The Global Natural Language Processing Market size is expected to reach $29.5 billion by 2025, rising at a market growth of 20.5% CAGR during the forecast period. Natural language processing involves several different techniques for human language interpretation, ranging from statistical and machine learning methods to algorithmic and rules-based approaches. A wide range of approaches are necessity because text-and voice-based data, like practical applications, varies widely. Basic NLP tasks include tokenization and sorting, lemmatization/stemming, speech tagging, language detection, and semantic relationship identification. NLP tasks generally break down language into smaller, simpler pieces, understand the relationships between the pieces, and explore how the pieces work together to create meaning.
Global Natural Language Processing Market Size
Growing demand for enhanced customer experience, increased use of smart devices, increased choice in application areas are expected to drive growth in the natural language processing market. Moreover, growing investments in the healthcare industry, increasing deployment of cloud-based and web business applications with rising machine-to-machine technology are further fueling the growth of the demand for natural language processing. Natural language processing demand is anticipated to witness an increase in professional services around the globe with growing need. Being an easily deployable and cost-effective cloud platform, natural language processing makes it more suitable for professional services.
Global Natural Language Processing Market Share
Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Text Classification, Machine Translation, Question Answering, Sentiment Analysis, Information Extraction, Automatic Summarization and Others. The sentiment analysis application is one of NLP's most common tools, with a large number of courses, tutorials, and applications focused on analyzing feelings from different datasets, ranging from corporate surveys to movie reviews. It is the automated process that uses AI to classify positive, negative, and text-neutral opinions. Analysis of sentiment is widely used to gain insights from comments on social media, survey responses, and product reviews, and to make decisions based on data. Based on type, the market is segmented into Rule Based, Statistical and Hybrid. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is projected to have the largest market size during the forecast period, while the region is witnessing rapid technological advances; thus, the high adoption of digital technologies is one of the drivers of NLP market growth in the region. In addition, the region, a well-established economy, has seen large-scale investment in AI-enabled infrastructure, as a result of which both start-ups and well-established companies are more focused on developing creative NLP-enabled solutions for diverse verticals.
Free Valuable Insights: Global Natural Language Processing Market to reach a market size of $29.5 billion by 2025
Natural Language Processing Market Cardinal Matrix
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, Microsoft Corporation, Google, Inc., and Apple, Inc. are some of the forerunners in the Natural Language Processing Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Google, Inc., Amazon.com, Inc., Apple, Inc., Facebook, Inc., Intel Corporation, SAS Institute, Inc., Baidu, Inc., Health Fidelity, Inc., Conversica, Inc., and Inbenta Technologies, Inc.
» Partnerships, Collaborations and Agreements:
» Acquisition and Mergers:
» Product Launches and Product Expansions:
Market Segmentation:
By Component
By Application
By Type
By Deployment Type
By Industry Vertical
By Geography
Companies Profiled
According to a new report published by KBV Research, The global Natural Language Processing market size is expected to reach $29.5 billion by 2025.
The major factors that are anticipated to drive the Natural Language Processing industry include extensive adoption of speech analytics solutions across global enterprises and rapid growth of the healthcare and life sciences vertical.
Asia Pacific region market would witness a highest CAGR of 22.7% during (2019-2025).
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