Feb 14, 2020 (The Expresswire) -- Natural Language Processing Market research study contains size, share analysis based on the Top leading key players like Google Inc., Microsoft Corporation, 3M Company, SAS Institute Inc., IBM Corporation, NetBase Solutions Inc., Verint System Inc, Genpact Limited, Adobe Systems Incorporated, Intel Corporation, Nvidia Corporation, Amazon Web Services Inc., AppOrchid Inc., Inbenta Technologies Inc., Veritone Inc., SAP SE, Salesforce.com Inc., Rasa Technologies GmbH, Babylon Healthcare Services Limited, Klevu Oy, Micro Focus International PLC (HPE)
The new research report on “ Natural Language Processing ” Market is proficient and in-depth research that offers a summary of the current market status, historic, and expected way forward for the Natural Language Processing market. Natural Language Processing market share analysis report on the world’s major regional market conditions, focusing on the main regions. Natural Language Processing market report offers an extensive analysis of Natural Language Processing industry to guide market players, new entrants and investors to get the opinion of Natural Language Processing industry.
Scope of the Report:
Natural language processing (NLP) is a well-known artificial intelligence feature that is being implemented universally, through consumer digital assistants and chat-bots, along with commercial applications in the field of textual analysis, voice sense (speech analysis), sentimental analysis, and change impact analysis.
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The Natural Language Processing Market is expected to register a CAGR of over 22.5% during the forecast period 2019 - 2024. Over the past few years, deep learning architectures and algorithms have made impressive advances in the fields of image recognition and speech processing. The application to natural language processing (NLP) has proven to make significant contributions, yielding state-of-the-art results for some complex NLP application tasks.
Using the Internet and an ever-expanding means of communication, consumption, and interaction have empowered consumers. Companies have been forced to rethink their branding and business models. In today’s competitive marketplace, attracting customers from competitors requires more than the dominant product-centric or company-centric model.
These channels offer businesses opportunities to implement AI-powered chatbots that are proficient at dealing with inquiries. In some cases, they can even predict a customer’s next action and pre-empt inquiries with proactive communication.
The IIoT is driving unprecedented disruption in the industry that was hampered by a shortage of skilled workforce. The technology is also set to aid cost efficiency in the industry. Technical skills are needed to implement, develop, road map infrastructure, manage security, and capture and analyze data. Experienced developers who are well versed with styles, languages, and mechanisms of different applications are vital for the implementation of NLP. There is a lack of such trained professional across industries.
The transition from the existing legacy system to SaaS platforms is an expensive process, involving technical and non-technical resources and challenges. Also, the lack of understanding of cloud computing migration leads to many migration failures in achieving organization goals. These challenges of modernizing the existing legacy systems and high software migrating cost are hindering the growth of the market studied.
Natural Language Processing market size analysis report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. The Natural Language Processing market 2019 report consists of the latest developments, market shares, and strategies employed by the major market players.
Top Key Players of Natural Language Processing Market Report Are:
SAS Institute Inc.
NetBase Solutions Inc.
Verint System Inc
Adobe Systems Incorporated
Amazon Web Services Inc.
Inbenta Technologies Inc.
Rasa Technologies GmbH
Babylon Healthcare Services Limited
Micro Focus International PLC (HPE)
Natural Language Processing Market Report Highlights:
The report provides a detailed analysis of current and future market trends to identify the investment opportunities
Market forecasts till 2024, using estimated market values as the base numbers
Natural Language Processing market trends across the business segments, Regions and Countries
Key developments and strategies observed in the market
Market Dynamics such as Drivers, Restraints, Opportunities and other trends
In-depth company profiles of key players and upcoming prominent players
Natural Language Processing market growth prospects among the emerging nations through 2024
Natural Language Processing Market opportunities and recommendations for new investments
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Key Market Trends:
Speech Analytics is expected to register a Significant Growth
Speech analytical solutions can enable users to gain insights, to make critical business decisions, by providing more in-depth and faster analysis of voice data, with context and relevance, across multiple channels. Speech analytics solutions are gaining immense importance in enterprises across the world since the traditional text-based analytics solutions used by enterprises are no longer enough to handle complex business issues.
Many enterprises have implemented speech analytics through a combination of internally recorded data, social media data, and external syndicated data, to create cutting-edge analytics solutions in order to gain a better understanding of their customer requirements.
