Natural Language Processing Industry 2021
The Natural Language Processing Industry is a part of artificial intelligence that aids the computers to understand, interpret and manipulate human language. The technology includes many disciplines, including computer science and computational linguistics, in its pursuit to bridge the gap between computer understanding and human communication. The NLP helps computers to communicate with humans in their own language along with other language-related tasks. One such example is the implementation of NLP through which it helps computers to read the text, hear speech and then interpret it. Some advanced applications includes the measurement of sentiments and to determine which parts of the message is important.
In terms of revenue, the Natural Language Processing Industry stood at US$ 12,749 Mn in 2018, and is anticipated to reach US$ 42,591 Mn by 2027, expanding at a CAGR of 18.4% during the forecast period. The detailed research study provides qualitative and quantitative analysis of Natural Language Processing Industry.
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Major Key Players:
Key players operating in the global Natural Language Processing Industry are 3M Company, Abe AI Inc., Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io AG, DigitalGenius, Inc., Dolbey Systems, Inc., Expert System S.p.A., ExplosionAI GmbH, Flamingo Ai, Google LLC, Hewlett Packard Enterprise Co., IBM Corporation, Lexalytics, Inc., Microsoft Corporation, MobVoi Inc. (HK SMARTMV LIMITED), MonkeyLearn Inc., NetBase Solutions, Inc., SAS Institute Inc., SoundHound, Inc., TextRazor Ltd., Verint Systems Inc. amongst others.
Key Findings of the Report:
In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period
Statistical type among the different types of NLP model accounted for a significant market share in 2018 and is expected to grow at a CAGR of 15.9% over the forecast years.
On-premise deployment hold the largest market share among deployment models that are offered by various software companies. Although the companies are adopting new technologies, the data security still remains a concern.
Growing demand for enhanced customer experience is one of the major factors behind the growth of global Natural Language Processing Industry.
Market Segmentation
By Type
Rule Based
Statistical
Hybrid
By Deployment Model
On-Premise
Cloud
By Technology
Interactive Voice Response (IVR)
Optical Character Recognition (OCR)
Pattern and Image Recognition
Autocoding
Classification and Categorization
Text Analytics
Speech Analytics
By Service
Managed Service
Professional Service
By Application
Information Extraction
Machine Translation
Report Generation
Others
By End User
Banking, Financial Services and Insurance (BFSI)
IT and Telecommunication
Government
Retail & Consumer Goods
Healthcare
Education
Automotive
Media and Entertainment
Energy and Utilities
Others
By Region
North America
U.S.
Canada
Mexico
Europe
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