Key Companies Covered in NLP Market Research Report are 3M Company, Adobe Systems Inc., Amazon Web Services Inc., Apple Inc., Google (Alphabet Inc.), Hewlett-Packard Enterprise Company, Intel Corporation, Microsoft Corporation, SAS Institute Inc., Other key market players
PUNE, India, Jan. 9, 2020 /PRNewswire/ -- The global Natural Language Processing (NLP) Market size is projected to reach USD 80.68 billion by 2026, thereby exhibiting a CAGR of 32.4% during the forecast period. This information is published by Fortune Business Insights™, in a report, titled, "Natural Language Processing (NLP) Market Size, Share & Industry Analysis, By Deployment (On-Premises, Cloud, and Hybrid), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech and Telecom, BFSI, Automotive & Transportation, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2019-2026." The report further states that the market was USD 8.61 billion in 2018. It is set to gain momentum from the rising demand for big data, improved algorithms, and powerful computing.
Need to Meet Consumer Requirement Instantly Will Propel Market Growth
In today's technology-driven world, it is very important to understand a client's requirements or feedback. But it is becoming extremely difficult to manage this task on account of the availability of numerous channels through which the clients can provide information. Hence, companies require a platform that is suitable for managing their business processes. They are persistently looking for opportunities to improve the capabilities of customer experience (CX). NLP, integrated with artificial intelligence (AI), helps in analyzing the clients' comments or inquiry messages. It then converts those into separate solutions based on the instant responses by the client, available consumer data, and history of information. These factors are expected to boost the natural language processing market growth during the forecast period.
Rising Government Initiatives to Favor Growth in Asia Pacific
In terms of region, the market is fragmented into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Out of these, North America NLP market size was USD 4.12 billion NLP in 2018. The companies present in this region are investing huge sums in the advancement of NLP solutions and the applications associated with them. Apart from that, in the U.S., the amount of unstructured data is rising rapidly, owing to the growth of start-up companies. Those companies are, therefore, deploying NLP services. Also, the rising demand for NLP and AI-equipped products and solutions and good return on investments are set to fuel the market growth in this region.
Asia Pacific, on the other hand, is anticipated to be a fast-growing region in the coming years owing to the increasing adoption of AI. The governments of various countries situated in this region are taking various initiatives to implement AI in the business processes. Amongst them, China is projected to showcase the highest implementation of NLP solutions. The State Council of China, for instance, released its 'New Generation Artificial Intelligence Development Plan' that suggests the country's strategy to create a domestic AI industry valued at approximately USD 150 billion. It is set to become one of the leading AI power by 2030.
Key Industry Developments
The market comprises of several enterprises of all sizes. They are investing huge sums in developing advanced products to gain more NLP market revenue. Besides, some of the other enterprises are engaging in mergers and acquisitions to deliver prompt services to their consumers. Below are a couple of the latest industry developments:
November 2019: Amazon Comprehend, a natural language processing service, has begun supporting real-time custom classification. The user can utilize this feature to route, label, and understand information based on their own business rules. For instance, the person can immediately categorize the support requests and route them to the concerned support team. It would also help in automatically moderating comments as they are flowing on the website.
August 2019: Salesforce, a cloud-based software company, declared that it has acquired Tableau Software, an interactive data visualization software company, headquartered in the U.S. The acquisition has brought together the world's leading analytics platform with the most renowned CRM. Together, they will be able to change the way companies perceive not only their consumers but also the entire world. It would do so by providing AI-equipped insights across all types of use cases and data for people of every skill level.
List of the most significant companies operating in the Natural Language Processing (NLP) Market. They are as follows:
Big Data Technology MarketSize, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 – 2026
Intelligent App Market Size, Share and Global Trend By Service (Google Play, Apple App Store and Others), By Deployment Type (Cloud, On-Premises and Others), By Industry Vertical (BFSI, Telecom, Retail and e-commerce and others) and Geography Forecast till 2025
Artificial Intelligence (AI) Market Size, Share and Global Trend by Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast till 2026
Speech and Voice Recognition Market Size, Share & Industry Analysis, By Component (Solution, Services), By Technology (Voice Recognition, Speech Recognition), By Deployment (On-Premises, Cloud), By End-User (Healthcare, IT and Telecommunications, Automotive, BFSI, Government, Legal, Retail, Travel and Hospitality and Others) and Regional Forecast, 2019 – 2026
Virtual Reality Market Size, Share & Industry Analysis, By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Regional Forecast, 2019 – 2026
Data Integration and Integrity Software MarketSize, Share and Industry Analysis By Component (Tools (Solutions), Services), By Deployment Model (On-Premises, On-Demand), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Others) And Regional Forecast 2019-2026
Fraud Detection and Prevention Market Size, Share and Industry Analysis By Deployment (Cloud & On premises), By Service Type (Fraud Analytics & Authentication), By Industry Vertical (IT and Telecommunication, Retail, Consumer Electronics, Manufacturing, Automotive, Transportation and Logistics, Energy and Utilities) and Regional Forecast 2019-2026
Cyber Security Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019 – 2026
Identity and Access Management Market Size, Share and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Regional Forecast 2019-2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us: Fortune Business Insights™ Pvt. Ltd. 308, Supreme Headquarters, Survey No. 36, Baner, Pune-Bangalore Highway, Pune - 411045, Maharashtra, India. Phone: US: +1-424-253-0390 UK: +44-2071-939123 APAC: +91-744-740-1245 Email:[email protected]