Natural Language Processing Market Growth Opportunities, Market Share & Trends

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2022
Natural Language Processing Market Size, Business
Strategies, Opportunities, Growth, Trends and
Competitive Landscape
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Natural Language Processing (NLP) allows machines
to improve human-machine interaction by offering
filtered information after decoding human inputs
and studying unstructured data. The filtered
information obtained by using NLP solutions is
more appropriate and specific. In contemporary
times, Siri, Alexa, and Cortana are some of the
widely used technological solutions, where the
NLP technology is used to improve the semantic
search experience. Thus, the increasing use of
such semantic search platforms will boost the
adoption of NLP services and applications in the
foreseeable future. Additionally, the increasing
focus of end-use industries on the adoption of
automated solutions is also expected to propel
the natural language processing market at a
robust CAGR of 19.7 during the forecast period
(20192024). According to PS Intelligence, the
market was valued at 8.3 billion in 2018, and it
will generate 22.9 billion revenue by 2024.
Automated solutions assist businesses in
consolidating their position by enhancing
human-machine interactions. Additionally,
NLP-enabled automated solutions, such as
chatbots, aid enterprises in improving customer
interaction, as they can study the input from
customers and automatically provide an
appropriate response.
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Moreover, the surging volume of unstructured data
being generated by business organizations will
also propel the usage of NLP solutions, such as
text analytics, optical character recognition,
auto coding, speech analytics, pattern and image
recognition, and interactive voice response
(IVR). These solutions help enterprises deal with
business-related problems by analyzing the large
volume of data extracted from video and images,
social media, and documents and blogs. At
present, these solutions are being adopted by the
retail, media and entertainment, information
technology (IT) and telecommunication,
electronics, public utilities and defense,
healthcare, automotive, and banking, financial
services, and insurance (BFSI) industries. The
type segment of the natural language processing
market is categorized into hybrid, statistical,
and rule-based. Among these, the statistical
category accounted for the largest market share
in 2018, as statistical solutions are more
advantageous than rule-based solutions. Whereas,
the hybrid category is expected to demonstrate
the fastest growth during the forecast period,
owing to the rising volume of data being
generated by business organizations. Hybrid NLP
solutions are basically a combination of
rule-based and statistical models.
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In recent years, the North American region has
emerged as the largest user of natural language
processing solutions and services due to the
mounting investments made by non-profit
organizations, businesses, and academic
institutions in research and development (RD) of
AI-based technologies, increasing volume of data
across industries, and escalating demand for
improved customer experiences in the region.
Among North American countries, the U.S. holds
the leading position due to the existence of a
large number of financial institutions that use
NLP for greater efficiency in the country.
Whereas, the Asia-Pacific (APAC) natural
language processing market is expected to exhibit
the fastest growth throughout the forecast
period, owing to the mounting number of small and
medium-sized enterprises (SMEs) and customer
contact centers, rapid technological developments
in India, Japan, and China, and surging use of
cloud-enabled services and applications in the
region. In the APAC market, China generated the
highest revenue in 2018, due to the launch of
several innovation programs aimed at deploying AI
technologies, such as machine learning (ML), NLP,
and deep learning. Thus, the accelerating
automation rate in the manufacturing sector and
booming demand for semantic search platforms will
increase the deployment of NLP solutions and
services in the forthcoming years.
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• Market Segmentation by Type
• Statistical
• Rule-Based
• Hybrid
• Market Segmentation by Deployment
• Public Cloud
• Private Cloud
• Hybrid Cloud
• Market Segmentation by Component
• Solutions
• Auto coding
• Text analytics
• Speech analytics
• Interactive voice response (IVR)
• Pattern image recognition
• Optical character recognition
• Services
• Managed
• Professional

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• Market Segmentation by Application
• Information Extraction
• Question Answering
• Machine Translation
• Report Generation
• Text Processing
• Market Segmentation by Industry
• Banking, Financial Services, and Insurance (BFSI)
• Automotive
• Healthcare
• Retail
• IT Telecommunication
• Others (Including Electronics, public utilities
  defense and Media Entertainment)

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• Asia-Pacific (APAC) NLP Market
• By type
• By deployment
• By component
• By application
• By industry
• By country India, China, Japan, South Korea,
  and Rest of APAC
• Latin America (LATAM) NLP Market
• By type
• By deployment
• By component
• By application
• By industry
• By country Brazil, Mexico, and Rest of LATAM

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• Middle East and Africa (MEA) NLP Market
•  By type
• By deployment
• By component
• By application
• By industry
• By country U.A.E., Saudi Arabia, South Africa,
  and Rest of MEA

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• This study covers
• Historical and the present size of the Natural
  Language Processing Market
• 2. Historical and the present size of the market
  segments and understand their comparative future
  potential
• 3. Potential of on-demand logistics services, so
  the market players make informed decisions on the
  sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• 5. Major players operating in the market and
  their service offerings

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