Market Research Report
Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021
|Published by||MarketsandMarkets||Product code||286469|
|Published||Content info||142 Pages
Delivery time: 1-2 business days
|Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021|
|Published: July 20, 2016||Content info: 142 Pages||
The NLP market size is expected to grow from USD 7.63 billion in 2016 to USD 16.07 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1%. Major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.
The growing demand of extracting and forming structured data sets from clusters of unstructured data online is driving the growth of the on-demand deployment model in the NLP market. This model aligns expenditure to business requirement and its growth is specifically high in enterprises, where low cost solutions are much required.
The media & entertainment and research & education verticals are expected to play a key role in the NLP landscape and are expected to grow with high growth rates in the next five years. Sentiment analysis is widely applied to review social media for a variety of applications, ranging from marketing to customer service. NLP is also an effective approach for bringing improvement in educational setting.
The MEA region is expected to be the fastest growing market among all the regions. The growth of the market is due to increased spending capabilities of the people and rise in the use of voice recognition application by various industries.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
Today, almost every business function of an organization, namely marketing, sales, finance, operations, and HR are looking for solutions that could help them interact more effectively with outside world in a future-proof fashion. Thus, the scope and challenges associated to statistical NLP solutions that use machine learning technology is gaining high traction across a number of industries.
The various key NLP vendors profiled in the report are as follows:
The report will help the market leaders/new entrants in this market in the following ways:
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.