Sep 28, 2020 (The Expresswire) -- The “ Natural Language Processing Market ” report provides coverage of current and emerging market trends, market drivers, and insights offered by industry experts. It offers an in-depth analysis and all the information required by the new entrants and emerging players to stay ahead in the competition. The report examines the overall Natural Language Processing market size, share, opportunities, historical analysis, technological advancements for the forecast period.
Natural Language Processing Market Dynamics:
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Key Players Mentioned in the Natural Language Processing Market Report:
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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Natural Language Processing Market Report Includes the Following Insights:
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.
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What Global Natural Language Processing Market Report Offers?
Detailed TOC of Natural Language Processing Market Forecast Report 2020-2024:
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
22.214.171.124 Rest of North America
126.96.36.199 Rest of Europe
5.7.3 Asia Pacific
188.8.131.52 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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