Browse 69 market data Tables and 45 Figures spread through 140 Pages and in-depth TOC on "Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021"
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The Natural Language Processing Market research report aims at estimating the NLP market size and future growth potential across different segments, such as technologies, applications, deployment models, services, and regions. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021.
The NLP market size is expected to grow from USD 7.63 billion in 2016 to USD 16.07 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1%. Major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.
The various key NLP vendors profiled in the report are as follows:
- Apple Incorporation
- Dolbey Systems
- IBM Incorporation
- Microsoft Corporation
- NetBase Solutions
- SAS Institute, Inc.
- Verint Systems
The media & entertainment and research & education verticals are expected to play a key role in the NLP landscape and are expected to grow with high growth rates in the next five years. Sentiment analysis is widely applied to review social media for a variety of applications, ranging from marketing to customer service.
NLP is also an effective approach for bringing improvement in educational setting.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
Today, almost every business function of an organization, namely marketing, sales, finance, operations, and HR are looking for solutions that could help them interact more effectively with outside world in a future-proof fashion. Thus, the scope and challenges associated to statistical NLP solutions that use machine learning technology is gaining high traction across a number of industries.
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