Human-like AI Assistants – The Driving Force in Natural Language Processing Market
The global natural language processing market is expected to exhibit a strong 24% CAGR over the forecast period from 2018 to 2023, according to a new report from Market Research Future (MRFR). The global natural language processing market is mainly driven by the growing demand for chatbots in a growing number of end-use industries as well as the growing application of AI-powered digital assistants in consumer electronics.
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Natural language processing is a software platform that allows machines and programs to derive meaning from human conversations. This has emerged as a major technology in recent years, mainly due to the growing demand for highly advanced digital assistant programs as well as the growing demand for machine learning and optical character recognition in a number of end-use industries. The growing focus on the development of more personal, human-like digital assistants in smartphones is likely to be a major driver for the global natural language processing market over the forecast period.
The increasing demand for chatbots and other related technology in a number of end-use industries is likely to be a major driver for the global natural language processing market over the forecast period. Chatbots are finding increasing demand in the ecommerce sector, as it is cost-efficient to enable customer interaction through chatbots than hiring human operators. Rapid development of chatbot technology is likely to be a key feature of the global natural language processing market over the forecast period, as chatbots have become a valued technology in fields where consumers are starting to use digital shopping channels more, leading to more demand for online interactions and query solving solutions.
Leading players in the global natural language processing market include Verint Systems Inc., NetBase Solutions Inc., SAS Institute Inc., Dolbey Systems Inc., Microsoft Corporation, Oracle Corporation, Apple Inc., HP, 3M Co., and IBM Corporation.
In June 2019, the Novarica Insurance Technology Research Council decided to award its Impact Award to AXA XL for the implementation of natural language processing systems to automate the task of reviewing surveys dealing with property risk engineering.
Growing Demand for Personal Digital Assistants to Drive Demand
The development in the field of mobile digital assistants has been dominated by the development of more human-like features, such as a sense of humor and understanding human subtext. These features make digital assistants seem less like robots and more like human companions, easing the mind of the user. This is likely to drive the natural language processing market at a rapid pace over the forecast period. Being able to instruct digital assistants to perform a task using natural speech rather than pre-set phrases has been a major issue in this field.
North America is likely to dominate the global natural language processing market over the forecast period due to the rapid development of natural language processing technology in the region, aided by the strong presence of leading tech developers such as Microsoft, IBM, and Oracle. Widespread demand for advanced chatbot systems for deep integration into ecommerce channels is likely to be a major driver for the natural language processing market in North America over the forecast period, as ecommerce has emerged as a valuable proposition in a number of industries in North America over the last few years. The increasing number of consumers looking for efficient online shopping channels is likely to drive the demand for further advancement in chatbot technology in the coming years, effectively driving the demand from the natural language processing market in North America over the forecast period.
Europe and Asia Pacific are also likely to be important to the global natural language processing market over the forecast period due to the increasing demand for smartphones as well as chatbots. The growing ecommerce sector in Asia Pacific is likely to be highly important for the natural language processing market over the forecast period, as this is likely to drive the demand for more advanced, smarter chatbots.
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