The global Natural language processing (NLP) market is expected to reach USD 28.44 Billion by 2026, according to a new report by Reports and Data. Natural language processing (NLP) is a field of artificial intelligence, which aids computers to comprehend, interpret, and operate on human language.
One of the intrinsic attributes of Natural Language Processing (NLP) is to comprehend human speech. Natural language processing not only enables the integration of voice understanding into devices and sensors but also allows localization features. The localization feature offers functionalities beyond translation and provides the advantages of transcreation (creative interpretation). Also, there is an escalating demand for voice control in the consumer market. Around 50% of U.S. households utilize voice control through their smart devices to access online content. Hence, the proliferation of smart devices are likely to drive the market demand in the upcoming years.
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The report offers a comprehensive analysis of the competitive landscape along with profiles of the companies, their product portfolios, and lucrative business strategies undertaken by them to gain a robust footing in the global industry. It also discusses in detail the recent mergers and acquisitions, partnerships, collaborations, and product launches among others.
Further key findings from the report suggest:
By type, rule-based NLP held a significant market share in 2018 and is expected to grow at a rate of 13.4% in the forecast period. This type can provide a lot of insights where one can learn about arbitrary text by finding what words are nouns or verbs or finding a recognizable pattern.
By deployment type, cloud-based is forecasted to experience a faster growth rate in the forecast period.
By services, managed services held a larger market share in 2018 and are expected to grow at a rate of 14.6% in the forecast period.
By application, text analytics held a significant share in 2018, as various text analytics platforms and products deploy NLP algorithms for linguistic analysis that aids machines read the text. NLP evaluates words for relevancy, such as related words that should be considered equivalent in spite of being expressed differently
North America held the largest market share in 2018 and is expected to grow at a rate of 13.6% in the forecast period. Growth in big data volume, along with the increasing demand to enhance consumer satisfaction, are likely to fuel market growth in the region.
Key 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 market is further segmented on the basis of product types offered in the market and the application spectrum. On the basis of types, the segmentation covers:
Type Cause Outlook (Revenue, USD Million; 2016-2026)
Deployment Type Outlook (Revenue, USD Million; 2016-2026)
Services Outlook (Revenue, USD Million; 2016-2026)
Application Outlook (Revenue, USD Million; 2016-2026)
Pattern & Image Recognition
Interactive Voice Response (IVR)
Optical Character Recognition (OCR)
Industry Vertical Outlook (Revenue, USD Million; 2016-2026)
IT & Telecom
Media & Entertainment
The report is further segmented into key geographical regions along with their countries to impart a better understanding of the market. The report focuses on the economic growth, technological advancements, investment and funding, R&D activities, production and consumption ratio, current and emerging trends, and presence of key players in each region.
The regional analysis covers the following key regions of the world:
North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Natural Language Processing (NLP) Segmentation & Impact Analysis
4.1. Natural Language Processing (NLP) Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
188.8.131.52. Increasing demand for NLP amongst various industry verticals
184.108.40.206. Proliferation of smart devices
220.127.116.11. Rapid growth in data volume
18.104.22.168. Rising demand for enhanced consumer experience
22.214.171.124. Growth in M2M communication
126.96.36.199. Technological advancement
4.2.3. Market restraints analysis
188.8.131.52. Lack of skilled professionals
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Questions Answered in the Report:
What will be the estimated growth rate of the Natural language processing (NLP) market in 2027?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of Natural language processing (NLP) market throughout the forecast period?
What are the current and future market trends of the Natural language processing (NLP) market ?
What are the sales and price analysis of the product by types, applications, and regional sales?
Which region is expected to dominate the market growth over the forecast period?
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