Global Language Processing Market 2017-2021
About Language Processing
Language processing involves the automation of reading text with the use of sophisticated algorithms. Language processing engines identify words and grammar to derive meaning from large amounts of text. In addition, it combines artificial intelligence with computational linguistics to process and understand the natural language received by the computer.
Technavio’s analysts forecast the global language processing market to grow at a CAGR of 13.33% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global language processing market for 2017-2021. To calculate the market size, the report considers the sale of language processing solutions that include linguistic and statistical algorithms.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Language Processing Market 2017-2021
Technavio recognizes the following companies as the key players in the global language processing market: Hewlett Packard Enterprise (HPE), IBM, Microsoft, SAS Institute, and Verint Systems.
Other Prominent Vendors in the market are: 3M, Apple, AYLIEN, Basis Technology, Cerner Systems, Dolbey Systems, Envion Software, Google, Intel, Linguamatics, MModal IP, NetBase Solutions, Nuance Communication, Oracle, and Sensory.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased use of IP-based IVRs. One of the emerging trends in the market is the increased use of IP-based IVR's. IP-based IVR is used to provide automated services for calling card customers that are trying to place VoIP calls.”
According to the report, one driver in the market is increased investments in speech solutions. There is increased investment in speech solutions because of the cost factor. Speech solutions help businesses to reduce operating costs and enable organizations to expand services without additional overhead costs. This is seen as an advantage in terms of cost factor. Speech solutions identify words spoken by an individual, convert them into a machine-readable format, and respond automatically.
Further, the report states that one challenge in the market is high investment for developing and implementing the software. One of the challenges that is inhibiting the growth of the technology is the high investment associated with its development and implementation. Large-scale deployment of language processing in an enterprise is a time-consuming and expensive process, leading to failure in successful implementation and huge loss for the organization.
Hewlett Packard Enterprise (HPE), IBM, Microsoft, SAS Institute, Verint Systems, 3M, Apple, AYLIEN, Basis Technology, Cerner Systems, Dolbey Systems, Envion Software, Google, Intel, Linguamatics, MModal IP, NetBase Solutions, Nuance Communication, Oracle, and Sensory.
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