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Global Natural Language Processing Report 2019 | Fastest Market Growth and Opportunities to 2026

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JSB Market Research Provides Latest Trending Reports on Global Natural Language Processing Market Size study, by Type, Application and Regional Forecasts 2019-2026 under Electronics Category. The Global Natural Language Processing Market is expected to grow at a CAGR of 15.7% during the forecast period. The report comprises a competitive analysis of the key players, recent strategies, drivers and challenges & opportunities of the market.

The global Natural Language Processing is expected to grow at a CAGR of 15.7% during the forecast period. Natural language processing (NATURAL LANGUAGE PROCESSING) is a component of artificial intelligence and it helps computers connect with humans in their own language. For instance, natural language processing makes it possible for computers to hear speech, read text, measure sentiment, interpret it, and decide which portions are important.

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The main focus of natural language processing is to minimize the time taken to comprehend computer languages, such as Java, C, C++, and many more. Natural language processing is also used in big data analytics, due to the fact that huge amounts of data are being produced from sources like web blogs audio, social networking sites, emails, documents, and forums.

The natural language processing report provides analysis for the period from 2016 to 2026, where 2019 to 2026 is the forecast period with 2018 as the base year. This report on natural language processing covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market.

An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the coming years.

The global natural language processing market has been segmented on the basis of deployment, technology, type, application, and end-use. On the basis of deployment, the market has been segmented into on-premise and cloud. The cloud segment is further classified into public cloud, private cloud, and hybrid cloud. Based on technology, the market has been segmented into optical character recognition (OCR), speech analytics, interactive voice response (IVR), image recognition, and others.

The type segment is further classified into statistical natural language processing, rule-based natural language processing, and hybrid natural language processing. On the basis of applications, the market can be classified into report generation, information extraction, machine translation, and others. Based on end-use, the natural language processing market can be segmented into automotive, retail and consumer goods, healthcare, banking, financial services and insurance, government, and others.

The optical character recognition segment is expected to hold the largest market share of natural language processing in the coming years
Recognition technologies are the most extensively used technologies in natural language processing. Maximum companies, from large to small enterprises use certain forms of recognition technology like interactive voice recognition, optical character recognition, or image recognition. Recognition technology is mainly used for machine translation and information extraction.

The speech analytics segment is expected to witness the fastest growth during the forecast period

Speech analytics allows users to make serious business decisions by providing faster and in-depth analyses of voice data. Speech analytics is gaining huge importance among various enterprises across the world, since the old-style text-based analytics used by companies is unable to handle complex business issues.

Several enterprises are using speech analytics to make leading-edge analytics solutions so as to gain a better understanding of customer requirements. The on-premise speech analytics is mostly preferred by organizations. This is due to the fact that organizations with complicated IT structures that require a high amount of integration with other applications, opt for the on-premise speech analytics. For instance, sales support, CRM, marketing, and other technical support tools generally favour the on-premise model to alleviate compatibility issues.

North America and Europe region dominated the market in 2018 and expected to show similar trend in the coming years

In terms of different regions, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa & Latin America. North America and Europe is anticipated to dominate the market in 2018 and are anticipated to show alike trend in the coming years. Among the countries in North America, the U.S accounted for the majority of market share in 2018. Advancement of technological developments and wide adoption of technologies over the years is a major factor resulting in the rise in demand for natural language processing. In addition, in May 2018, the United Kingdom and the United States launched an AI hub to modernize new disruptive technologies for defence and security applications, which can bolster the advanced utilization of natural language processing.

The Asia-Pacific region is expected to witness the fastest growth during the forecast period. China and Japan are the major countries that are generating opportunities in the natural language processing market. Increasing government initiative for conservation of water is one of the the major factors to trigger the overall market growth of natural language processing in this region.

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. These players have stepped up new product innovations and new product launches, in order to gain more attention from the customers. Additionally, the growth of the market is attributed to geographical expansion, strategic mergers & acquisitions and joint ventures & partnerships, in order to guarantee long-term sustenance in the market.

SAS Institute Inc. announced US$ 1 billion investment in artificial intelligence over the next three years through development of software, expert services, education and others. The artificial intelligence mainly comprises of deep learning, natural language processing, computer vision and advanced analytics.

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