The market for natural language processing (NLP) is expected to reach US$ 45 billion, growing at a CAGR of 23%. (2022-2032). The total market sales for NLP are projected to increase by 3.8x and reach more than US$ 14 Bn.
North America holds the largest market share. The increasing usage of NLP in end-user industries is responsible for the growing demand of the product. The high rate of adoption of advance technologies and developments in infrastructure are the primary reasons responsible for the market growth. Asia-Pacific is expected to grow at a lucrative rate owing to the growing use of AI and ML technologies in the region.
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Key players in the natural language processing (NLP) market are Alphabet Inc., IBM Corporation, Amazon Web Services Inc., 3M Company, Microsoft Corporation, Apple Inc., Dolbey Systems, Inc., Veritone Inc., Facebook Inc., Health Fidelity Inc., SAS Institute Inc., Intel Corporation, Linguamatics Ltd., Bitext Innovations, Conversica Inc., Automated Insights Inc., Narrative Science, Inbenta Technologies Inc., SparkCognition and others. In October 2019, Facebook AI released a dataset which had coding questions along with the code snippet answers, which will be interpreting code search systems.
The deployment mode segment includes on-premise and cloud. Cloud segment holds the largest market share owing to it’s flexible and scalable characteristics for analysis of big data. It also helps the users to analyze the multi-lingual content and web contents.
The vendors prefer cloud-based NLP initiatives for their business. Thus, it is expected to grow at a prospering rate. The component segment includes solutions and services. The solutions further include software tools and platform. The services further include managed services and professional services. Solutions are the major sub-segment. The perceived benefits have increased the usage of NLP solutions around the world.
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The demand for customized solutions has resulted in the market growth of the segment. The type segment includes rule-based NLP, hybrid NLP and statistical NLP. Statistical NLP is the more preferred type. It uses statistical and probabilistic methods for solving various contents. It is more accurate as it is based upon certain numeric analysis.
The technology segment includes optical character recognition (OCR), interactive voice response (IVR), text analytics, speech analytics, auto coding, classification and characterization and pattern & image recognition. Among these, text analytics is the dominant technology. It is gaining importance in a variety of fields like retail, marketing, finance, etc.
This technology helps to break down heaps of texts and filter out some useful extracts. The organization size segment includes small & medium organizations and large organizations. NLPs are more useful in large organizations. Thus, large organizations constitute major shares of the growth. These organizations have huge data which is needed to be processed. The large capacity demands for extensive applications like NLPs.
The application segment includes machine translation, information extraction, question answering, text classification, report generation, sentiment analysis, language identification, spam recognition and others. Machine translation is the dominant application.
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Key Segments Profiled in the Natural Language Processing NLP Market Survey
Technology:
- Auto coding
- Text Analytics
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
Type:
- Rule Bases Natural Language Processing
- Statistical Natural Language Processing
- Hybrid Natural Language Processing
Service:
- Integration Services
- Consulting Services
- Maintenance Services
Deployment Model:
- On-Premise
- On-Demand
Application:
- Sentiment Analysis
- Data Extraction
- Risk and Threat Detection
- Automatic Summarization
- Content Management
- Language Scoring
- Others (Portfolio Monitoring, HR and Recruiting, and Branding and Advertising)
Vertical:
- Healthcare Sector
- Public Sector
- Retail Sector
- Media & Entertainment
- Manufacturing
- Other Sector
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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