Natural Language Processing (NLP) Market
An Natural Language Processing (NLP) Market is an technical market whose market transactions are for natural language processing systems.
- Context:
- It can (typically) be a part of an AI Market.
- …
- See: Data Mining Market, Database Market.
References
2013
- "Natural Language Processing (NLP) Market - Worldwide Market Forecast & Analysis (2013–2018)".
- The use of computers, smartphones and other connecting devices has revolutionized communication modes and business processes. This increasing trend for machine usage has also brought about the need for reducing the gap between human and machine interaction for better experience and enhanced applications. The big data phenomenon has created a rising demand for robust Natural Language Processing technologies which can extract and process human speech on real time basis. This demand was seen to be high in industries such as healthcare and capital market. Furthermore, the rising amounts of social media content having rich unstructured information about customer's perception and brand value has further encouraged the usage of Natural Language Processing technologies in various applications. There is a growing demand for sentiment analysis in many business organizations across the globe.
Currently, rule based NLP, statistical NLP and hybrid NLP solutions are the leading forms of Natural Language Processing solutions. These forms are fulfilling customer's requirements in the marketplace. There is an ever growing need for innovation in this market. Organizations are not hesitant to spend in building innovative processing engines that can be used with new technologies, such as machine to machine communication and multimodal data receptions. In the healthcare industry, the demand for technologies is becoming much more prominent.
Computer assisted coding is the leading form on Natural Language Processing technology in the healthcare sector. Furthermore, the usage of NLP can be customized based on the functionality types, response requirements and business language followed by the industry. For instance, in the healthcare sector, there are standards such as ICD-9 and ICD-10. Moreover, there have been a good number of recent mergers and acquisitions in the market. This shows that the influence of technology is rapidly growing over the market leaders. Many emerging players are also entering into market with unique capabilities and innovative products and solutions. Many players are also providing solutions over cloud, as Software as Service (SaaS). The cloud form is one of the growing reasons for the easy adoption and acceptance of Natural Language Processing technologies in the market.
The market is expected to grow from $3787.3 million in 2013 to $9,858.4 million in 2018. This represents a CAGR of 21.1% from 2013 to 2018. This market report analyzes global technologies trends, drivers and evolutions in this rapidly emerging market. The report aims at identifying and evaluating the current market size and future user insights, major players and competitive trend in market. This report segments the market by types: rule based NLP, statistical NLP and hybrid NLP; by type of technologies: recognition (Interactive Voice Response (IVR), Optical Character Recognition (OCR), and pattern and image recognition), operational (auto coding, and categorization and classification), and analytics (speech analytics and text analytics); by type of services: installation and maintenance, training and certification, consulting, and other services; by types of applications: machine translation, information extraction, report generation, question answering and other applications; by type of end users: enterprise NLP (BFSI, automobile, healthcare, IT and Telecommunication, legal and commercial offices, government, defense and aerospace, media and advertisement, academia and education, web and e-commerce and other verticals), and consumer NLP; by deployment types: on-premise and on-demand; by type of regions: North America (NA), Asia Pacific (APAC), Europe, Middle East and Africa (MEA) and Latin America (LA).
- The use of computers, smartphones and other connecting devices has revolutionized communication modes and business processes. This increasing trend for machine usage has also brought about the need for reducing the gap between human and machine interaction for better experience and enhanced applications. The big data phenomenon has created a rising demand for robust Natural Language Processing technologies which can extract and process human speech on real time basis. This demand was seen to be high in industries such as healthcare and capital market. Furthermore, the rising amounts of social media content having rich unstructured information about customer's perception and brand value has further encouraged the usage of Natural Language Processing technologies in various applications. There is a growing demand for sentiment analysis in many business organizations across the globe.