According to a new market research report published by Credence Research “Natural Language Processing (NLP) Market (by Solution Type – Statistical NLP, Rule-based NLP and Hybrid NLP; by Technology Type – Interactive Voice Response (IVR), Optical Character Recognition (OCR), Pattern and Image Recognition, Auto-coding, Classification & Categorization, Text Analytics and Speech Analytics; by Service Type – Managed Services and Professional Services; by Deployment Model – Cloud-based Deployment and On-premise Deployment; by Application – Machine Translation, Information Extraction, Report Generation, Question Answering and Text Processing; by Industrial Vertical – Banking Financial Services and Insurance (BFSI), Automotive, Healthcare, Retail, Electronics, Media & Entertainment, IT & Telecommunications and Others) Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, 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.
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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.