The Global natural language processing (NLP) market is expected to reach $ 28.44 billion by 2026, according to a new report from Reports and Data. Natural Language Processing (NLP) is a field of artificial intelligence, which helps computers understand, interpret, and use human language.
One of the intrinsic attributes of Automatic Natural Language Processing (NLP) is understanding human speech. Natural language processing not only enables the integration of voice understanding into devices and sensors, but also enables localization features. The localization feature offers functionality beyond translation and offers the benefits of transcreation (creative interpretation). In addition, there is an increasing demand for voice control in the consumer market. About 50% of U.S. households use voice control through their smart devices to access online content. Hence, the proliferation of smart devices is likely to drive the market demand in the coming years.
Market players are constantly seeking to stand out through their customer experience capabilities. Natural Language Processing (NLP) has the ability to analyze a customer’s queries or comments, break them down into individual components, and provide insight into the individual’s intent.
Other key findings from the report suggest
- By type, rules-based NLP held a significant market share in 2018 and is expected to grow at a rate of 13.4% during the forecast period. This type can provide a lot of information where one can learn more about an arbitrary text by finding which words are nouns or verbs or by finding a recognizable pattern.
- By type of deployment, the cloud is expected to experience a faster growth rate during the forecast period.
- By services, managed services held a larger market share in 2018 and is expected to grow at a rate of 14.6% during the forecast period.
- By application, text analysis held a significant share in 2018, as various text analysis platforms and products deploy NLP algorithms for linguistic analysis that help machines read text. NLP assesses the relevance of words, such as related words which should be considered equivalent even if they are expressed differently
- North America held the largest market share in 2018 and is expected to grow at a rate of 13.6% during the forecast period. The growth in the volume of big data, along with the growing demand for improved consumer satisfaction, is expected to fuel the market growth in the region.
- Major participants include Apple Inc., Google, Dolbey System Inc., Hewlett-Packard, IBM Corporation, Microsoft Corporation, Netbase Solutions, SAS Institute Inc., Verint Systems Inc., and Amazon Web Services Inc., among others.
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The robust growth of the global ICT (information and communications technology) market is attributed to a wide range of factors. The rapid digitization around the world, the emergence of advanced technologies such as artificial intelligence (AI), machine learning (ML) and robotics, and the growing popularity of automation technologies in various industrial sectors such as Automotive, agriculture and food industries are critical factors for the growth of the market. The growing penetration of smart communication devices such as smartphones and tablets, better internet accessibility, the development of advanced technologies such as the Internet of Things (IoT) and strict regulatory standards for security and privacy User data are other major factors contributing to the growth of the market.
The report provides detailed market segmentation analysis on the basis of types and applications. It covers demands for types and applications and provides in-depth regional analysis. On the basis of types, the global market is segmented into
Type Cause Outlook (Revenue, Million USD; 2016-2026)
- Statistical NLP
- Rules-based NLP
- NLP hybrid
Deployment type Outlook (Revenue, USD Million; 2016-2026)
- On-site deployment
- Cloud-based deployment
- Public cloud
- Private cloud
- Hybrid cloud
Services Outlook (Revenue, USD Million; 2016-2026)
- Professional services
- Managed Services
Application Outlook (Revenue, USD Million; 2016-2026)
- Recognition of patterns and images
- Interactive voice response (IVR)
- Text analysis
- Speech analysis
- Optical character recognition (OCR)
Industry vertical Outlook (Revenue, USD Million; 2016-2026)
- IT & Telecom
- Health care
- Media and entertainment
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Global Natural Language Processing (NLP) Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key points of the report:
- The report includes an in-depth study of the growth opportunities and potential challenges of the market.
- It offers a detailed analysis of the main market dynamics and assesses the current, historical and forecast size of the market in terms of volume and value.
- The report throws light on the fiercely competitive landscape of the global Natural Language Processing (NLP) market and presents each company in detail.
- It lists the different business expansion strategies implemented by the major companies operating in this market.
- The report analyzes the most significant regions of the Natural Language Processing (NLP) market and estimates their respective growth rates during the forecast period.
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