Press release
Natural Language Processing (NLP) Market 2018 Leaders: IBM, Hewlett-Packard, Apple, Oracle, Microsoft, Dolbey Systems, SAS Institute, Net base Solution, Verint Systems, 3M
Natural Language Processing (NLP) Market - OverviewNatural language process is a component of artificial intelligence which is capable of understanding human language. In current scenario, natural language processing is being deployed as enterprise search which helps users to query data sets in the form of questionnaire. Natural language processing can be used for interpreting free text, sentiment analysis, information extraction and many more. With the help of natural language processing the information present in the form of text files or records can be analysed through the machine learning capabilities.
The current natural language processing techniques are based on deep learning which is a type of artificial intelligence that helps in observing patterns in data collected for better understanding. The deep learning models utilises large amounts of data for machine training and to find relevant connections, and helps in assembling the data. However, the data storage provisions and complexity of data assembly are hampering the growth of market. The rising adoption of natural language processing among major verticals, increase in smart phone usage and advancements of natural language in data governance are some of the major factors that are driving the global natural language processing market.
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Industry News
March, 2018 – S&P global, an American financial information and analytics company, has acquired Kensho Technologies Inc. which is a provider of machine learning, advanced analytics and data virtualization systems. The acquisition will help in strengthening S&P global existing technological capabilities and enhance the delivery performance.
March, 2018 - Zoom Video Communications, the leader in modern video communications has partnered with IBM Corporation to provide video meeting with IBM Watson workspace. IBM deployed video meetings in their workspace, which escalates their existing chat support. The Watson work space plus which is the video meeting software uses artificial intelligence and is designed to reduce noise around through natural language processing and machine learning and helps in converting the chats to actions.
Natural Language Processing (NLP) Market - Competitive Analysis
The Market of natural language processing appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of natural language processing are targeting to invest more in technology and research and development activities to innovate their already existing products.
IBM Corporation (U.S.), 3M Co. (U.S.), Hewlett-Packard Co. (U.S.), Apple Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Dolbey Systems Inc. (U.S.), SAS Institute Inc. (U.S.), Net base Solutions Inc. (U.S.), and Verint Systems Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Natural Language Processing (NLP) Market.
Natural Language Processing (NLP) Market - Segmentation
Segmentation by technology: Comprises auto coding, text analytics, Optical Character Recognition (OCR), Interactive Voice Response, Pattern and Image Recognition, Speech Analytics and others
Segmentation by type: Comprises Rule-based natural language processing, Statistical natural language processing, Hybrid natural language processing.
Segmentation by service: Comprises integration, consulting and maintenance services.
Segmentation by deployment: Comprises on-cloud and on-demand
Segmentation by vertical: Comprises healthcare, retail, media and entertainment, manufacturing and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia pacific and Rest of the World.
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Natural Language Processing (NLP) Market - Regional Analysis
The global natural language processing market is studied for North America, Europe, Asia Pacific and Rest of the world. North America holds the major market share and is expected to continue through the forecast period. The presence of major key players in the region, increase in usage of smart devices embedded with digital assistants are driving the market in this region. On the other hand, Europe is expected to show a decent growth considering natural language infrastructure market. Europe has acquired second spot in the market. However, the Asia Pacific region is expected to show a highest CAGR through the forecast period. The rising demand for M2M (machine to machine) translation and prominence of natural language processing in speech analytics are promoting the market growth.
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