” The Asia-Pacific region is expected to witness the fastest growth during the forecast period”
The global natural language processing is expected to grow at a CAGR of 15.7% during the forecast period. Natural language processing (NLP) is a computer application that is a branch of artificial intelligence and it is capable of comprehending human language. This computerized method lets human communication to be interpreted and analyzed by computers on the basis of a set of theories and technologies.
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Natural language processing mostly works as a connection between machines and humans. It helps to improve the interaction by evaluating the written and spoken languages accordingly. The main objective of developing natural language processing is to frame a solution that can analyze, comprehend, and create languages that humans can comprehend.
These solutions have become important for enterprises. For instance, the Royal Bank of Scotland practices text analytics which is a natural language processing technique, in order to abstract significant trends from client feedbacks in several forms. The company evaluates data from surveys, emails, and call center conversations to recognize the main reason behind customer disappointment and to implement developments.
Key Developments/Recent News:
The global natural language processing market is driven by the increasing demand for digital data, an increase in the use of smart devices, and the growing demand for improved customer experience. Moreover, the increasing investment in healthcare is also projected to boost the growth of the natural language processing market. However, stringent government rules and regulations and fluctuating customer trends are some important factors that are anticipated to hinder the market growth during the forecast period.
CPs & CI
The major players operating in the global natural language processing are IBM Incorporation, 3M, Google, Microsoft Corporation, HPE, Apple Incorporation, Verint Systems, Dolbey Systems, SAS Institute Inc., and NetBase Solutions, among others.
The major players operating in the natural language processing market are emphasising on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customers. For instance, SAS Institute Inc. has announced US$ 1 billion investment in artificial intelligence over the next three years through the development of software, expert services, education, and others. Artificial intelligence mainly comprises of deep learning, natural language processing, computer vision, and advanced analytics.
Key Questions Answered
• What is the market value of the overall natural language processing market and segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the regional and the country level?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?