Natural
language processing (NLP) is a computer application under artificial
intelligence that can understand human language. This computerized technique
allows human communication to be analyzed and interpreted by the computer on
the basis of a set of technologies and theories. The goal of natural language
processing is to minimize the time taken to understand computer languages such
as Ruby, C, C++, and Java. NLP finds application in the analysis of big data
owing to the fact that massive amounts of data are being generated in current
business scenarios from sources such as audio, emails, web blogs, documents,
social networking sites, and forums. Reports indicate that the global natural
language processing market will prove to be extremely lucrative for the future.
The
major types of natural language processing solutions include statistical NLP,
rule-based NLP, and hybrid NLP. Natural language processing includes several
recognition, analytics, and operational technologies such as optical character
recognition (OCR), auto coding, text analytics, interactive voice response
(IVR), pattern and image recognition, classification and categorization, and
speech analytics. Natural language processing can be a cloud-based or
on-premise model and is used for applications such as information extraction,
question answering, machine translation, and report generation in a number of
industry verticals, including automotive, retail and consumer goods, high tech
and electronics, government, banking, financial services, and insurance (BFSI),
health care and life sciences, research and education, and media and
entertainment.
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The
research report offers readers a clear and objective outlook of the global natural
language processing market and highlights the key driving and restraining
factors along with the opportunities and threats that lie ahead. The various
market dynamics have been carefully analyzed to give clients a clear idea on
the strategic moves of their rivals. The structure and scope of the natural
language processing market have been explored and projections based on past and
current trends have been provided.
Global Natural
Language Processing Market: Key Trends and Opportunities
The
global market for natural language processing is significantly driven by the
massive jump in digital data, the rise in the utility of smart devices, and the
increasing demand for enhanced customer experience. In addition to this, the
surging investments in the healthcare sector and the emergence of several new
application areas are anticipated to further boost the natural language
processing market. The market, however, is faced by a number of challenges that
players need to overcome in order to survive and compete. The main hurdles
include the need for effective predictive technologies, the need to narrow the
gap between machine and man, the implementation of strict government
regulations, and fluctuating customer adoption trends.
Recognition
technologies are the most widely used technologies in NLP. Most companies, from
large enterprises to small-scale organizations, use some form of recognition
technology such as optical character recognition, interactive voice
recognition, or image recognition. Natural language processing is most commonly
used for information extraction and machine translation. IT and telecom,
automotive, and defense and aerospace are the leading industries that use NLP
for various applications.
Global Natural
Language Processing Market: Region-wise Outlook
The
global market for natural language processing is dominated by North America and
Europe since these two regions contribute the most in terms of revenue. Asia
Pacific is projected to expand at the fastest growth rate by the end of the
forecast period, driven by the increasing use of voice recognition in several
industries and the rising spending capabilities of the people. Apart from Asia
Pacific, the Rest of the World – including the Middle East, Latin America, and
Africa – is likely to witness strong growth in the coming years, creating
massive opportunities for key players competing in the global natural language
processing market.
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