Natural Language Processing (NLP) Market to Partake Significant Development During 2021

Natural Language processing (NLP) is a field of computer science and artificial intelligence that is concerned with the interaction between computer and human language. Natural language processing basically works as a bridge between human and machines. It enhances the interaction by analyzing the written and spoken languages and the pattern accordingly. The objective of developing natural language processing is to frame a solution that can understand, analyze and generate languages that human can understand. These solutions have become very significant for enterprises which have leverage big data to maintain.

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Natural language processing is segmented on the basis of type, technology, service, deployment model, vertical and region. On the basis of technology type, natural market can be segmented as recognition technology, operational technology and analytics technology. The recognition technology is further segmented into interactive voice response, optical character recognition and pattern and image recognition. The operational technology segment can be sub segmented into auto coding and classification and categorization.

The analytics segment can be sub-segmented as text analytics and speech analytics. On the basis of type, natural language processing can be segmented as rule-based natural language processing, statistical natural language processing, hybrid natural language processing, and statistical natural language processing. Services includes professional services and support and maintenance services. On the basis of deployment model, it can be segmented as on-premise and on-demand (cloud based).

Vertical wise the NLP market can be segmented into public sector, healthcare sector, telecommunication sector, media and entertainment sector, banking, finance, services and insurance (BFSI) and manufacturing sector. Regionally, the natural language processing can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA). Currently, North America is dominating the natural language processing market and is expected to remain dominant over the forecast period, followed by Western Europe.

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Increasing demand for the enhanced customer experience across the globe is encouraging the end user sectors to increase their spending on natural language processing solutions and services, which in turn, is a driving growth factor for the natural language processing market. Moreover, the increasing adoption of natural language programing in the customer care centers, reduction in the operation cost can also be the factors driving the growth of natural language processing market.
Additionally, better insights of customer’s perception, optimized business processes and easy machine to machine technology can also be achieved by using natural processing language.

Identification of the human voice from different patterns, noises, tones can be the biggest task to achieve. Extracting meaning of the word in context with the sentence can slow down the growth of this market. Resistance in adoption by end-users due to high installation cost associated with these solutions and services is hindering growth of the natural language processing market.

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Currently, the natural language processing and artificial intelligence is experiencing emergence of various service providers and individual solution providers, which are posing healthy competition to other established service provider. Some major players in this market are Apple Inc., Google Inc., Hewlett-Packard Co, IBM Corp., Microsoft Corp., 3M Co., Dolbey System, Inc., Netbase Solutions Inc., SAS Institute Inc. and others. Major players follows the strategy of introducing cost effective and innovative solutions to gain competitive advantage.

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