Market Analysis

Market Research Future (MRFR) projects the global natural language processing (NLP) market to exhibit a CAGR of 27.6% and will reach up to US$ 341.7 Billion from 2020 to 2030 (forecast period). The Natural Language Processing market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis

Natural Language Processing (NLP) is generally defined as the automatic manipulation of natural languages, like speech and text, by software. Current approaches to NLP are based on deep learning, a type of AI that evaluates and uses patterns in data to enhance a program's understanding. The natural language processing market is strongly influenced by a massive jump in digital data, an increase in the usage of smart devices, and an increase in demand for enhanced customer experience. In addition, growing investments in the healthcare sector and the emergence of a variety of new application areas are expected to further boost the market for natural language processing.

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Multiple Factors to Drive Market Growth

With more data and conflicts over how to interpret it, Natural Language Processing has become the most widely utilized technology, working in tandem with artificial intelligence, machine learning, and deep learning to provide meaningful insights to human commands. Humans give commands to computers in the form of text or voice notes, which are interpreted by the machine and output in the form of a message or an audio file. Natural Language Processing, with its grasp of complicated syntax and semantics of morbid information, plays an important part in today's environment. People no longer need to learn and understand other languages in order to travel the world or engage with people of different language origins; firms such as Google, Microsoft, and others have developed translation apps to eliminate language barriers.

COVID-19 Impact on the Global Market

COVID-19 is one of the most harmful viruses seen by humanity in the last millennium, causing a rise in the number of patients and deaths per human life. The virus has a massive impact on human life as well as the surrounding industry. Natural Language Processing has made it easier for hospitals and governments to interpret and broadcast commands from doctors and patients. Understanding the various patients provides real-time data that may be examined and used to get an advantage over the virus by offering a proactive response to boost healthy measures. Governments from around the world collaborated by decoding articles published in many languages using Natural Language Processing Statistics and generating a case study that assisted governments in identifying and containing affected parents.

Market Segmentation

The global natural language processing market has been segmented into technology, type, service, deployment, and vertical. 

By technology, the global natural language processing market has been segmented into auto-coding, text analytics, pattern & image recognition, and speech analytics.

By type, the global natural language processing market has been segmented into rule-based, statistical, and hybrid.

By service, the global natural language processing market has been segmented into (integration, consulting, and maintenance.

By deployment, the global natural language processing market has been segmented into on-premise and on-demand.

By vertical, the global natural language processing market has been segmented into healthcare, retail sector, and media & entertainment.

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Regional Analysis

North America to Dominate the Global Market

Interaction has transformed the way we operate with current technology due to the interactive form of communication from human to machine. Natural Language Processing techniques have been beneficial in both rural and urban regions by overcoming the communication gap between humans and machines. Virtual assistant software libraries such as Google Home, Alexa, and Siri have provided a comprehensive foundation for Natural Language Processing Systems that focus on human interactive forms of communication with smart devices. We can use voice control to send and receive messages, call people on our contact list, play music from the app's library, and perform a variety of other tasks. America is the main country in terms of various companies that have created and outsourced their NLP services around the world, followed by Europe, which works on SAP-HANA for data creation and analysis using statistical algorithms.

Natural Language Processing Market Key Players

Some of the major players identified in the global natural language processing (NLP) market are 

• 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.)
• Verint Systems Inc. (U.S.)

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TABLE OF CONTENTS

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Five Forces Analysis

Continued...