How Need for Enhanced Customer Experience Impacts Natural Language Processing (NLP) Market? Top Key Players Alphabet Inc., Microsoft Corporation, IBM, SAS Institute Inc., Inbenta Technologies Inc., Apple Inc., Nuance Communications Inc., Verint Systems In

The major reasons behind the growth of the natural language processing (NLP) market are the rising focus on an enhanced consumer experience, rapid business process automation, creation of high volumes of data, and rise in the number of contact centers. From $8.3 billion in 2018, the revenue generated from the sale of such solutions is predicted to increase to $22.9 billion by 2024, at a CAGR of 19.7% during 2019-2024 (forecast period). A subfield of artificial intelligence, NLP helps machines and computers understand the language of humans.

Natural Language Processing Market Key Players are:
1- Alphabet Inc.
2- Microsoft Corporation
3- IBM
4- SAS Institute Inc.
5- Inbenta Technologies Inc.
6- Apple Inc.
7- Nuance Communications Inc.
8- Verint Systems Inc.
9- Kasisto Inc.

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Based on type, the natural language processing market is categorized into hybrid, rule-based, and statistical. Among these, the statistical category held the largest share in 2018, as this technology utilizes machine learning algorithms to analyze data, rather than requiring human effort. This is rather important in today's times, when two quintillion bytes of data is being created daily. Via traditional tools, structured data in the form of spreadsheets and databases is easy to process, but not the unstructured data sourced from videos and images, social media, and documents and blogs.

The need to enhance customer experience is one of the major drivers for the natural language processing market progress. Customers communicate with organizations via chat messages, e-mails, social media platforms, and phone calls, thereby making it difficult to process all the data. NLP helps here by studying the feedback, while saving time and reducing human involvement and errors. With the technology, companies are able to analyze consumers' preference for the different services and products on offer as well as understand how their decisions are impacted by the cultural and technological scenario.

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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. During the forecast period, Asia-Pacific would observe the highest market CAGR, as a result of the technological enhancements in Japan, India, and China, adoption of cloud computing, and escalating number of contact centers and small and medium enterprises.

Therefore, as an increasing volume of data is created in the unstructured form, the demand for tools to efficiently analyze it will also grow.

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