Natural Language Processing (NLP) market is growing tremendously owing to growing application in artificial intelligence and machine learning technology. NLP technology supports computer to understand and process the naturally spoken human languages. NLP technology in combination with machine learning read, decipher, understand, and make sense of human speech and convert it into a readable form understands by the computers. The NLP has a wide range of applications including language translation applications such as Google Translate, interactive Voice Response (IVR) applications used in call centers to respond to certain users’ requests and many more.
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The increased adoption rate among different devices, growing demand for M2M (machine to machine) translation, better insights of customer’s perception, and optimized business processes are the factors driving the natural language processing market. Additionally, the demand for the enhanced customer experience is increasing the demand for NLP based solutions and services in the end-user industries such as retail, e-commerce, IT and many more. However, the inability to recognize the voice from different patterns, noises, tones will hamper the natural language processing (NLP) market. Also, the high installation cost associated with the NLP based solutions and services, and fluctuating customer adoption trends are attributed to restrain the market growth.
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Some of the major players in the market includes Google LLC, IBM Corp., Microsoft Corp., Facebook, Inc., and SAS Institute, Inc. These companies are using organic as well as inorganic growth strategies to increase market share and gain a competitive advantage over each other. For instance, in May 2018, Microsoft Corp. acquired Semantic Machines Inc., a US-based firm with an innovative approach to build conversation AI. Microsoft Corp. has driven research and advances in the fundamental building blocks of conversational AI, including natural language understanding and speech recognition. This acquisition will enable the company to take conversational computing to a new level.
Global Natural Language Processing Market- Segmentation
By End-User
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Retail and E-commerce
- IT & Telecom
- Others (Manufacturing, Education, Media & Entertainment and Government)
By Deployment Type
- On-Premise
- Cloud-based
By Technology
- Optical Character Recognition (OCR)
- Speech and Text Analytics
- Interactive Voice Response (IVR)
- Pattern and Image Recognition
Global Natural Language Processing Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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