Natural Language Processing (NLP) Market To Reach USD 28.44 Billion By 2026
Market Summary: Increasing demand for NLP among various industry verticals is one of the significant factors influencing market growth. Market Size – USD 9.80 billion in 2018, Market Growth - CAGR of 14.0%, Market Trends – Proliferation of smart devices. The global natural language processing (NLP) market is expected to reach USD 28.44 Billion by 2026, according to a new report by Reports and Data. Natural language processing (NLP) is a field of artificial intelligence, which aids computers to comprehend, interpret, and operate on human language.One of the intrinsic attributes of Natural Language Processing (NLP) is to comprehend human speech. Natural language processing not only enables the integration of voice understanding into devices and sensors but also allows localization features. Further key findings from the report suggest • By type, rule-based NLP held a significant market share in 2018 and is expected to grow at a rate of 13.4% in the forecast period. This type can provide a lot of insights where one can learn about arbitrary text by finding what words are nouns or verbs or finding a recognizable pattern. • By deployment type, cloud-based is forecasted to experience a faster growth rate in the forecast period. • By services, managed services held a larger market share in 2018 and are expected to grow at a rate of 14.6% in the forecast period. www.reportsanddata.com
Key participants : Apple Inc., Google, Dolbey System Inc., Hewlett-Packard, IBM Corporation, Microsoft Corporation, Netbase Solutions, SAS Institute Inc., Verint Systems Inc., and Amazon Web Services Inc., among others. Segmentation: • Type Cause Outlook (Revenue, USD Million; 2016-2026), Statistical NLP, Rule-Based NLP, Hybrid NLP • Deployment Type Outlook (Revenue, USD Million; 2016-2026), On-Premises Deployment, CloudBased Deployment, Public Cloud, Private Cloud, Hybrid Cloud • Services Outlook (Revenue, USD Million; 2016-2026), Professional Services, Managed Services • Application Outlook (Revenue, USD Million; 2016-2026), Pattern & Image Recognition, Interactive Voice Response (IVR), Text Analytics, Speech Analytics, Optical Character Recognition (OCR), Others • Industry Vertical Outlook (Revenue, USD Million; 2016-2026), IT & Telecom, BFSI, Retail, Healthcare, Media & Entertainment, Government, Others
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Regional Outlook for Natural Language Processing (NLP) Market analyzes the following geographies • North America (United States, Canada, and Mexico) • Europe (Germany, France, UK, Russia, and Italy) • Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) • South America (Brazil, Argentina, Colombia, etc.) • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa
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The report emphasizes the following key questions: • Q.1. What are the most lucrative and promising growth prospects for the market? • Q.2. Which sectors are expected to deliver a high growth rate and which industry aspects come into play in this advancement? • Q.3. Which geographies are estimated to exhibit the highest growth and the underlying causes? • Q.4. Which factors are impacting the future of the market and what are the driving factors? • Q.5. What are the hurdles and challenges curtailing the industry’s growth in the forecast period?
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