Natural Language Processing (NLP) Market to Reach USD 80.68 billion by 2026; Increasing Demand for Enhanced Algorithms to Boost Growth, says Fortune Business Insights(TM)
PUNE, India, Jan. 9, 2020 /PRNewswire/ -- The global Natural Language Processing (NLP) Market size is projected to reach USD 80.68 billion by 2026, thereby exhibiting a CAGR of 32.4% during the forecast period. This information is published by Fortune Business Insights(TM), in a report, titled, "Natural Language Processing (NLP) Market Size, Share & Industry Analysis, By Deployment (On-Premises, Cloud, and Hybrid), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech and Telecom, BFSI, Automotive & Transportation, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2019-2026." The report further states that the market was USD 8.61 billion in 2018. It is set to gain momentum from the rising demand for big data, improved algorithms, and powerful computing.
What Does the Report Contain?
-- Extensive analysis of the NLP market trends, opportunities, challenges,
growth drivers, and barriers
-- Competitive analysis, consisting of mergers and acquisitions, new
product launches, contracts, agreements, and partnerships
-- Information about niche segments
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/natural-language-processing-nlp-market-101933
Need to Meet Consumer Requirement Instantly Will Propel Market Growth
In today's technology-driven world, it is very important to understand a client's requirements or feedback. But it is becoming extremely difficult to manage this task on account of the availability of numerous channels through which the clients can provide information. Hence, companies require a platform that is suitable for managing their business processes. They are persistently looking for opportunities to improve the capabilities of customer experience (CX). NLP, integrated with artificial intelligence (AI), helps in analyzing the clients' comments or inquiry messages. It then converts those into separate solutions based on the instant responses by the client, available consumer data, and history of information. These factors are expected to boost the natural language processing market growth during the forecast period.
Rising Government Initiatives to Favor Growth in Asia Pacific
In terms of region, the market is fragmented into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Out of these, North America NLP market size was USD 4.12 billion NLP in 2018. The companies present in this region are investing huge sums in the advancement of NLP solutions and the applications associated with them. Apart from that, in the U.S., the amount of unstructured data is rising rapidly, owing to the growth of start-up companies. Those companies are, therefore, deploying NLP services. Also, the rising demand for NLP and AI-equipped products and solutions and good return on investments are set to fuel the market growth in this region.
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Asia Pacific, on the other hand, is anticipated to be a fast-growing region in the coming years owing to the increasing adoption of AI. The governments of various countries situated in this region are taking various initiatives to implement AI in the business processes. Amongst them, China is projected to showcase the highest implementation of NLP solutions. The State Council of China, for instance, released its 'New Generation Artificial Intelligence Development Plan' that suggests the country's strategy to create a domestic AI industry valued at approximately USD 150 billion. It is set to become one of the leading AI power by 2030.
Key Industry Developments
The market comprises of several enterprises of all sizes. They are investing huge sums in developing advanced products to gain more NLP market revenue. Besides, some of the other enterprises are engaging in mergers and acquisitions to deliver prompt services to their consumers. Below are a couple of the latest industry developments:
-- November 2019: Amazon Comprehend, a natural language processing service,
has begun supporting real-time custom classification. The user can
utilize this feature to route, label, and understand information based
on their own business rules. For instance, the person can immediately
categorize the support requests and route them to the concerned support
team. It would also help in automatically moderating comments as they
are flowing on the website.
-- August 2019: Salesforce, a cloud-based software company, declared that
it has acquired Tableau Software, an interactive data visualization
software company, headquartered in the U.S. The acquisition has brought
together the world's leading analytics platform with the most renowned
CRM. Together, they will be able to change the way companies perceive
not only their consumers but also the entire world. It would do so by
providing AI-equipped insights across all types of use cases and data
for people of every skill level.
List of the most significant companies operating in the Natural Language Processing (NLP) Market. They are as follows:
-- 3M Company
-- Adobe Systems Inc.
-- Amazon Web Services Inc.
-- Apple Inc.
-- Google (Alphabet Inc.)
-- Hewlett-Packard Enterprise Company
-- Intel Corporation
-- International Business Machine (IBM) Corporation
-- Microsoft Corporation
-- SAS Institute Inc.
-- Other key market players
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Table of Content:
-- Introduction
-- Definition, By Segment
-- Research Approach
-- Sources
-- Executive Summary
-- Market Dynamics
-- Drivers, Restraints and Opportunities
-- Emerging Trends
-- Key Insights
-- Macro and Micro Economic Indicators
-- Consolidated SWOT Analysis of Key Players
-- Porter's Five Forces Analysis
-- Global Natural Language Processing (NLP) Market Analysis, Insights and
Forecast, 2015-2026
-- Key Findings / Summary
-- Market Size Estimates and Forecasts
-- By Deployment (Value)
-- On-Premises
-- Cloud
-- Hybrid
-- By Technology (Value)
-- Interactive Voice Response (IVR)
-- Optical Character Recognition (OCR)
-- Text Analytics
-- Speech Analytics
-- Classification and Categorization
-- Pattern and Image Recognition
-- Others (Auto Coding, Professional services, etc.)
-- By Industry Vertical (Value)
-- Healthcare
-- Retail
-- High Tech and Telecom
-- BFSI
-- Automotive & Transportation
-- Advertising & Media
-- Manufacturing
-- Others
-- By Geography (Value)
-- North America
-- Europe
-- Asia Pacific
-- Middle East and Africa
-- Latin America
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