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Global Natural Language Processing Market Growth, Market Future Outlook- Ken Research
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Natural language processing is also called as a computational linguistics is a mixture of machine learning, artificial intelligence and linguistics. Hence, the automotive, healthcare, education and the retail sectors are comprehensively investing in the technology, as the NLP is continuously developing and is capable of interpreting and adapting to a huge variety of the human languages. For instance, in the present digitized world, 80% of the data created is unstructured. A myriad of the unstructured data is existing online in the form of visual content, social footprints and audio content. NLP is gradually becoming pervasive in business enterprises and it has a huge series of functions ranging from chatbots and digital assistants such as Google Home, Siri and Alexa to obedience monitoring functions, business intelligence and analytics. Not only has this, the players of this market are more significant doing effective developments in the technology of natural language processing for increasing the demand from the other industries and leading the fastest market growth in the coming years.
According to the report analysis, ‘Global Natural Language Processing Market: Drivers, Restraints, Opportunities, Trends, And Forecasts To 2023’ states that there are several key players which are recently functioning in this market more significantly for acquiring the highest market share around the globe by doing technological developments and improvement in the specifications of this technology for raising the demand includes Microsoft Corporation, IBM Corporation, Google Inc. Apple Inc., Addstructure, Angel.ai, Klevu Oy, Twiggle, Dialogflow (Formerly known as Api.ai), Mindmeld (Acquired by Cisco), DigitalGenius, inbenta, Satisfi Labs Inc., and NetBase. Additionally, the technological mainstays namely Google, IBM, Microsoft and others are making an effective amount of investment in the field of natural language processing. NLP and text analytics have a prominent role to play in social media sentiment analysis, business intelligence, data governance, cognitive computing and business intelligence.
Although, according to research, the Global Natural Language Processing market is anticipated to grow at a significant CAGR of 18.78% during the forecast period of 2017-2023. While, the market of natural language processing is segmented differently this majorly includes offerings, technologies, regions and verticals. Whereas, on the basis of region, the market is further segmented into North America, EMEA, APAC and Latin America. Moreover, the sector of offerings is also further split into the Software, Hardware and Services.
Additionally, NLP supports in building the relationships in documents, carrying out search, understanding the differentiations of sentences and phrases and determining names and places through semantic technologies. Moreover, the market is driven by the aspects such as the existence of a high volume of unstructured data, developed the effectiveness of smart devices, increased in the usage of NLP in call centers, and improved demand for better customer experience and spacious application areas. The future prospective of the market is promising due to the opportunities such as improvements in big data technologies, democratization of data, smart search and the development of human-like virtual assistants. Therefore, in the near future, it is expected that the market of natural language processing will increase around the globe more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications
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