New York, NY, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Natural Language Processing (NLP) Market Size & Share Analysis By Type, By Deployment Model, By Technology, and By End-User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
“According to the research study, the global Natural Language Processing (NLP) Market was estimated at USD 12,748 Million in 2018 and is expected to reach USD 47,147 Million by 2027. The global Natural Language Processing (NLP) Market is expected to grow at a compound annual growth rate (CAGR) of 15.6% from 2019 to 2027”.
Natural language processing (NLP) facilitates the interaction between computers and human languages with the help of the computer program installed in the computer. It is the part of artificial intelligence that is extensively utilized for interpreting the free text and making it analyzable along with using it for sentient analysis. NLP is also used for enterprise search.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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- 190+ Pages Research Report (Inclusion of Updated Research)
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- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Natural Language Processing (NLP) Market?
2) What is the market size, share of the Natural Language Processing (NLP) Market?
3) Who are the top market players in Natural Language Processing (NLP) Market?
4) What will be the future market of the Natural Language Processing (NLP) Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Escalating demand for improving the customer experience to boost the market growth
Massive demand for improving end-user experience worldwide is predicted to prompt the end-users to bulge their expenditure on natural language processing activities. This, in turn, is predicted to expedite the growth of the natural language processing (NLP) industry over the forecast timeline. Furthermore, extensive use of natural language processing in customer care services along with minimization in the operational costs will further help in optimizing the customer experience, thereby embellish the market growth trends.
Top Market Players
The key players included in this market are [24]7.ai, Inc., 3M, Abe AI Inc., Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io, DigitalGenius, Dolbey, Expert System S.p.A., Explosion AI (spaCy), Flamingo.ai, Google, Hewlett Packard Enterprise Development LP, HK Smartmv Limited, IBM, Lexalytics, Microsoft, MonkeyLearn Inc., NetBase Solutions, Inc., SAS Institute, Inc., SoundHound Inc., TextRazor Ltd., and Verint.
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Apparently, better customer perception insights, improved business procedures, and easy machine to machine interaction can be obtained through the protruding usage of natural processing language. Moreover, the growing acceptance of natural language processing across myriad sectors will impel the expansion of the industry over the forecast timeline. Additionally, the burgeoning use of AI technology in defense, healthcare, transport, public safety, and human services will further embellish the market surge. NLP is also used in investigating criminal activities and offer the authorities an insight to delve into the policy-making processes. Nevertheless, the fewer rates of adoption and medical error risk can hinder the market growth during the forecast period.
Interactive Voice Response (IVR) segment to dominate the technology landscape by 2027
The growth of the segment during the forecast timeline is due to the growing demand for automation for capturing & processing end-user voice by the firms operating in myriad business verticals.
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Professional services to contribute major revenue share of the global market by 2027
The growth of the segment is credited to the firms requiring efficient NLP solutions along with the need for installation, consulting, and maintenance services in the NLP industry.
The escalating necessity for improving consumer experience worldwide is projected to prompt the end-users to swell their expenditure on natural language processing activities. This, in turn, is likely to expedite the growth of the natural language processing (NLP) industry over the forecast timespan. Better customer perception insights, improved business methods, and easy machine to machine interaction can be derived through the protuberant utilization of natural processing language. Apart from this, the growing acceptance of natural language processing across numerous sectors will push the expansion of the industry over the forecast timeline. Additionally, the escalating use of AI technology in defense, healthcare, transport, public safety, and human services will further embellish the market surge. NLP is also used in investigating criminal activities and provide the authorities insights into the policy-making decisions. Nonetheless, the fewer rates of adoption and medical error risk can hinder the market growth during the forecast period.
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Based on the type, the natural language processing (NLP) industry is divided into Rule-based, Hybrid, and Statistical. On the basis of service, the market is classified into Managed Service and Professional Service. On the basis of the deployment model, the industry is divided into On-Premise and Cloud. Application-wise, the market is segmented into Information Extraction, Report Generation, and Machine Translation. In terms of technology, the market is divided into Interactive Voice Response (IVR), Autocoding, Optical Character Recognition (OCR), Speech Analytics, Pattern & Image Recognition, Classification & Categorization, and Text Analytics. On the basis of end-user, the industry is divided into Government, Energy & Utilities, Automotive, BFSI (Banking, Financial Services and Insurance), IT & Telecommunication, Healthcare, Education, Retail & Consumer Goods, and Media & Entertainment.
North America to dominate the overall regional market share in terms of revenue
The dominance of the market in North America is attributed to growing data generation in organizations along with the burgeoning need for improving the consumer experience. Apart from this, the utilization of smart equipment will further steer the regional market expansion over the forecast timeframe.
Browse the full “Natural Language Processing (NLP) Market Size & Share Analysis By Type, By Deployment Model, By Technology, and By End-User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027" report at https://www.fnfresearch.com/natural-language-processing-nlp-market-by-type-rule-176
This report segments the natural language processing (NLP) market as follows:
Global Natural Language Processing (NLP) Market: By Type Segment Analysis
- Rule-based
- Hybrid
- Statistical
Global Natural Language Processing (NLP) Market: By Service Segment Analysis
- Managed Service
- Professional Service
Global Natural Language Processing (NLP) Market: By Deployment Model Segment Analysis
- On-Premise
- Cloud
Global Natural Language Processing (NLP) Market: By Application Segment Analysis
- Information Extraction
- Report Generation
- Machine Translation
Global Natural Language Processing (NLP) Market: By Technology Segment Analysis
- Interactive Voice Response (IVR)
- Autocoding
- Optical Character Recognition (OCR)
- Speech Analytics
- Pattern & Image Recognition
- Classification & Categorization
- Text Analytics
Global Natural Language Processing (NLP) Market: By End-User Segment Analysis
- Government
- Energy & Utilities
- Automotive
- BFSI (Banking, Financial Services, and Insurance)
- IT & Telecommunication
- Healthcare
- Education
- Retail & Consumer Goods
- Media & Entertainment
Key Features of Natural Language Processing (NLP) Market Report:
- Natural Language Processing (NLP) Market structure: Overview, industry life cycle analysis, supply chain analysis
- Natural Language Processing (NLP) Market: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Natural Language Processing (NLP) Market size, trend, and forecast analysis
- Natural Language Processing (NLP) Market segments’ trend and forecast
- Natural Language Processing (NLP) Market’s competitive landscapes: Market share, Product portfolio, new product launches, etc.
- Natural Language Processing (NLP) Market attractiveness and associated growth opportunities
- Emerging Trends in the Natural Language Processing (NLP) Market.
- Strategic growth opportunities for the existing and new players
- Key success factors
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