“Natural Language Processing (NLP) market projected to grow at a CAGR of 16.1%”
The NLP market size is expected to grow from USD 7.63 billion in 2016 to USD 16.07 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1%. Major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.
“On-demand deployment model to have the largest market size in 2016”
The growing demand of extracting and forming structured data sets from clusters of unstructured data online is driving the growth of the on-demand deployment model in the NLP market. This model aligns expenditure to business requirement and its growth is specifically high in enterprises, where low cost solutions are much required.
“Media & entertainment and research & education verticals are expected to play a key role in the NLP market to gain maximum traction during the forecast period”
The media & entertainment and research & education verticals are expected to play a key role in the NLP landscape and are expected to grow with high growth rates in the next five years. Sentiment analysis is widely applied to review social media for a variety of applications, ranging from marketing to customer service. NLP is also an effective approach for bringing improvement in educational setting.
Middle East and Africa (MEA) is expected to have the highest growth rate during the forecast period. The MEA region is expected to be the fastest growing market among all the regions. The growth of the market is due to increased spending capabilities of the people and rise in the use of voice recognition application by various industries.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
Today, almost every business function of an organization, namely marketing, sales, finance, operations, and HR are looking for solutions that could help them interact more effectively with outside world in a future-proof fashion. Thus, the scope and challenges associated to statistical NLP solutions that use machine learning technology is gaining high traction across a number of industries.
The various key NLP vendors profiled in the report are as follows:
- Apple Incorporation
- Dolbey Systems
- IBM Incorporation
- Microsoft Corporation
- NetBase Solutions
- SAS Institute, Inc.
- Verint Systems
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the natural language processing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, mergers, and acquisitions.