The Global NLP Market is expected to grow at a significant CAGR during the forecast period (2021-2027). Natural language processing serves as a link between humans and machines. The input instructions supplied by humans are straightforward for computers to interpret with their assistance. It’s also a type of artificial intelligence (AI) that recognizes, interprets, and manipulates human languages. Because of the growing popularity of human-to-machine interactions and the requirement for big data technologies, natural language processing is fast gaining traction.
Machine learning methods also need a thorough grasp of the human-language input data. As a result, natural language processing will become more widely used in the future years. It also adds mathematical structure to a variety of applications, such as speech recognition and content analytics.
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NLP solutions/services are widely used in a variety of industries, including healthcare, manufacturing, BFSI, advertising, and automotive. Manufacturing, robotics, and process automation are all end-users of these solutions/services. NLG has been integrated into robots, which helps the manufacturing industry increase production efficiency and workflow. As a result, acceptance of these solutions is expected to increase.
One of the major drivers and investors in the NLP market is large corporations. The use of NLP is anticipated to rise as these businesses employ deep learning, as well as supervised and unsupervised machine learning technologies for diverse applications. Large businesses are adopting these technologies for a variety of reasons, including cost and risk.
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For Instance, NetBase announced a merger with Quid, one of the leading firms in AI-driven text analytics, in January 2020. The merged firm will have a stronger range of next-generation consumer and market intelligence solutions as a consequence of this transaction. Contextual insights that highlight business patterns across all types of structured and unstructured data will be delivered by the combined organization.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Type
o By Deployment
o By Size of the Organization
o By Processing Type
o By End-User Industry
- Competitive Landscape: Microsoft Corporation, SAS Institute Inc., Hewlett-Packard, Dolbey Systems, Google, Netbase Solutions, IBM Corporation, 3M Company, and Apple Inc. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
NLP Market – Segmentation
By Deployment
- On-premise
- Cloud
By Size of the Organization
- Large Organizations
- Small and Medium Organizations
By Type
- Hardware
- Software
- Services
By Processing Type
- Text
- Speech/Voice
- Image
By End-user Industry
- Education
- BFSI
- Healthcare
- IT and Telecom
- Retail
- Manufacturing
- Media
- Entertainment
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