The following companies as the key players in the global language processing industry: Hewlett Packard Enterprise (HPE), IBM, Microsoft, SAS Institute, and Verint Systems. Other prominent vendors in the market are: 3M, Apple, AYLIEN, Basis Technology, Cerner Systems, Dolbey Systems, Envion Software, Google, Intel, Linguamatics, MModal IP, NetBase Solutions, Nuance Communication, Oracle, and Sensory.
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One trend in the market is increased use of IP-based IVRs.
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IP-based IVR is used to provide automated services for calling card customers that are trying to place VoIP calls. The analysts forecast global language processing market to grow at a CAGR of 13.33% during the period 2017-2021.
According to the report, one driver in the market is increased investments in speech solutions. There is increased investment in speech solutions because of the cost factor.
Speech solutions help businesses to reduce operating costs and enable organizations to expand services without additional overhead costs. This is seen as an advantage in terms of cost factor.
Speech solutions identify words spoken by an individual, convert them into a machine-readable format, and respond automatically.
Further, the report states that one challenge in the market is high investment for developing and implementing the software. One of the challenges that is inhibiting the growth of the technology is the high investment associated with its development and implementation.
Large-scale deployment of language processing in an enterprise is a time-consuming and expensive process, leading to failure in successful implementation and huge loss for the organization.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Language processing involves the automation of reading text with the use of sophisticated algorithms. Language processing engines identify words and grammar to derive meaning from large amounts of text.
In addition, it combines artificial intelligence with computational linguistics to process and understand the natural language received by the computer.
This report covers the present scenario and the growth prospects of the global language processing market for 2017-2021. To calculate the market size, the report considers the sale of language processing solutions that include linguistic and statistical algorithms.
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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