About Natural Language Processing Software
Natural Language Processing Software helps to understand human language, process meaning, and generate responses, just like humans do. NLP software is capable of interpreting both written and spoken languages, making it useful for an extremely wide range of applications.NLP software excels as an automation solution, being able to analyze large quantities of data with high speed and accuracy. NLP software especially useful for home automation.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Natural Language Processing Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Microsoft (United States), Google (United States), Amazon Web Services, Inc. (United States), Facebook (United States), Intel Corporation (United States), MonkeyLearn Inc (United States), OpenAI (United States), Radim Rehurek (United Kingdom) and Inbenta Technologies Inc.(United State) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Inbenta Technologies (Spain) and Veritone Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Natural Language Processing Software market by , Application (Machine translation, Information extraction, Report generation, Question answering and Others) and Region.
On the basis of geography, the market of Natural Language Processing Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry Verticals, the sub-segment i.e. Banking, Financial Services and Insurance (BFSI) will boost the Natural Language Processing Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. Cloud-Based will boost the Natural Language Processing Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Increase in Smart Device Usage and Growth in the Adoption of Cloud-Based Solutions
Challenges:
Concerns Related to Data Privacy and Unreliability of Natural Language Processing Algorithms
Restraints:
The growing use of Code-Mixed Language Resulting in Increased Complexity for Natural Language Processing Tasks
Opportunities:
Adoption of Natural Language Processing-Based Applications to Improve Customer Service and Increasing Investment in the Healthcare Industry
Market Leaders and their expansionary development strategies
On 27 Aug 2019, Indium Software, a niche technology solutions company, officially launched its flagship product ‘teX.ai’ — an Ai based Text Analytics suite of solutions to offer impeccable data scraping, validation, classification, summarization, clustering, topic modeling and a lot more.
In Aug 2020, OpenAI launched the third iteration of its natural language processing software called Generative Pretrained Transformer, GPT-3. It has a larger database than the previous iteration and offers more reliability and accuracy. GPT-3 is like any artificial intelligence program, just with a more extensive database.
Key Target Audience
Natural Language Processing Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.