Natural Language Processing Market:
Growth opportunities in the Natural Language Processing Market look promising over the next six years. This is mainly due to the rapid digitalization and continuous expansion in the IoT and communication technologies.
Natural Language Processing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the most significant drivers responsible for the growth of the global natural language processing market includes the augmenting implication of smart devices to simplify the smart environment. In addition, the ongoing technological modernizations in the Internet of Things and communication technologies have helped in extending the communication between enormous devices. Thereby, the technological expansions along with swift digital transformation have altered the way industries are functioning their operations and transmitting with their customers. In addition, the NLP has proved to be advantageous in supporting the interactions between users and systems or machines. The accelerating demand for voice-based solutions interfaces with NLP-based applications, which enhances the performance, including the verbal command capability with instant query management.
Furthermore, the escalating need for a better customer experience is strengthening the market demand. There has been a shoot up the need to apprehend the client’s feedback or requirements, which is persuading the organizations to choose the products and services that help to manage the business process. Moreover, the amplifying endorsement of smart devices is further bolstering the market growth. The launch of smart assistants and devices, including Apple Siri and Amazon Alexa, has propelled the natural language processing market share. However, the presence of various difficulties concerned with the usage while incorporating NLP solutions may hamper the natural language processing industry.
Regional Drivers
Based on the regional coverage, North America is projected to witness a higher CAGR during the forecast period. This is mainly attributed to the continuous enhancement in the cloud computing platform that is highly efficient, and economical leading to the growth of inexpensive software development tools and plentiful datasets. Online shoppers, especially in the US, are progressively employing Google Assistant to get results on different topics. This has also aggravated the opportunities for other application developers to target potential customers, thus driving the market’s demand.
Natural Language Processing Market’s leading Manufacturers:
- SAS Institute
- Intel Corporation
- Apple Inc.
- Amazon Web Series (AWS)
- Microsoft Corporation
- Inbenta
- 3M
- Facebook, Inc.
- IBM Corporation
- Google LLC
Natural Language Processing Market Segmentation:
Segmentation by Solutions
- Platform
- Software Tools
- Services
- Professional Services
- Managed Services
Segmentation by Deployment Mode
- On-Premises
- Cloud
Segmentation by Organization Size
- Large enterprises
- Small and Medium-sized enterprises
Segmentation by Type
- Rule-based
- Statistical
- Hybrid
Segmentation by Application
- Sentiment Analysis
- Data Extraction
- Risk And Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others
Segmentation by Vertical
- Banking, Financial Services, And Insurance
- IT and Telecom
- Retail and Ecommerce
- Healthcare and Life Sciences
- Transportation and Logistics
- Government and Public Sector
- Energy and Utilities
- Manufacturing
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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