Natural Language Processing (NLP) Market- Steady Technology Development to Stimulate the Demand
The global Natural Language Processing (NLP) market accounted to hit the market value of US$ 28.60 Bn in 2026 and expected to witness CAGR of 11.71% across the forecast period through 2018 to 2026.
Market Insights
Natural Language Processing (NLP) is a tract of Artificial Intelligence and Linguistics, dedicated to enabling computers understand the words or statements written in human language. NLP has rapidly gained the attention of analyzing and representing human language computationally. Since all users may not be proficient in machine specific language, NLP enables the simplest possible manner to communicate with machines. NLP has spread its application in numerous sectors such as email spam detection, machine translation, information extraction, healthcare, summarization and question answering among several others.
Overall Natural Language Processing (NLP) market segmented on the basis of solution, technology, services, deployment model, application and industrial vertical. In 2017, healthcare sector was the most lucrative industrial vertical in overall NLP market. NLP enables physician to excerpt and summarize information of any drug dosage, symptoms and response data with purpose of categorizing possible side effects of any medicine. North America was the largest market for natural language processing in 2017 followed by Europe, chiefly due to promisingly growing adoption for Artificial Intelligence (AI) technology across almost all industrial verticals. The U.S. encompasses the presence of number of key market players such as 3M Company, Apple Inc., Google LLC, Hewlett-Packard Corporation and International Business Machines Corporation among several others.
Several organizations from Business intelligence (Bi) trying to get with trend and focusing on accessibility of useful data. Though the NLP was initially referred as Natural Language Understanding (NLU) in the early days of AI, the goal of NLP has not been accomplished yet. As the technology matures along with Artificial Intelligence component, the machine will understand the query better and start to deliver answers rather than search results. Such advancement in technology will further stimulate the market with rapid penetration in overlooked sectors. With rising competitive nature and penetration of Artificial Intelligence technology across almost all industrial sectors, NLP market accounted to grow with immense rate throughout the forecast period.
“Swelling Application Area of NLP to Ensure Dominating Position of North America Market”
Presently, North America leads the overall natural language processing market with lion share. In 2017, the region contributed to more than 1/3rd of the total market value generated worldwide. Europe was the second largest contributor to the market followed by Asia Pacific in same year. The U.S. dominated the overall market with presence of key natural language processing companies. These organizations are steadily investing in AI, thereby driving the overall NLP market growth here. For instance, in 2016, Google, LLC announce that AI plays a vital role in organizations strategy for future growth. In 2017, Google, LLC launched the project focusing research on the way people communicate with AI systems called People + AI Research Initiative (PAIR). Further, Spotify uses AI for renowned music recommendation and NLP that interpret audio and text models. With swelling application area, NLP market expected to grow with promising rate throughout the forecast period.
Key players of global enterprise governance, risk and compliance market include Apple Inc., 3M Company, Google LLC, Dolbey Systems, Inc., International Business Machines Corporation, Hewlett-Packard Corporation, Amazon.com, Inc., NetBase Solutions, Inc., Microsoft Corporation, SAS Institute Inc., Verint Systems, SparkCognition, Inc., Naunce Communications, Inc., Inbenta Technologies Inc. and others.
Key questions answered in this report
- What was the market size of natural language processing (NLP) in 2017 and forecast up to 2026?
- Which is largest regional market for natural language processing?
- What are the key market trends observed in the natural language processing market?
- Which are the most promising solution, technology, services, deployment model, application type and industry verticals in natural language processing market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key trends across different geographies and sub-geographies?
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