statistical NLP, rule-based NLP, and hybrid NLP. Natural language processing includes several recognition, analytics, and operational technologies such as optical character recognition (OCR), auto coding, text analytics, interactive voice response (IVR), pattern and image recognition, classification and categorization, and speech analytics. Natural language processing can be a cloud-based or on-premise model and is used for applications such as information extraction, question answering, machine translation, and report generation in a number of industry verticals, including automotive, retail and consumer goods, high tech and electronics, government, banking, financial services, and insurance (BFSI), health care and life sciences, research and education, and media and entertainment.
The research report offers readers a clear and objective outlook of the global natural language processing market and highlights the key driving and restraining factors along with the opportunities and threats that lie ahead. The various market dynamics have been carefully analyzed to give clients a clear idea on the strategic moves of their rivals. The structure and scope of the natural language processing market have been explored and projections based on past and current trends have been provided.
Global Natural Language Processing Market: Key Trends and Opportunities
The global market for natural language processing is significantly driven by the massive jump in digital data, the rise in the utility of smart devices, and the increasing demand for enhanced customer experience. In addition to this, the surging investments in the healthcare sector and the emergence of several new application areas are anticipated to further boost the natural language processing market. The market, however, is faced by a number of challenges that players need to overcome in order to survive and compete. The main hurdles include the need for effective predictive technologies, the need to narrow the gap between machine and man, the implementation of strict government regulations, and fluctuating customer adoption trends.
Recognition technologies are the most widely used technologies in NLP. Most companies, from large enterprises to small-scale organizations, use some form of recognition technology such as optical character recognition, interactive voice recognition, or image recognition. Natural language processing is most commonly used for information extraction and machine translation. IT and telecom, automotive, and defense and aerospace are the leading industries that use NLP for various applications.
Global Natural Language Processing Market: Region-wise Outlook
The global market for natural language processing is dominated by North America and Europe since these two regions contribute the most in terms of revenue. Asia Pacific is projected to expand at the fastest growth rate by the end of the forecast period, driven by the increasing use of voice recognition in several industries and the rising spending capabilities of the people. Apart from Asia Pacific, the Rest of the World – including the Middle East, Latin America, and Africa – is likely to witness strong growth in the coming years, creating massive opportunities for key players competing in the global natural language processing market.
Some of the leading competitors in the global natural language processing market are Microsoft Corporation, SAS Institute Inc., Hewlett-Packard, Dolbey Systems, Google, Netbase Solutions, IBM Corporation, 3M Company, Verint Systems, and Apple Inc.