The Global Market for Natural Language Processing (NLP) is Projected to Reach US$10 Billion by 2020

Increased Need to Process Unstructured Big Data to Spur the Natural Language Processing (NLP) Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Natural Language Processing (NLP) market. The global market for Natural Language Processing (NLP) is projected to reach US$10 billion by 2020, driven by the increased need to process the ever growing volumes of unstructured data in corporate IT systems as a result of the growing adoption of big data and social media intelligence.

The global market for Natural Language Processing (NLP) technologies is growing at a rapid pace driven by multitude of factors influencing the wider acceptance of NLP solutions in various end-use applications and markets. While the increased need to process unstructured and semi-structured data in enterprise networks continues to fuel the demand for NLP solutions in a major way, growing inclination among enterprises towards big data analytics, where advanced data processing models gain prominence is creating a highly fertile environment for NLP. The rapid expansion in the acceptance of social networking and social media platforms and the growing focus on social media monitoring and social media intelligence (SMI) are other compelling factors influencing demand for NLP technologies. NLP, defined as the ability of a computer system or a program to understand human language or natural language and process the inputs into useful output, is an artificial intelligence (AI) concept that endorses topics from language specific and general disciplines such as Linguistics, Computational Linguistics, Computer Science, Algorithms, Psychology, and Philosophy among others. Implemented in rule-based, statistical, or hybrid models, NLP concept leverages machine learning technique where focus remains on examining and using patterns in data to improve the learning and understanding of a program.

NLP technologies are gaining traction in text analytics, designed to unlock business value buried within the vast data assets of a company in a resourceful and seamless manner. Speech analytics is another important and growing application area, where NLP tools are finding preference for capturing the voice of the customer taking into consideration phrasing, punctuation, and tone of voice and other parameters. As a recognition platform, NLP is sensing opportunities in interactive voice recognition (IVR), image recognition, and optical character recognition (OCR) verticals. Spam mail blocking is another growing use case for NLP technologies. By end-use sector, NLP technologies are making strong gains in healthcare & life sciences, banking & financial services, insurance, legal, IT & telecom, government, media & advertisement, and consumer electronics among others. A key trend making waves in the market is the growing popularity of cloud-based NLP-as-a-Service solutions.

As stated by the new market research report on Natural Language Processing (NLP), the United States represents the largest market worldwide, driven by US enterprises’ prioritization of NLP in healthcare, life sciences, and big data analytics, among various other sectors. Asia-Pacific ranks as the fastest growing market with a CAGR of 26.8% over the analysis period.

Major players in the market include 3M Company, Apixio, Inc., Apple Inc., Cerner Corporation, Dolbey Systems, Inc., Google Inc., International Business Machines Corporation (IBM), Linguamatics, Microsoft Corporation, NetBase Solutions, Inc., Nuance Communications, Inc., Optum, Inc., SAS Institute, Inc., Text Analysis International, and Verint Systems Inc., among others.

The research report titled “Natural Language Processing (NLP): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, M&As and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America).

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.