The on-premises speech analytics market is dominating, as organizations with complex IT structures requiring a high number of integrations (with other applications, such as marketing, CRM, sales support, and technical support tools) usually prefer the on-premise model to mitigate compatibility issues.
However, growing investment in cloud technologies is estimated to shift the trend on cloud speech analytics platforms. Additionally, the on-cloud model offers automatic updates, increased scope for collaboration, and scalability benefits over other deployment models.
North America is Expected to Have Highest Market Share
The rising big data volume coupled with the increasing demand to enhance consumer satisfaction in the United States is expected to drive the NLP market growth in the country. The country is focusing on its defense sector, primarily associated with technological advancements. In September 2018, the defense advanced research projects agency (DARPA) announced to boost its investment in AI, over the next five years, worth USD 2 billion. As a result, it is likely to have a positive impact on the NLP market growth in the country over the forecast period.
In addition, in May 2018, the United States and the United Kingdom launched an AI hub to innovate new disruptive technologies for security and defense applications, which would bolster the advanced utilization of NLP.
Furthermore, the increasing demand for speech analytics in the United States has compelled the companies to form partnerships and offer exceptional services. For instance, in August 2018, Amazon and Microsoft launched Cortana-Alexa public preview for Windows 10 PCs and Echo speakers in the United States, which would allow the customers to have the benefits of both the assistants at the same time. Thus, it will create an enhanced customer experience with diverse added benefits, thereby, attracting more consumers, which in turn is projected to have a positive impact on the market growth in the country.
Natural Language Processing Market Report Answers Following Questions:
What are the important RandD (Research and Development) factors and data identifications to responsible for rising market share?
What are future investment opportunities in the in Natural Language Processing Devices landscape analyzing price trends?
Which are most dynamic companies with ranges and recent development within Natural Language Processing Market till 2024?
In what way is the market expected to develop in the forthcoming years?
What are the principle issues that will impact development, including future income projections?
What are market opportunities and potential risks associated with Natural Language Processing Devices by analyzing trends?
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Detailed TOC of Natural Language Processing Market Forecast Report 2019-2024:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Shifting Trend from Product-centric to Customer-centric Experience
4.2.2 Increasing Demand for Smart Devices across Industrial Internet of Things (IIoT)
4.2.3 Significant Advancement in Machine-to-Machine Communication Technology
4.2.4 Increasing Amount of Digital Data with the Rise in Use of Smart Devices
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals Across the Industry
4.3.2 Complexity in the Shift from Traditional to Advanced Technology, due to Fluctuating Customer Adoption Trends.
4.3.3 Need for Effective Predictive Technologies, to Narrow the Gap between Machines and Humans
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Speech Analytics
5.1.2 Text Analytics
5.1.3 Sentiment Analysis
5.1.4 Pattern and Image Recognition
5.1.5 Interactive Voice Response (IVR)
5.1.6 Optical Character Recognition (OCR)
5.2 By Deployment
5.2.1 Public Cloud
5.2.2 Private Cloud
5.2.3 Hybrid Cloud
5.4 By End-user Industry
5.4.1 IT and Telecom
5.4.5 Other End-user Industries (Manufacturing, Media and Entertainment, Research and Education)
5.5 By Technology
5.6 By Services
5.7.1 North America
126.96.36.199 Rest of North America
188.8.131.52 Rest of Europe
5.7.3 Asia Pacific
184.108.40.206 Rest of Asia Pacific
5.7.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Google Inc.
6.1.2 Microsoft Corporation
6.1.3 3M Company
6.1.4 SAS Institute Inc.
6.1.5 IBM Corporation
6.1.6 NetBase Solutions Inc.
6.1.7 Verint System Inc
6.1.8 Genpact Limited
6.1.9 Adobe Systems Incorporated
6.1.10 Intel Corporation
6.1.11 Nvidia Corporation
6.1.12 Amazon Web Services Inc.
6.1.13 AppOrchid Inc.
6.1.14 Inbenta Technologies Inc.
6.1.15 Veritone Inc.
6.1.16 SAP SE
6.1.17 Salesforce.com Inc.
6.1.18 Rasa Technologies GmbH
6.1.19 Babylon Healthcare Services Limited
6.1.20 Klevu Oy
6.1.21 Micro Focus International PLC (HPE)
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Name: Ajay More
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