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 branch of Artificial Intelligence and Linguistics, dedicated to enabling computers to understand words or statements written in human language. The NLP has rapidly gained the attention of computational analysis and representation of human language. Since not all users are capable of speaking machine-specific languages, NLP makes it possible to communicate with machines in the simplest way possible. NLP has spread its application to a number of sectors, including email spam detection, machine translation, information extraction, healthcare, summarization and answering questions, among 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.
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Several Business Intelligence (Bi) organizations are trying to keep up with the trend and focus on the accessibility of useful data. Although the NLP was initially referred to as the Natural Language Understanding (NLU) in the early days of AI, the NLP objective has not yet been achieved. As the technology matures along with the Artificial Intelligence component, the machine will understand the query better and start delivering the answers rather than the search results. Such technological advances will further stimulate the market with rapid penetration in neglected 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.
"Machine Translation Referred As the Most Lucrative Application in Natural Language Processing (NLP) Market"
Machine translation was one of the oldest non-numeric applications of computing and was intensively concentrated in the late 1950s. However, the hand-built grammar-based systems of the early decades have achieved very limited success. As most of the population is now online, making data accessible to all is a challenge. In recent years, various methods have been proposed to automatically evaluate the quality of machine translation by comparing the hypotheses of translations. With increasing accuracy and efficiency, machine translation applications are expected to reach significant growth rates across a number of industry verticals in the years to come.
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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Solution Segment (2016–2026; US$ Bn)
- Statistical NLP
- Rule-based NLP
- Hybrid NLP
Technology Type Segment (2016–2026; US$ Bn)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Pattern and Image Recognition
- Auto-coding
- Classification and Categorization
- Text Analytics
- Speech Analytics
Service Segment (2016–2026; US$ Bn)
- Managed Services
- Professional Services
Deployment Model Segment (2016–2026; US$ Bn)
- Cloud-based Deployment
- On-premise Deployment
Application Type Segment (2016–2026; US$ Bn)
- Machine Translation
- Information Extraction
- Report Generation
- Question Answering
- Text Processing
Industrial Vertical Segment (2016–2026; US$ Bn)
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecommunications
- Automotive
- Healthcare
- Retail
- Electronics
- Media & Entertainment
- Others (Aerospace, Transportation etc.)
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DoC: https://issuu.com/robsonspot/docs/natural_language_processing__nlp__market.docx
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