Drivers and Restraints
Market Research Future (MRFR), in its recently published research report, asserts that the global market is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy 24% CAGR in the forecast period.
The major driving factor of global natural language processing is augmented adoption rate among different verticals. Additionally, rising demand for M2M translation and increasing application areas are expected to drive the global natural language processing market growth. The IIoT is driving unparalleled disruption in the industry that was hampered by a shortage of skilled labor force. The technology is also set to support cost efficiency in the industry. Technical skills are needed to implement, develop, manage security, road map infrastructure, and capture and analyze data. Skilled developers who are well versed with languages, styles, and mechanisms of numerous applications are vital for the implementation of NLP. There is a lack of trained professionals across industries. In today’s competitive marketplace, attracting customers from market players requires more than the leading product-centric or company-centric model.
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These channels provide businesses opportunities to adopt AI-powered chatbots that are efficient at dealing with inquiries. In some cases, they can even estimate a customer’s next action and pre-empt queries with active communication.
The transition from the legacy system to SaaS platforms is an expensive process, including technical and non-technical resources and challenges. Moreover, the lack of understanding of cloud computing migration leads to many migration letdowns in achieving organizational goals. These challenges of reforming the present legacy systems and high software migrating cost are hampering the growth of the market over the review period.
The major market players operating in the global market as identified by MRFR are Hewlett-Packard Co. (U.S.), IBM Corporation (U.S.), Apple Inc. (U.S.), Oracle Corporation (U.S.), 3M Co. (U.S.), Microsoft Corporation (U.S.), Dolbey Systems Inc. (U.S.), Net base Solutions Inc. (U.S.), SAS Institute Inc. (U.S.), and Verint Systems Inc. (U.S.), among others.
The market for global natural language processing is analyzed based on type, technology, service, vertical, and region. On the basis of the technology, the market is divided into text analytics, auto-coding, optical character recognition (OCR), pattern & image recognition, interactive voice response, and speech analytics. On basis of the type, the segment is divided into statistical based natural language processing, rule-based natural language processing, and hybrid natural language processing. Service includes consulting service, integration service, and maintenance service. The global natural language processing (NLP) is divded on the basis of the deployment model, which includes on-premise and on-demand. Based on the vertical, the global natural language processing (NLP) market is divided into the healthcare sector, media & entertainment, retail sector, and manufacturing among others.
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The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
North America is slated to account for the largest market size during the forecast period. Rapid expansion in infrastructure and the high adoption of digital technologies are the 2 major drivers of the NLP market growth in the region. With the increasing competition across end users, organizations are using NLP and ML tools via an AI platform, which empowers organizations to connect with their clients for the required solution easily. North America leads the global NLP market with substantial adoption across verticals and increasing investment among enterprises. The increasing big data volume, coupled with the augmented demand to improve consumer satisfaction in the United States, is slated to drive the NLP market growth in the nation. The country is focusing on its military and defense sector, primarily related to technological advancements. Furthermore, the growing demand for speech analytics in the United States has compelled the companies to form partnerships and offer exceptional services.
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