Natural Language Processing Market Scope
Natural language processing (NLP) is a branch of AI, Which helps computers understand, interpret and manipulate human language. Natural language processing draws from many disciplines, including computational linguistics and computer science, in its pursuit to fill the gap between computer understanding and human communication.
According to AMA, the Global Natural Language Processing market is expected to see growth rate of 20.84% Research Analyst at AMA estimates that United States, Spain, and Chinese Players will contribute to the maximum growth of Global Natural Language Processing market throughout the predicted period.
IBM (United States), Microsoft (United States), Google (United States), Amazon Web Services, Inc. (United States), Facebook (United States), Apple (United States), 3M (United States), Intel Corporation (United States) and SAS Institute (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Baidu, Inc. (China), Inbenta Technologies (Spain), Veritone (United States), Dolbey (United States), Narrative Science (United States), Bitext (Spain), Health Fidelity, Inc. (United States), Linguamatics (United Kingdom), Conversica (United States), SparkCognition, Inc. (United States) and Automated Insights (United States).
Segmentation Overview
The study have segmented the market of Global Natural Language Processing market by Type (Rule-Based, Statistical and Hybrid), by Application (Web Search, Machine Translation, Information Extraction, Automatic Summarization, Question Answering, Text Classification, Sentiment Analysis and Others (Spam Recognition and Language Identification)) and Region with country level break-up.
On the basis of geography, the market of Natural Language Processing 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).
Influencing Trend:
The Evolution of Natural Language Understanding, Use of Supervised and Unsupervised Learning Together With NLP, Replacement of Manual Translation with Machine Translation and Integrated Chatbot is the Major Trend Witnessing within the Industry
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 7 Aug 2019, Luminoso announced a series of new capabilities in Luminoso Daylight, the company’s natural language understanding application that offers the fastest way for businesses to analyze unstructured text data, such as product reviews, open-ended survey responses, and support tickets. With the introduction of advanced sentiment analysis and a new insights dashboard, Luminoso’s users will be able to conduct more robust analyses of unstructured customer data, faster than ever before. and 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 modelling and a lot more.
On 16 May 2019, Punchh, the leader in digital marketing solutions for physical retailers, announced the launch of Punchh Deep Sentiment Analysis. The new product allows brands to extract valuable insights from customer reviews using Punchh’s natural language comprehension engine built with industry-leading deep learning and artificial intelligence. and On 14 Jan 2019, Ingenico Group, the global leader in seamless payment, launched its innovative payment-enabled chatbot, which uses natural language processing (NLP) from IBM Watson to create a smooth customer experience. Watson capabilities allow Ingenico’s chatbot to better understand users’ requests once they have been inputted, whatever they may be. It can better interpret nuances in language and phrasing, handling natural variations in the way individuals communicate.
Key Target Audience
Natural Language Processing Key Solutions Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.