Machine Learning and Artificial Intelligence Integration Drives the Growth of the Global Natural Language Processing Market at a CAGR of 18.4%

In 2019, the global natural language processing market reached USD 9.2 Billion and it is expected to grow at a CAGR of 18.4 percent over the forecast period. One of the key drivers and participants in the NLP industry are major corporations. The use of NLP is expected to grow as these organizations are gradually implementing deep learning, along with supervised and unsupervised machine learning technology for different applications.

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Social media firms are now using text analytics and NLP tools, such as political ratings and hate speeches, for analyzing and recording social media behavior. With the help of these technologies, websites such as Facebook and Twitter handle published content. NLP will also boost consumer experience services with different added incentives, drawing more customers, which is expected to have a positive effect on the market. Demand for the application of knowledge extraction products is also projected to grow due to the increasing value of online data for successful marketing and decision-making. Mobile Chabot’s are expected to revolutionize the marketing and trading markets over the next few years.

Global Natural Language Processing Market – Market Divers:

  1. The machine translation segment is anticipated to lead the market based on the application segment. The increase in demand for NLP incorporation into AI-based technology is further enhancing the need to develop machine translation application.
  2. Due of the growing amount of big data, North America is expected to lead the industry, including the increasing need to gain customer loyalty within the US, which is expected to drive the growth of the NLP market within the region. The nation specializes in its security business, which is mostly tied to technical developments.
  3. Within the US, the growing need for speech analytics has driven organizations to create alliances to deliver excellent services.
  4. A cloud-based NLP platform helps users to use multilingual content, user-generated content and other online content to be used and evaluated. During the forecast period, hybrid implementation is anticipated to show modest acceptance based on deployment mode segment.

Highlights of Investments of Global Companies and Recent Developments in the Market:

  • Facebook AI released a dataset in October 2019 that has coding questions combined with code snippet responses that can be used to decode natural language code search systems based on AI.
  • September 2019: Amazon Web Services, Inc. launched Amazon Elasticsearch Service segment text analysis, an authentic platform that offers end-to-end applications for extracting unstructured data such as support tickets, online user reviews and customer calls.
  • In June 2019, Apple launched vision, text, speech, and sound domain APIs that empower developers to utilise the built-in intelligence and models of Apple, minimize the time and effort necessary, and accelerate NLP’s latest technical advancements.
  • October 2017: Apple Inc. has announced the purchase of Init.ai Startup. In terms of assistance, its primary goal was to make Siri stronger. This illustrates that Apple Inc. is spending massive amounts of natural language and machine learning skills to improve AI.

Major companies functioning in the global Natural Language Processing market are IBM, Google, Microsoft, Apple, Intel, AWS, Inbenta Technologies, Facebook, 3M, Dolbey, Veritone, Narrative Science, Bitext, Health Fidelity, Veritone, Conversica, Linguamatics, SparkCognition, Conversica, Automated Insights, SAS Institute, and Baidu.

Market Segmentation:

Based on the Component

  • Solutions
  • Software Tools
  • Platform
  • Services
  • Managed Services
  • Professional Services

Based on Application

  • Machine Translation
  • Information Extraction
  • Automatic Summarization
  • Question Answering
  • Text Classification
  • Sentiment Analysis
  • Others

Based on Deployment Mode

  • On-premises
  • Cloud

Based on Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

Based on Industry Vertical

  • Banking, Financial Services and Insurance (BFSI)
  • Manufacturing
  • Healthcare and Life Sciences
  • Retail and eCommerce
  • Government and Defense
  • Media and Entertainment
  • Telecommunications and IT
  • Others

By Region:

North America

  • By Country (US, Canada, Mexico)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Western Europe

  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Eastern Europe

  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Asia Pacific

  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Middle East

  • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Rest of the World

  • By Region (South America, Africa)
  • By Offering
  • By Component
  • By Application
  • By Deployment Mode
  • By Organization Size
  • By Industry Vertical

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

 

 

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