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Natural Language Processing Market is projected to Grow at a CAGR of 18.4% over the forecast period (2019 – 2027), Owing to Increased Adoption Rate across Various Verticals, says Absolute Markets Insights.

The Natural Language Processing (NLP) is a part of artificial intelligence that aids the computers to understand, interpret and manipulate human language. The technology includes many disciplines, including computer science and computational linguistics, in its pursuit to bridge the gap between computer understanding and human communication. The NLP helps computers to communicate with humans in their own language along with other language-related tasks. One such example is the implementation of NLP through which it helps computers to read the text, hear speech and then interpret it. Some advanced applications includes the measurement of sentiments and to determine which parts of the message is important.

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The machines today can analyze more language-based data than humans, without any tiredness, that too in a steady and fair way. There is an unbelievable amount of unstructured data that is generated every day, from different verticals, starting from medical records to social media. In such a crucial time, the automation is critical to fully analyze text and speech data efficiently. One such example is the implementation of Cogito of Expert System in Rabobank, Netherlands. The explosive growth of unstructured information including business documents, emails, customer interactions, call notes, etc. has led Rabobank, Netherland towards its partnership with Expert System for an advance system which would improve the use of data and unstructured information in a way that provides the maximum business value to the bank.

In terms of revenue, the natural language processing market stood at US$ 12,749 Mn in 2018, and is anticipated to reach US$ 42,591 Mn by 2027, expanding at a CAGR of 18.4% during the forecast period. The detailed research study provides qualitative and quantitative analysis of natural language processing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key suggestions from the report:

 

  • In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period
  • Statistical type among the different types of NLP model accounted for a significant market share in 2018 and is expected to grow at a CAGR of 15.9% over the forecast years.
  • On-premise deployment hold the largest market share among deployment models that are offered by various software companies. Although the companies are adopting new technologies, the data security still remains a concern.
  • Key players operating in the global natural language processing market are 3M Company, Abe AI Inc., Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io AG, DigitalGenius, Inc., Dolbey Systems, Inc., Expert System S.p.A., ExplosionAI GmbH, Flamingo Ai, Google LLC, Hewlett Packard Enterprise Co., IBM Corporation, Lexalytics, Inc., Microsoft Corporation, MobVoi Inc. (HK SMARTMV LIMITED), MonkeyLearn Inc., NetBase Solutions, Inc., SAS Institute Inc., SoundHound, Inc., TextRazor Ltd., Verint Systems Inc. amongst others.
  • Growing demand for enhanced customer experience is one of the major factors behind the growth of global natural language processing market.

 

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Natural Language Processing Market:

  • By Type
  • Rule Based
  • Statistical
  • Hybrid
  • By Deployment Model
  • On-Premise
  • Cloud
  • By Technology
  • Interactive Voice Response (IVR)
  • Optical Character Recognition (OCR)
  • Pattern and Image Recognition
  • Autocoding
  • Classification and Categorization
  • Text Analytics
  • Speech Analytics
  • By Service
  • Managed Service
  • Professional Service
  • By Application
  • Information Extraction
  • Machine Translation
  • Report Generation
  • Others
  • By End User
  • Banking, Financial Services and Insurance (BFSI)
  • IT and Telecommunication
  • Government
  • Retail & Consumer Goods
  • Healthcare
  • Education
  • Automotive
  • Media and Entertainment
  • Energy and Utilities
  • Others
  • By Region
  • North America
  • S.
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

 

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