Natural Language Processing Market Regional Revenue, Trends, Opportunities and Future Prospects

By leveraging automatic translation, speech processing, natural language generation (NLG), and sentiment analysis, NLP helps prioritize the extracted information, thereby helping organizations in making the best use of structured as well as unstructured data. Therefore, the growing volume of data, especially in the unstructured form, is driving the natural language processing market, by creating the need for a technology which can help companies in effectively processing and studying it, in order to derive actionable insights.

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Information extraction, machine translation, question answering, text processing, and report generation are the various divisions under the application segment. Among these, the machine translation division dominated the natural language processing market in 2018, as organizations generate a heavy demand for solutions that can translate a given text into numerous languages.

Company Profiles
1.1 Alphabet Inc.
1.1.1 Business Overview
1.1.2 Product and Service offerings
1.1.3 Key Financial Summary

1.2 Microsoft Corporation
1.2.1 Business Overview
1.2.2 Product and Service Offerings
1.2.3 Key Financial Summary

1.3 International Business Machines (IBM) Corporation
1.3.1 Business Overview
1.3.2 Product and Service Offerings
1.3.3 Key Financial Summary

1.4 SAS Institute Inc.
1.4.1 Business Overview
1.4.2 Product and Service Offerings
1.4.3 Key Financial Summary

1.5 Inbenta Technologies Inc.
1.5.1 Business Overview
1.5.2 Product and Service Offerings

1.6 Apple Inc.
1.6.1 Business Overview
1.6.2 Product and Service Offerings
1.6.3 Key Financial Summary

1.7 Nuance Communications Inc.
1.7.1 Business Overview
1.7.2 Product and Service Offerings
1.7.3 Key Financial Summary

1.8 Verint Systems Inc.
1.8.1 Business Overview
1.8.2 Product and Services Offerings
1.8.3 Key Financial Summary

1.9 Hewlett Packard Enterprise (HPE) Company
1.9.1 Business Overview
1.9.2 Product and Service Offerings
1.9.3 Key Financial Summary

1.10 3M Company
1.10.1 Business Overview
1.10.2 Product and Service Offerings
1.10.3 Key Financial Summary

This is itself a result of the rising adoption of chatbots for enhancing the experience of customers, to build brand loyalty and increase revenue.Among the various virtual assistants employed by business in recent years, chatbots have been one of the most popular, as they help companies handle customers' concerns quickly and efficiently.

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Further, chatbots which work on NLP are able to process various languages, which helps in the smoothening of processes, particularly those related to customer support. These chatbots establish the primary contact between the business and customers, sorting out as much of the latter's concerns as possible, before handing over the case to human employees. Across the world, North America was the largest natural language processing market in 2018, owing to the increasing need for better customer experience, rising volume of data, and heavy investments in research and development (R&D) in the field of AI.

Natural Language Processing Market Segmentation

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

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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