GlobalNatural Language Processing Market was valued at US$ 6.59Bn in 2019 and isexpected to reach US$ 22.59Bn by 2027, at a CAGR of 16.65 % during a forecastperiod.
The report includes the analysis of impact of COVID-19lock-down on the revenue of market leaders, followers, and disrupters. Sincelock down was implemented differently in different regions and countries,impact of same is also different by regions and segments. The report hascovered the current short term and long term impact on the market, same willhelp decision makers to prepare the outline for short term and long termstrategies for companies by region.
Major factors contributing to the growth of the globalNatural Language Processing market are growth in smart device usage, demand forimproved customer experience, and potential growth in machine-to-machinetechnology.
Based on technology segment,the collaborative speechreplytechnology is projected to dominate the global natural language processingmarket.While optical character recognition and pattern image recognitiontechnologies are estimated to grow at the highest rate during the forecastperiod. Also, speech analytics is fast impetus and is growing with a high CAGRin the technology segment of the overall market. This is owing to the highdemand for voice recognition and speech processing systems.
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On the basis of service segment,professional servicessegment is forecast to grow at the highest CAGR, this is owing to the fact thatorganizations are looking for global Natural Language Processing solutionsalong with installation, maintenance, and consulting services in the market.
On the basis of deployment model segment, Organizations arefast deploying Natural Language Processing solutions either on-premises oron-cloud. The increasing demand of removing and forming structured data setsfrom clusters of unstructured data online is driving the development of theon-demand deployment model in the global Natural Language Processing market.Its progress is exactly high in enterprises, where low cost solutions are muchrequired.
In terms of region, North America is projected to have thelargest market share in 2026. Owing to the attendance of a large number ofvendors. MEA offers potential growth openings for the global natural languageprocessing market to grow. The key factors powerful the development rate inthis market are growing data generation in business organizations across theglobel, growing request for improved customer experience, and growth in theimplementation and usefulness of smart devices.
The study report offers booklovers a clear and independentoutlook of the global natural language processing market and highlights theimportant driving and restraining factors along with the opportunities andthreats that lie ahead. The various market dynamics have been carefullyexamined to give clients a clear idea on the tactical moves of their rivals.The structure and scope of theglobal natural language processing market havebeen travelled and forecasts based on past and current trends have beenprovided.
The objective of the report is to present a comprehensiveassessment of the market and contains thoughtful insights, facts, historicaldata, industry-validated market data and projections with a suitable set ofassumptions and methodology. The report also helps in understanding NaturalLanguage Processing Market dynamics, structure by identifying and analyzing themarket segments and project the global market size. Further, the report alsofocuses on the competitive analysis of key players by product, price, financialposition, product portfolio, growth strategies, and regional presence. Thereport also provides PEST analysis, PORTER’s analysis, SWOT analysis to addressthe question of shareholders to prioritizing the efforts and investment in thenear future to the emerging segment in Natural Language Processing Market.
Scope of Global Natural Language Processing Market: Inquirebefore buying
Global Natural Language Processing Market, by Type
• Rule-Based
• Statistical
• Hybrid
Global Natural Language Processing Market, by Technology
• Interactive Voice Response
• Optical Character Recognition
• Pattern and Image Recognition
• Autocoding
• Classification and Categorization
• Text Analytics
• Speech Analytics
Global Natural Language Processing Market, by Service
• Professional Services
• Support and Maintenance Services
Global Natural Language Processing Market, by DeploymentModel
• On-Premise
• On-Demand
Global Natural Language Processing Market, by Application
• Machine Translation
• Information Extraction
• Report Generation
• Question Answering
• Text Processing
GlobalNatural Language Processing Market, by Industry Verticals
• BFSI
• Automotive
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Research and Education
• High-Tech and Electronics
• Media and Entertainment
• Government
• Others
Global Natural Language Processing Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Natural Language ProcessingMarket
• Apple Incorporation
• Dolbey Systems
• Hewlett-Packard Enterprise Company
• International Business Machine Corporation
• Microsoft Corporation
• Netbase Solutions
• SAS Instituite, Inc.
• Verint System
• IBM Corporation
• 3M Co.
• Apple Inc.
• Nuance Communications Inc.
• SparkCognition
• Salesforce.com Inc.
• Inbenta Technologies Inc
• AWS
• Intel
• Baidu
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