Natural Language Processing (NLP) Market By Solution Type (Statistical NLP, Hybrid NLP), By Technology Type (Pattern And Image Recognition, Auto-coding, Text Analytics), By Service (Managed Services, Professional Services), By Deployment Model (Cloud-based Deployment, On-premises Deployment), By Application Type (Machine Translation, Information Extraction,), By Industry Vertical (Healthcare, Retail, Electronics, Others) - Growth, Future Prospects And Competitive Landscape, 2018 – 2026

Steady Technology Development to Stimulate the Demand for Natural Language Processing (NLP) Solutions

The natural language processing market was valued at $9.69 billion in 2017 and is expected to grow at a CAGR of 11.71% between 2018 and 2026.Natural language processing engages computational techniques to understand, learn, and produce human language content. Initial computational approaches to verbal research focused on mechanising the analysis of the linguistic structure of language and evolving basic technologies such as speech recognition, machine translation, and speech synthesis. Over the past couple of decades, computational linguistics has grown into scientific research as well as practical technology that is 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 the more dynamic requirements of consumers.

Market Synopsis

Machine translation is referred to as the most lucrative application in the natural language processing (NLP) market.

Machine translation was one of the earliest non-numerical applications of computation, and it was heavily researched beginning in the late 1950s.However, the hand-built grammar-based systems of the early decades achieved very limited success. As most of the population is now online, the job of making data accessible to all is a challenge. In recent years, various methods have been proposed to automatically evaluate machine translation quality by comparing hypothesis translations. With growing accuracy and efficiency, machine translation applications are expected to penetrate with a significant growth rate across several industry verticals in the following years.

Expanding NLP Application Area to Maintain Dominance in the North American Market

Presently, North America leads the overall natural language processing market with the lion's share. In 2017, the region contributed more than 1/3 of the total market value generated worldwide. Europe was the second-largest contributor to the market, followed by Asia Pacific in the same year. The U.S. dominated the overall market with the presence of key natural language processing companies. These organisations are steadily investing in AI, thereby driving the overall NLP market's growth here. For instance, in 2016, Google, LLC, announced that AI plays a vital role in the organization's strategy for future growth. In 2017, Google, LLC, launched a project focusing research on the way people communicate with AI systems called the People + AI Research Initiative (PAIR). Further, Spotify uses AI for renowned music recommendation and NLP to interpret audio and text models. With a swelling application area, the NLP market is expected to grow at a promising rate throughout the forecast period.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The 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 the global natural language processing (NLP) market based on solution, technology type, services, deployment model, application type, industry vertical, and geography. Key segments covered in the report are as follows:

Key players of the 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., and Inbenta Technologies, Inc., among others.

Key questions are answered in this report.

• What was the market size of natural language processing (NLP) in 2017 and the forecast up to 2026?
• Which is the 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 solutions, technologies, services, deployment models, application types, and industry verticals in the natural language processing market?
• Who are the key players leading the market?
• What are the key strategies adopted by the leading players in the market?
• What are the key trends across different geographies and sub-geographies?

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