Rising interest in human-to-machine communication is influencing growth of Global Natural Language Processing Market positively.
According to TechSci Research report, “Global Natural Language Processing Market By Component (Solutions, Services, Managed Services) By Deployment Mode (On-Premises, Cloud) By Type (Rule-Based, Statistical, Hybrid) By Application (Sentiment Analysis, Data Extraction, Risk And Threat Detection, Automatic Summarization, Content Management, Language Scoring, others) By Vertical (Banking, Financial Services, And Insurance, It And Telecom, Retail And E-Commerce, Healthcare And Life Sciences, Transportation And Logistics, Government And Public Sector, Energy And Utilities, Manufacturing, Others) By Region, Competition Forecast & Opportunities, 2026”, the Global Natural Language Processing Market is expected to grow at a promising rate during the forecast period. With internet of things taking over the online experience, demand for analyzing the data generated information, conversation, social media map, and other sources is increasing by various multitude. Natural Processing Languages moderate the analysis by devices and systems to share the same in human languages. For instance, in the healthcare industry it is used for the predictive diagnosis based on patient’s electronic health records and speeches. With such detail oriented functions, the market is bound to grow in the forecast period.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many manufacturing units and disruption in the supply chain and other end user industries resulting in interrupted production and lesser supply of the services all around the globe. Also, the economy has been adversely affected in many countries resulting in hinderance to the growth of the Natural Language Processing market. However, after relief from lockdown, market is again going to pick up pace to grow significantly.
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Global natural language processing market is segmented by component, deployment mode, type, application, vertical, and region. Based on the verticals that apply the natural language processing systems the market is further bifurcated into banking, financial services, and insurance, IT and telecom, retail and e-commerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, manufacturing, and others. Healthcare vertical has dominated the market in historical years and is expected to keep asserting its dominance over the market owing to increasing number of complex health issues and rising demand for advanced natural language processing systems – driven EHRs to extract relevant unstructured clinical data. Owing to the impact of COVID-19, digital technologies such as video banking facility, AI supported tools and conversational platforms are also going to drive the growth of the market in next five years.
Some of the major players in the Global natural language processing market are Microsoft Corporation, Google LLC., Amazon Web Services, Apple Inc, Linguamatics, Intel Corporation, Baidu, Inc, Inbenta, AI company, Dolbey Systems, Veritone Inc, among others. The competitors are continuously involved in research and development and various mergers and acquisitions for the advancement of their services as well as the growth of market.
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“Globally the market for natural language processing system is bound to grow at exponential CAGR. Although by regions, North America shows a promising landscape for future investments. Cloud computing platforms have great scope for improvements and are more efficient, affordable, and hold the capacity to process complex information. This may lead to the growth of even not so affordable software development tools and multiple datasets. Whereas Asia- Pacific region is the largest market with maximum CAGR for the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Natural Language Processing Market By Component (Solutions, Services, Managed Services) By Deployment Mode (On-Premises, Cloud) By Type (Rule-Based, Statistical, Hybrid) By Application (Sentiment Analysis, Data Extraction, Risk And Threat Detection, Automatic Summarization, Content Management, Language Scoring, others) By Vertical (Banking, Financial Services, And Insurance, It And Telecom, Retail And E-Commerce, Healthcare And Life Sciences, Transportation And Logistics, Government And Public Sector, Energy And Utilities, Manufacturing, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Natural Language Processing Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Natural Language Processing Market.
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