Natural Language Processing Market to see 21.1% CAGR for 2013-2018
DALLAS, August 27, 2014 /PRNewswire/ --
ReportsnReports.com offers "Natural Language Processing (NLP) Market [IVR, OCR, Pattern Recognition, Auto Coding, Text Analytics, Speech Analytics, Machine Translation, Information Extraction, Question Answer, Report Generation] - Worldwide Market Forecast & Analysis (2013-2018)" research report in its store. This NLP market report is of 199 pages and profiles companies like 3M, Apple, Dolbey Systems, Fuji Xerox, Google, HP, IBM, M*Modal, Miiatech, Microsoft, Netbase Solutions, Nuance Communications, SAS and Verint Systems. Additionally, it talks about key innovators of the field like Anboto, Artificial Solutions, Lexalytics, Linguamatics, NLP Technologies, Semantic Research, Senexx, Swiftkey, Temis and Yseop. Read more at http://www.reportsnreports.com/reports/269229-natural-language-processing-nlp-market-ivr-ocr-pattern-recognition-auto-coding-text-analytics-speech-analytics-machine-translation-information-extraction-question-answer-report-generation-worldwide-market-forecast-analysis-2013-2018-.html .
The Natural Language Processing (NLP) market is estimated to grow from $ 3,787.3 million in 2013 to $9,858.4 million in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 21.1% from 2013 to 2018. In the current scenario, web and e-commerce, healthcare, IT and Telecommunication vertical continues to grow and are the largest contributor for Natural Language Processing (NLP) software market. In terms of regional growth, North America is expected to be the biggest market in terms of revenue contribution. European and APAC region is expected to experience increased market traction, due to increasing adoption across various verticals and investment support in research projects from the regional government.
The major forces driving natural language processing market (NLP) are the growing demand for enhanced customer experience, increase in adoption of smartphone, leveraging big data and growth in machine to machine (M2M) technologies. Furthermore, in industries such as healthcare, BFSI, social websites and e-commerce channels have witnessed exponential rise in real time customer data and transaction information. NLP technology can leverage this unstructured data for analyzing customer needs, expectations and enhancing customer experience by optimizing cost effective lingual response system in organizational processes. By using NLP software solutions, organization can have better insights on customer's perception, optimize business processes and reduce operational cost.
The report provides a comprehensive analysis of the major market drivers, restraints, opportunities, challenges and addressed the key issues in the natural language processing market. The report also analyzes global adoption trends and future potential areas of adoption across the different technologies. Furthermore, the report gives detailed analysis on global trends and forecasts, competitive landscape and analysis on VC funding and M&A, related to Natural Language Processing market. The Natural Language Processing market research report categorizes the global market on the basis of types, technologies, services, verticals, applications and regions. Order a copy of this report at http://www.reportsnreports.com/Purchase.aspx?name=269229 .
Natural Language is easier for humans to learn and exercise but difficult for computers to comprehend. It is accepted fact that machines have proven their potential in computationally intensive tasks. However, they still fall short to master the basics of spoken and written languages. Natural language processing is a human to computer interaction, which analyses and understands both spoken and written forms of human languages. It helps computers in formulating basic and advanced levels of interactions with humans. This form of communications assists the computer to perform various other additional tasks. Few such applications include processing of large amounts of data by utilizing natural language processing for information retrieval, information extraction, automatic summarization, machine translation and dialogue systems.
While the NLP market is growing at a steady pace across various verticals, this research observes some of the major vendors such as Nuance Communications, M*Modal, IBM and many other companies who are continuously innovating their NLP software solutions which can be easily integrated into enterprise platforms. Further, MarketsandMarkets expects that on-demand NLP software solutions are expected to have continuous growth and adoption rate in the long term, thereby creating customizable stack services and applications facilitating quicker customer adoption of the same.
The report also observes that there is an increasing demand of NLP technology in web and e-commerce, healthcare, IT and telecommunication industry for enhancing customer experience and operational processes by integrated NLP software solutions. Hence, even though the adoption of the NLP technology and is majorly seen in healthcare vertical, we expect that these software solutions will continue to show steady growth in other verticals as well.
105 data tables and 37 figures are provided in Natural Language Processing (NLP) Market [IVR, OCR, Pattern Recognition, Auto Coding, Text Analytics, Speech Analytics, Machine Translation, Information Extraction, Question Answer, Report Generation] - Worldwide Market Forecast & Analysis (2013-2018) research report along with all the market information and analysis.
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