Natural Language Processing (NLP) market is growing tremendously owing to growing application in artificial intelligence and machine learning technology. NLP technology supports computer to understand and process the naturally spoken human languages. NLP technology in combination with machine learning read, decipher, understand, and make sense of human speech and convert it into a readable form understands by the computers. The NLP has a wide range of applications including language translation applications such as Google Translate, interactive Voice Response (IVR) applications used in call centers to respond to certain users’ requests and many more.
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The increased adoption rate among different devices, growing demand for M2M (machine to machine) translation, better insights of customer’s perception, and optimized business processes are the factors driving the natural language processing market. Additionally, the demand for the enhanced customer experience is increasing the demand for NLP based solutions and services in the end-user industries such as retail, e-commerce, IT and many more. However, the inability to recognize the voice from different patterns, noises, tones will hamper the natural language processing (NLP) market. Also, the high installation cost associated with the NLP based solutions and services, and fluctuating customer adoption trends are attributed to restrain the market growth.
Regionally, North America will hold the significant market size of Natural Language Processing market for both the products and service segment of NLP. Europe along with North America is attributed to be the major market of NLP. The growth of the NLP market in the region owing to the presence of major players in the region in combination with the early adoption of new technology in the region. Asia-Pacific is the fastest-growing region for the NLP market due to the increase in the use of voice recognition by different industries. Google LLC, IBM Corp., Microsoft Corp., Facebook, Inc. and SAS Institute, Inc. are some of the prominent companies in the NLP market. Other active players in the NLP market includes 3M Co., Amazon Web Services, Inc. (AWS), SAP SE, Dolbey Systems, Inc., Genpact Ltd., Intel Corp., NetBase Solutions, Inc., ServiceNow, Inc., Twiggle Ltd., Verint Systems, Inc., Avaya, Inc., SAS Institute, Inc, and AT&T, Inc. among others.
Current Market Trends Covered in the market report:
• Speech Analytics segment of NLP is anticipated to show the highest growth in the near future.
• In November 2018, Amazon in order to advance the medical services started working on the process of extracting unstructured electronic health record data with the combination of NLP and machine learning.
• In May 2018, Microsoft acquired Semantic Machines to experiment and integrate NLP technology to develop its product like Cortana into a more human-like AI.
Natural Language Processing Market – Segmentation
By Technology
• Optical Character Recognition (OCR)
• Speech and Text Analytics
• Interactive Voice Response (IVR)
• Pattern and Image Recognition
By Deployment Type
• On-Premise
• Cloud-based
By End-User
• Healthcare
• Banking, Financial Services and Insurance (BFSI)
• Retail and E-commerce
• IT & Telecom
• Others (Manufacturing, Education, Media & Entertainment and Government)
Natural Language Processing Market – Region
North America
• US
• Canada
Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
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