NEW YORK, Jan. 08, 2020 (GLOBE NEWSWIRE) -- The global natural language processing (NLP) market is expected to grow at a CAGR of 20.0% during the forecast period with its market size predicted to reach USD 23.0 billion by 2024. Globally, natural language processing (NLP) industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion.
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Machine Translation category held largest share in the natural language processing (NLP) market in 2018
Based on application, the natural language processing (NLP) market is segmented into information extraction, question answering, machine translation, automatic summarization, sentiment analysis text processing, and others. Among these segments, machine translation category held largest share in the market in 2018, owing to the increasing demand in organizations for solutions that can facilitate translation of text into multiple languages.
Based on industry, the natural language processing (NLP) market is segmented into BFSI, healthcare, retail and ecommerce, manufacturing, media and entertainment, travel and hospitality, it & telecommunication, and others. Among these segments, BFSI category held largest share in the market in 2018.
Explore key industry insights in 114 tables and 50 figures from the 193 pages of report, “Global Natural Language Processing (NLP) Market Analysis and Forecast to 2024 - Insights by Type (Statistical, Rule-Based, Hybrid), by Deployment Type (Cloud, On-Premises), by Component (Solutions, Services) by Organization Size (Small and Medium-Sized Enterprises, Large Enterprises) by Application (Information Extraction, Question Answering, Machine Translation, Automatic Summarization, Sentiment Analysis Text Processing, Others), by Industry (BFSI, Healthcare, Retail and Ecommerce, Manufacturing, Media and Entertainment, Travel and Hospitality, IT & Telecommunication, Others)”
Geography Insight
Geographically, North America has accounted for the largest share in natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for enhanced customer experience, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
Competitive Insight
Some of the key players operating in the global natural language processing (NLP) market are 3M Company, Apple Inc., Microsoft Corporation, Verint Systems Inc., AWS Inc, Dolbey Systems Inc., Genpact Ltd., Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, and Hewlett Packard Enterprise (HPE) Company.
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Key Takeaway from the Report:
- Among all the type, statistical category held largest share in the market in 2018.
- Of all deployment, cloud category expected to exhibit fastest growth during the forecast period.
- Among all the application, the machine translation category held largest share in the market in 2018.
- Of all the industry, BFSI category held largest share in the market in 2018.
- Geographically, North America has accounted for the largest share in natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period.
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global natural language processing (NLP) market on the basis of type, deployment type, component, organization size, application, industry and region.
Global Natural Language Processing (NLP) Market Coverage
Type Insight and Forecast 2014-2024
- Statistical
- Rule-Based
- Hybrid
Deployment Type Insight and Forecast 2014-2024
- Cloud
- On-Premises
Component Insight and Forecast 2014-2024
- Solutions
- Platform
- Software Tools
- Services
- Managed
- Professional
- Consulting
- Support and Maintenance
Organization Size Insight and Forecast 2014-2024
- Small and Medium-Sized Enterprises
- Large Enterprises
Application Insight and Forecast 2014-2024
- Information Extraction
- Question Answering
- Machine Translation
- Automatic Summarization
- Sentiment Analysis
- Text Processing
- Others
Industry Insight and Forecast 2014-2024
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail and Ecommerce
- Manufacturing
- Media and Entertainment
- Travel and Hospitality
- IT & Telecommunication
- Others
Geographical Segmentation
Natural Language Processing (NLP) Market by Region
North America
- By Type
- By Deployment Type
- By Component
- By Organization Size
- By Application
- By Industry
- By Country – U.S., Canada, and Mexico
Europe
- By Type
- By Deployment Type
- By Component
- By Organization Size
- By Application
- By Industry
- By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe
Asia-Pacific (APAC)
- By Type
- By Deployment Type
- By Component
- By Organization Size
- By Application
- By Industry
- By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Type
- By Deployment Type
- By Component
- By Organization Size
- By Application
- By Industry
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
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