NLP (Natural Language Processing) refers to a field of artificial intelligence (AI) and computer science which revolves around and is concerned towards the interaction between human language and a machine. Natural language processing generally functions as a bridge between machines and human. It improves interaction by analyzing the spoken and written languages and relative patterns associated with it. The main objective behind development of natural language processing is to create a solution which can analyze, understand and generate languages which humans can easily understand. Such solutions are becoming significantly popular for organizations and enterprises which have big data to maintain. The global natural language processing market is a part of artificial intelligence which is capable of manipulating human language and converting it into machine language in the later stage.
The global natural language processing market is in an extremely profitable stage especially for natural language processing software based service providers and solution vendors. This is because of the increasing organizations and business firms working in a large number of domains and diverse verticals across the globe which are rapidly adopting natural language processing solutions for filling communication gap between machines and humans. Rising demand for efficient, improved and enhanced consumer experience around the world is uplifting to encourage end user industries to increase their overall investments on natural language processing services and solutions which in turn is a key factor fueling the growth of global natural language processing market over the forecast period. Moreover, rising adoption of natural language programming in customer care processing organizations as well as reduction in initial and operation costs are considered to be some of the key aspects anticipated to boost the growth of global natural language processing market. In addition, improved insights of consumer’s perception as well as optimized business processes coupled with easy machine to machine technology can be easily derived by using natural processing language.
The global natural language processing market can be segmented on the basis of type, deployment model, technology, vertical and region. On the basis of type, global natural language processing market can be segmented into rule based, statistical and hybrid. On the basis of deployment model, the global natural language processing market can be segmented into private cloud, public cloud, and hybrid cloud. On the basis of technology, global natural language processing market can be segmented into optical character recognition, interactive voice response, pattern and image recognition, classification and categorization, auto coding, text analytics, speech analytics, professional services and support & maintenance services. On the basis of vertical, the global natural language processing market can be segmented into banking, financial services, insurance, manufacturing, healthcare & life sciences, retail & consumer goods, research & education, high tech & electronics and media & entertainment. By region, the global natural language processing market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Major players operating in the global natural language processing market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market. Some of the major players in the global natural language processing market include Google Inc., Apple Inc., IBM Corp., Hewlett-Packard Co, 3M Co., Microsoft Corp., Netbase Solutions Inc., SAS Institute Inc. and Dolby System, Inc. among others.
Market by Type
· Rule based
Market by Deployment Model
· Public cloud
· Private cloud
· Hybrid cloud
Market by Technology
· Optical character recognition
· Interactive voice response
· Pattern and image recognition
· Classification and categorization
· Auto coding
· Text analytics
· Speech analytics
· Professional services
· Support & maintenance services
Market by Vertical
· Banking, financial services and insurance (BFSI)
· Healthcare & life sciences
· Retail & consumer goods
· Research & education
· High tech & electronics
· Media & entertainment
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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