Global Natural Language Processing (Statistical, Rule-Based & Hybrid) Market Outlook to 2024
DUBLIN, Feb. 3, 2020 /PRNewswire/ -- The "Natural Language Processing Market Research Report: By Type, Deployment Type, Component, Application, Industry - Industry Trends And Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Valuing $8.3 billion in 2018, the natural language processing (NLP) market is expected to progress at a 19.7% CAGR during 2019-2024 (forecast period) to $22.9 billion by 2024.
In 2018, the banking, financial services, and insurance (BFSI) sector led the market, based on industry, as unstructured data is created in the sector in huge volume. This is why companies are turning to NLP to study it, extract valuable insights, make effective decisions, and offer their customers better financial solutions.
A growing trend in the natural language processing market is the usage of conversational bots, primarily because of companies' focus on virtual assistants. The new chatbots being deployed bring businesses and customers closer, via the use of NLP. Such bots help organizations make their processes, particularly those related to customer care, better, by dealing with numerous languages. Chatbots serve as the first point of contact when dealing with customers' queries. Additionally, they are also helpful in generating leads from social media, by first identifying potential customers and then interacting with them as a human agent would.
To survive in these times, where competition keeps intensifying, companies are shunning their traditional business models in favor of automation, in order to decrease their operational costs, instance of human error, better their business growth rate, smoothen work processes, and improve the quality of their products/services. For instance, several companies are using an AI program to manage their accounts, as doing it manually takes up a lot of time. Thus, the growing trend of automation is serving as an important natural language processing market growth driver.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Deployment
1.3.3 Market Segmentation by Component
1.3.4 Market Segmentation by Application
1.3.5 Market Segmentation by Industry
1.3.6 Market Segmentation by Region
1.3.7 Analysis Period
1.3.8 Market Data Reporting Unit
1.3.8.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 by Type
4.1.1.1 Statistical
4.1.1.2 Rule-Based
4.1.1.3 Hybrid
4.1.2 by Deployment
4.1.2.1 Public Cloud
4.1.2.2 Private Cloud
4.1.2.3 Hybrid Cloud
4.1.3 by Component
4.1.3.1 Solutions
4.1.3.1.1 Auto Coding
4.1.3.1.2 Text Analytics
4.1.3.1.3 Speech Analytics
4.1.3.1.4 IVR
4.1.3.1.5 Pattern & Image Recognition
4.1.3.1.6 Optical Character Recognition
4.1.3.2 Services
4.1.3.2.1 Managed
4.1.3.2.2 Professional
4.1.4 by Application
4.1.4.1 Information Extraction
4.1.4.2 Question Answering
4.1.4.3 Machine Translation
4.1.4.4 Report Generation
4.1.4.5 Text Processing
4.1.5 by Industry
4.1.5.1 BFSI
4.1.5.2 Automotive
4.1.5.3 Healthcare
4.1.5.4 Retail
4.1.5.5 IT & Telecommunication
4.1.5.6 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Growing Adoption of Cognitive Computing Technology
4.3.1.2 Deployment of Semantic Search Platforms
4.3.1.3 Rising Adoption of Conversational Bots
4.3.2 Drivers
4.3.2.1 Increasing Focus on Customer Experience
4.3.2.2 Growing Shift in Businesses Toward Automation
4.3.2.3 Need for Managing Large Volumes of Data
4.3.2.4 Increasing Demand in Contact Centers
4.3.2.5 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 Lack of Skilled Resources
4.3.3.2 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Need for an Efficient Human-Machine Interface
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Deployment
5.3 By Component
5.3.1 By Solutions
5.3.2 By Services
5.4 By Application
5.5 By Industry
5.6 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. MEA Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players and Their Offerings
11.2 Competitive Benchmarking of Key Players
11.3 Market Share Analysis of Key Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Partnerships
Chapter 12. Company Profiles
12.1 Alphabet Inc.
12.1.1 Business Overview
12.1.2 Product and Service offerings
12.1.3 Key Financial Summary
12.2 Microsoft Corporation
12.3 International Business Machines (IBM) Corporation
12.4 SAS Institute Inc.
12.5 Inbenta Technologies Inc.
12.6 Apple Inc.
12.7 Nuance Communications Inc.
12.8 Verint Systems Inc.
12.9 Hewlett Packard Enterprise (HPE) Company
12.10 3M Company
For more information about this report visit https://www.researchandmarkets.com/r/72hiu
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article