Market Research Report
Natural Language Processing (NLP) Market Research Report: By Type, Deployment Type, Component, Application, Industry - Industry Trends And Growth Forecast to 2024
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||923211|
|Published||Content info||183 Pages
Delivery time: 2-3 business days
|Natural Language Processing (NLP) Market Research Report: By Type, Deployment Type, Component, Application, Industry - Industry Trends And Growth Forecast to 2024|
|Published: December 1, 2019||Content info: 183 Pages||
Valuing $8.3 billion in 2018, the natural language processing (NLP) market is expected to progress at a 19.7% CAGR during 2019-2024 (forecast period) to $22.9 billion by 2024. In 2018, the banking, financial services, and insurance (BFSI) sector led the market, based on industry, as unstructured data is created in the sector in huge volume. This is why companies are turning to NLP to study it, extract valuable insights, make effective decisions, and offer their customers better financial solutions.
A growing trend in the natural language processing market is the usage of conversational bots, primarily because of companies' focus on virtual assistants. The new chatbots being deployed bring businesses and customers closer, via the use of NLP. Such bots help organizations make their processes, particularly those related to customer care, better, by dealing with numerous languages. Chatbots serve as the first point of contact when dealing with customers' queries. Additionally, they are also helpful in generating leads from social media, by first identifying potential customers and then interacting with them as a human agent would.
To survive in these times, where competition keeps intensifying, companies are shunning their traditional business models in favor of automation, in order to decrease their operational costs, instance of human error, better their business growth rate, smoothen work processes, and improve the quality of their products/services. For instance, several companies are using an AI program to manage their accounts, as doing it manually takes up a lot of time. Thus, the growing trend of automation is serving as an important natural language processing market growth driver.