"Steady Technology Development to Stimulate the Demand for Natural Language Processing (NLP) Solutions"
Natural language processing market reached the market value of US$ 9.69 Bn in 2017 and projected to witness CAGR of 11.71% during the forecast period from 2018 to 2026. Natural language processing engages computational techniques to understand, learn and produce human language content. Initial computational approaches to verbal research focused on mechanizing the analysis of the linguistic structure of language and evolving basic technologies such as speech recognition, machine translation, and speech synthesis. From past couple of decades, computational linguistics has grown into scientific research as well as in practical technology that increasingly incorporated in consumer products such as Apple’s Siri and Skype’s Translator among several others. With constant research on such technology, NLP is expected to cater to more dynamic requirements of consumers.
Market Synopsis
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"Machine Translation Referred As the Most Lucrative Application in Natural Language Processing (NLP) Market"
Machine translation was one of the oldest non-numeric application of computation and focused intensively from late in the 1950s. However, the hand-built grammar-based systems of early decades achieved very limited success. As most of the population are now online, the job of making data accessible to all is a challenge. In recent years, various methods proposed to automatically evaluate machine translation quality by comparing hypothesis translations. With growing accuracy and efficiency, machine translation application expected to penetrate with significant growth rate across several industry verticals in following years.
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"Swelling Application Area of NLP to Ensure Dominating Position of North America Market"
Presently, North America leads the overall natural language processing market with lion share. In 2017, the region contributed to more than 1/3rd of the total market value generated worldwide. Europe was the second largest contributor to the market followed by Asia Pacific in same year. The U.S. dominated the overall market with presence of key natural language processing companies. These organizations are steadily investing in AI, thereby driving the overall NLP market growth here. For instance, in 2016, Google, LLC announce that AI plays a vital role in organizations strategy for future growth. In 2017, Google, LLC launched the project focusing research on the way people communicate with AI systems called People + AI Research Initiative (PAIR). Further, Spotify uses AI for renowned music recommendation and NLP that interpret audio and text models. With swelling application area, NLP market expected to grow with promising rate throughout the forecast period.
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Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Natural language processing (NLP) market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global natural language processing (NLP) market based on solution, technology type, services, deployment model, application type, industrial vertical and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Billion |
| Segmentation |
Solution Segment (2016–2026; US$ Bn)
• Statistical NLP
• Rule-based NLP
• Hybrid NLP
|
|
Technology Type Segment (2016–2026; US$ Bn)
• Interactive Voice Response (IVR)
• Optical Character Recognition (OCR)
• Pattern and Image Recognition
• Auto-coding
• Classification and Categorization
• Text Analytics
• Speech Analytics
|
|
Service Segment (2016–2026; US$ Bn)
• Managed Services
• Professional Services
|
|
Deployment Model Segment (2016–2026; US$ Bn)
• Cloud-based Deployment
• On-premise Deployment
|
|
Application Type Segment (2016–2026; US$ Bn)
• Machine Translation
• Information Extraction
• Report Generation
• Question Answering
• Text Processing
|
|
Industrial Vertical Segment (2016–2026; US$ Bn)
• Banking, Financial Services and Insurance (BFSI)
• IT & Telecommunications
• Automotive
• Healthcare
• Retail
• Electronics
• Media & Entertainment
• Others (Aerospace, Transportation etc.)
|
|
Geography Segment (2016–2026; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., France, Germany, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of APAC)
• Rest of the World (Latin America, Middle East & Africa)
|
Key players of global enterprise governance, risk and compliance market include Apple Inc., 3M Company, Google LLC, Dolbey Systems, Inc., International Business Machines Corporation, Hewlett-Packard Corporation, Amazon.com, Inc., NetBase Solutions, Inc., Microsoft Corporation, SAS Institute Inc., Verint Systems, SparkCognition, Inc., Naunce Communications, Inc., Inbenta Technologies Inc. and others.
Key questions answered in this report
- What was the market size of natural language processing (NLP) in 2017 and forecast up to 2026?
- Which is largest regional market for natural language processing?
- What are the key market trends observed in the natural language processing market?
- Which are the most promising solution, technology, services, deployment model, application type and industry verticals in natural language processing market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key trends across different geographies and sub-geographies?
