Natural Language Processing (NLP) Market With Essential Analysis, Industry News and Policies by Regions, Types and Applications to 2024

Valuing $8.3 billion in 2018, the natural language processing (NLP) market is expected to progress at a 19.7% CAGR during 2019-2024 (forecast period) to $22.9 billion by 2024. In 2018, the banking, financial services, and insurance (BFSI) sector led the market, based on industry, as unstructured data is created in the sector in huge volume. This is why companies are turning to NLP to study it, extract valuable insights, make effective decisions, and offer their customers better financial solutions.

Request to get the report sample pages at : www.psmarketresearch.com/market-analysis/natural-language-processing-market/report-sample

A growing trend in the natural language processing market is the usage of conversational bots, primarily because of companies' focus on virtual assistants. The new chatbots being deployed bring businesses and customers closer, via the use of NLP. Such bots help organizations make their processes, particularly those related to customer care, better, by dealing with numerous languages. Chatbots serve as the first point of contact when dealing with customers' queries. Additionally, they are also helpful in generating leads from social media, by first identifying potential customers and then interacting with them as a human agent would.

To survive in these times, where competition keeps intensifying, companies are shunning their traditional business models in favor of automation, in order to decrease their operational costs, instance of human error, better their business growth rate, smoothen work processes, and improve the quality of their products/services. For instance, several companies are using an AI program to manage their accounts, as doing it manually takes up a lot of time. Thus, the growing trend of automation is serving as an important natural language processing market growth driver.

Explore Full Report With TOC : www.psmarketresearch.com/market-analysis/natural-language-processing-market

During the forecast period, the healthcare sector is predicted to witness the highest CAGR, due to the increasing clinical data volume and the requirement for better healthcare quality, which is leading to a rising usage of the technology in the domain. Further, it aids in the integration of electronic health records in the patient portal, which helps doctors in making better decision regarding patients' health via an enhanced knowledge of their condition. Another reason for the progress of the healthcare sector in the natural language processing market is that the technology helps interact with remotely located patients.

North America held the largest share in the industry in 2018, as a result of the high information technology expenditure and the fact that numerous businesses are leveraging NLP to for process automation. Further, the U.S. federal government announced a $973 million investment in AI research for non-defense purposes. Asia-Pacific (APAC) is projected to observe the fastest natural language processing market advance, during the forecast period, owing to the rapid automation in business processes, increasing investments, and rising number of small and medium enterprises.

Contact:

P&S Intelligence

Toll-free: +1-888-778-7886 (USA/Canada)

International: +1-347-960-6455

Email: enquiry@psmarketresearch.com

Web: www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.