Global Natural Language Processing Market 2021 Expeditious Grow

  • Natural Language Processing Market 2021

    The Natural Language Processing Market is a part of artificial intelligence that aids the computers to understand, interpret and manipulate human language. The technology includes many disciplines, including computer science and computational linguistics, in its pursuit to bridge the gap between computer understanding and human communication. The NLP helps computers to communicate with humans in their own language along with other language-related tasks. One such example is the implementation of NLP through which it helps computers to read the text, hear speech and then interpret it. Some advanced applications includes the measurement of sentiments and to determine which parts of the message is important.

    In terms of revenue, the natural language processing market stood at US$ 12,749 Mn in 2018, and is anticipated to reach US$ 42,591 Mn by 2027, expanding at a CAGR of 18.4% during the forecast period. The detailed research study provides qualitative and quantitative analysis of natural language processing market.


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    Major Key Players:

    Key players operating in the global natural language processing market are 3M Company, Abe AI Inc., Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io AG, DigitalGenius, Inc., Dolbey Systems, Inc., Expert System S.p.A., ExplosionAI GmbH, Flamingo Ai, Google LLC, Hewlett Packard Enterprise Co., IBM Corporation, Lexalytics, Inc., Microsoft Corporation, MobVoi Inc. (HK SMARTMV LIMITED), MonkeyLearn Inc., NetBase Solutions, Inc., SAS Institute Inc., SoundHound, Inc., TextRazor Ltd., Verint Systems Inc. amongst others.

    Key Findings of the Report:

    In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period

    Statistical type among the different types of NLP model accounted for a significant market share in 2018 and is expected to grow at a CAGR of 15.9% over the forecast years.

    On-premise deployment hold the largest market share among deployment models that are offered by various software companies. Although the companies are adopting new technologies, the data security still remains a concern.

    Growing demand for enhanced customer experience is one of the major factors behind the growth of global natural language processing market.

    Market Segmentation

    By Type

    Rule Based

    Statistical

    Hybrid

    By Deployment Model

    On-Premise

    Cloud

    By Technology

    Interactive Voice Response (IVR) 

    Optical Character Recognition (OCR) 

    Pattern and Image Recognition 

    Autocoding 

    Classification and Categorization 

    Text Analytics 

    Speech Analytics

    By Service

    Managed Service

    Professional Service

    By Application

    Information Extraction

    Machine Translation

    Report Generation

    Others

    By End User

    Banking, Financial Services and Insurance (BFSI)

    IT and Telecommunication

    Government

    Retail & Consumer Goods

    Healthcare

    Education

    Automotive

    Media and Entertainment

    Energy and Utilities

    Others

    By Region

    North America

    U.S.

    Canada

    Mexico

    Europe


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