Various industrial sectors today including healthcare, manufacturing, BFSI, automotive, and advertising are growing adoption of different advanced technologies in order to offer superior quality products and services. As a result, there is immense growth in the need for human-to-machines communication. This scenario is highlighting remarkable need for the concept of natural language processing (NLP).
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Natural language processing (NLP) refers to a sub-sector of computer science, artificial intelligence, and linguistics that focuses on enabling interactions between human language and computers. The notion of natural language processing involves the technique of programming computers to study and process huge amounts of natural language data. Using this technology, computers are offered the capability to “understand” the contents of documents, such as the contextual nuances of language in those documents. Thus, the technique of natural language processing (NLP) allows for precise data and insights extraction from the documents together with categorization and organization of these documents.
Major players in the natural language processing (NLP) industry are showing high level of interest toward the research and development activities. The main motive of this tactic is to advance the quality of products and services they offer. Moving forward, enterprises are also engaged in the merger and acquisition activities in order to maintain their leading position in the natural language processing (NLP) market.
Global Natural Language Processing Market: Key Trends and Opportunities
The global market for natural language processing is significantly driven by the massive jump in digital data, the rise in the utility of smart devices, and the increasing demand for enhanced customer experience. In addition to this, the surging investments in the healthcare sector and the emergence of several new application areas are anticipated to further boost the natural language processing market. The market, however, is faced by a number of challenges that players need to overcome in order to survive and compete. The main hurdles include the need for effective predictive technologies, the need to narrow the gap between machine and man, the implementation of strict government regulations, and fluctuating customer adoption trends.
Recognition technologies are the most widely used technologies in NLP. Most companies, from large enterprises to small-scale organizations, use some form of recognition technology such as optical character recognition, interactive voice recognition, or image recognition. Natural language processing is most commonly used for information extraction and machine translation. IT and telecom, automotive, and defense and aerospace are the leading industries that use NLP for various applications.
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Global Natural Language Processing Market: Region-wise Outlook
The global market for natural language processing is dominated by North America and Europe since these two regions contribute the most in terms of revenue. Asia Pacific is projected to expand at the fastest growth rate by the end of the forecast period, driven by the increasing use of voice recognition in several industries and the rising spending capabilities of the people. Apart from Asia Pacific, the Rest of the World – including the Middle East, Latin America, and Africa – is likely to witness strong growth in the coming years, creating massive opportunities for key players competing in the global natural language processing market.
Some of the leading competitors in the global natural language processing market are Microsoft Corporation, SAS Institute Inc., Hewlett-Packard, Dolbey Systems, Google, Netbase Solutions, IBM Corporation, 3M Company, Verint Systems, and Apple Inc.
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