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.
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.
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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.
The report offers a
comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections
about market size. The projections featured in the report have been
derived using proven research methodologies and assumptions. By doing
so, the research report serves as a repository of analysis and
information for every facet of the market, including but not limited
to: Regional markets, technology, types, and applications.
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