Global Natural Language Processing Market - Growth, Trend and Forecasts (2018 - 2023)
The natural language processing market t is expected to grow at a CAGR of over 16% during the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by various market players from various end-user sectors including IT & Telecom, healthcare, retail, banking, financial services & insurance. The regions considered under the scope of the report include North America, Asia-Pacific, Europe and Rest of the World.
Natural language processing adoption is accelerating, with the rise of the data science along with its application in artificial intelligence across diverse end-user industry getting regard and mature day by day, and has accelerated over the past 2 to 3 years because of scalable, affordable computational power, increasing digitization of all data, along with the integration of NLP with machine learning and deep learning. 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.
Retail (E-Commerce) Sector to Dominate the Market over the Forecast Period
Increasing demand for the enhanced customer experience across the globe is encouraging the retail sectors to increase their spending on natural language processing solutions and services, which in turn, is driving the NLP market. Natural language processing works as a bridge between human and machines. It enhances the interaction by analyzing the written and spoken languages and the pattern accordingly. Moreover, the increasing adoption of natural language processing in the customer care centers leads to the reduction in the operating cost by providing better insights of customer’s perception with improved accuracy along with optimized business processes, and easy M2H - M2M technology can be achieved. Businesses would be greatly benefitted from the in-depth insights that are powered by AI will surely find customer satisfaction ratio in the upward curve leading to the increase in revenue curve as well. More of NLP innovations are about to transform business operations during the forecast period.
North America to Appear as one of the Leading Region
North America is expected to hold the largest share of the NLP market, driven by the increasing use of voice (speech) recognition with the compatibility of major players adopting the integration of chatbots and intelligent assistants into their business processes, and are confident that it will lead to improvements in efficiency and customer satisfaction.
The presence of large operations & technical experts in the region, fueling the growing demand for the adoption of public cloud with the integration of artificial intelligence, along with the explosive growth of the NLP applications in machine learning & deep learning, will increase the demand for natural language processing market across the region during the forecast period.
Notable Developments in Natural Language Processing Market
May 2018: The Inbenta Technology integrates NLP to their chatbot used to provide enterprise-level service, as it need more than mere keywords to address the platform that will help them to go deeper into to provide better answers and assist in a more efficient way.
March 2018: NetBase, introduced its next-generation artificial intelligence image analysis capabilities which will help them to analyze visual posts to identify brand logos and keywords to give the most comprehensive view of a brand’s performance. The platform also accurately classifies images by facial emotions, common scenery, and everyday objects to provide depth insight about the objects.
Major Players: GOOGLE INC., MICROSOFT CORPORATION, 3M COMPANY, SAS INSTITUTE INC., IBM CORPORATION, NETBASE SOLUTIONS, INC., VERINT SYSTEM INC., GENPACT LIMITED, ADOBE SYSTEMS INCORPORATED, INTEL CORPORATION, NVIDIA CORPORATION, AMAZON WEB SERVICES, INC., APPORCHID INC., INBENTA TECHNOLOGIES INC., VERITONE, INC., SAP SE, SALESFORCE.COM, INC., RASA TECHNOLOGIES GMBH, BABYLON HEALTHCARE SERVICES LIMITED, KLEVU OY, and MICRO FOCUS INTERNATIONAL PLC (HPE), amongst others.
Reasons to Purchase Natural Language Processing Market Report
To understand the impact of natural language processing in the retail sector.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
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