Natural language processing is also called as a
computational linguistics is a mixture of machine learning, artificial
intelligence and linguistics. Hence, the automotive, healthcare, education and
the retail sectors are comprehensively investing in the technology, as the NLP
is continuously developing and is capable of interpreting and adapting to a
huge variety of the human languages. For instance, in the present digitized
world, 80% of the data created is unstructured. A myriad of the unstructured
data is existing online in the form of visual content, social footprints and
audio content. NLP is gradually becoming pervasive in business enterprises and
it has a huge series of functions ranging from chatbots and digital assistants
such as Google Home, Siri and Alexa to obedience monitoring functions, business
intelligence and analytics. Not only has this, the players of this market
are more significant doing effective developments in the technology of natural
language processing for increasing the demand from the other industries and
leading the fastest market growth in the coming years.
According to the report analysis, ‘Global
Natural Language Processing Market: Drivers, Restraints, Opportunities, Trends,
And Forecasts To 2023’ states
that there are several key players which are recently functioning in this
market more significantly for acquiring the highest market share around the
globe by doing technological developments and improvement in the specifications
of this technology for raising the demand includes Microsoft Corporation, IBM
Corporation, Google Inc. Apple Inc., Addstructure, Angel.ai, Klevu Oy, Twiggle,
Dialogflow (Formerly known as Api.ai), Mindmeld (Acquired by Cisco),
DigitalGenius, inbenta, Satisfi Labs Inc., and NetBase. Additionally, the technological
mainstays namely Google, IBM, Microsoft and others are making an effective
amount of investment in the field of natural language processing. NLP and text
analytics have a prominent role to play in social media sentiment analysis,
business intelligence, data governance, cognitive computing and business
intelligence.
Although,
according to research, the Global Natural Language Processing market is
anticipated to grow at a significant CAGR of 18.78% during the forecast period of
2017-2023. While, the market of natural language processing is segmented
differently this majorly includes offerings, technologies, regions and
verticals. Whereas, on the basis of region, the market is further segmented
into North America, EMEA, APAC and Latin America. Moreover, the sector of
offerings is also further split into the Software, Hardware and Services.
Additionally,
NLP supports in building the relationships in documents, carrying out search, understanding
the differentiations of sentences and phrases and determining names and places
through semantic technologies. Moreover, the market is driven by the
aspects such as the existence of a high volume of unstructured data, developed
the effectiveness of smart devices, increased in the usage of NLP in call
centers, and improved demand for better customer experience and spacious
application areas. The future prospective of the market is promising due
to the opportunities such as improvements in big data technologies,
democratization of data, smart search and the development of human-like virtual
assistants. Therefore, in the near future, it is expected that the market of
natural language processing will increase around the globe more significantly
over the recent few years.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
