The report "Natural Language Processing (NLP) Market
[IVR, OCR, Pattern Recognition, Auto Coding, Text Analytics, Speech
Analytics, Machine Translation, Information Extraction, Question Answer,
Report Generation] - Worldwide Market Forecast and Analysis (2013 -
2018)" defines and segments the global Natural Language
Processing (NLP) market into various sub-segments with in-depth analysis
and forecast of revenues. It also identifies drivers, opportunities
and restraints for this market with insights into industry trends and
their impacts over time.
Browse 105 Market Data Tables and 37 Figures spread through 199 Pages and In-Depth Table Of Content on “Natural Language
Processing (NLP) Market [IVR, OCR, Pattern Recognition, Auto Coding,
Text Analytics, Speech Analytics, Machine Translation, Information
Extraction, Question Answer, Report Generation] - Worldwide Market
Forecast & Analysis (2013–2018)”.
http://www.marketsandmarkets.com/Market-Reports/natural-language-processing-nlp-825.html
MarketsandMarkets has segmented the NLP market by type: rule based NLP, statistical NLP, hybrid NLP; by type of technologies- recognition technologies: Interactive Voice Response (IVR), Optical Character Recognition (OCR) and pattern and image recognition, operational technologies: auto coding and classification and categorization, analytics technologies:
text analytics and speech analytics; by type of services: installation
and maintenance, training and certification, consulting services and
other services; by type of application: machine translation, information
extraction, report generation, question answering and other
applications; by type of end user- Consumer NLP and Enterprise NLP:
it includes BFSI, Automotive, healthcare, IT and Communication, legal
and commercial offices, government defense and aerospace, media and
advertisement, academia and education, web and e-commerce and other
verticals; by deployment type: on-premise NLP and on-demand NLP; by
regions: North America (NA), Asia Pacific (APAC), Europe, Middle East
Africa (MEA) and Latin America (LA).
The major forces driving this market are the growing
demand for enhanced customer experience, increase in adoption of
smartphone, leveraging big data and growth in machine to machine (M2M)
technologies. Furthermore, in industries such as healthcare, BFSI,
social websites and e-commerce channels have witnessed exponential rise
in real time customer data and transaction information. NLP technology
can leverage this unstructured data for analyzing customer needs,
expectations and enhancing customer experience by optimizing cost
effective lingual response system in organizational processes. By using
NLP software solutions, organization can have better insights on
customer’s perception, optimize business processes and reduce
operational cost.
While the NLP market is growing at a steady pace
across various verticals, MarketsandMarkets observes some of the major
vendors such as Nuance Communications, M*Modal, IBM and many other
companies who are continuously innovating their NLP software solutions
which can be easily integrated into enterprise platforms. Further,
MarketsandMarkets expects that on-demand NLP software solutions are
expected to have continuous growth and adoption rate in the long term,
thereby creating customizable stack services and applications
facilitating quicker customer adoption of the same.
MarketsandMarkets observes that there is an
increasing demand of NLP technology in web and e-commerce, healthcare,
IT and telecommunication industry for enhancing customer experience and
operational processes by integrated NLP software solutions. Hence, even
though the adoption of the NLP technology and is majorly seen in
healthcare vertical, we expect that these software solutions will
continue to show steady growth in other verticals as well.
The Natural Language Processing (NLP) market is
estimated to grow from $ 3,787.3 million in 2013 to $9,858.4 million in
2018. This represents a Compounded Annual Growth Rate (CAGR) of 21.1%
from 2013 to 2018. In the current scenario, web and e-commerce,
healthcare, IT and Telecommunication vertical continues to grow and are
the largest contributor for Natural Language Processing (NLP) software
market. In terms of regional growth, North America is expected to be the
biggest market in terms of revenue contribution. European and APAC
region is expected to experience increased market traction, due to
increasing adoption across various verticals and investment support in
research projects from the regional government.
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