Global Natural Language Processing (NLP) Market report from Global Insight Services is the single authoritative source of intelligence on Natural Language Processing (NLP) Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Natural Language Processing (NLP) is a subfield of linguistics, computer science, information engineering, and artificial intelligence concerned with the interactions between computers and human (natural) languages, in particular how to program computers to process and analyze large amounts of natural language data.
Key Trends
Some of the key trends in Natural Language Processing (NLP) technology include the following:
- Increased accuracy in parsing and understanding of the text: NLP technology is becoming increasingly accurate in its ability to parse and understand the text. This is thanks to advances in machine learning and artificial intelligence.
- Increased focus on context: NLP technology is also starting to place more emphasis on context. This means that it is taking into account the situation and environment in which a piece of text is used, in order to better understand its meaning.
- Greater use of predictive analytics: NLP technology is increasingly being used for predictive analytics. This involves using past data to make predictions about future trends.
- More use of NLP in chatbots and digital assistants: NLP is also being used more and more in chatbots and digital assistants, such as Amazon Alexa and Google Home. This is helping to make these devices more conversational and user-friendly.
Key Drivers
The key drivers of the Natural Language Processing (NLP) market are the increasing need for automated customer service, the growing need for text analytics, and the increasing adoption of NLP-based chatbots.
The increasing need for automated customer service is driven by the need to reduce costs and improve efficiency. NLP can help automate customer service by providing a way to automatically understand and respond to customer queries.
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The growing need for text analytics is driven by the need to make sense of the large amount of unstructured data that is generated every day. NLP can help extract information from text data, which can be used for a variety of purposes such as market research, sentiment analysis, and competitive intelligence.
The increasing adoption of NLP-based chatbots is driven by the need to provide a more natural and human-like interaction with customers. NLP-based chatbots can understand the user’s intent and provide a more natural and human-like response.
Restraints & Challenges
One of the key restraints in Natural Language Processing (NLP) market is the lack of skilled professionals. The NLP market is still in its early stages and there is a lack of skilled professionals who can develop and deploy NLP applications. This is a challenge for organizations looking to adopt NLP as it can be difficult to find the right talent.
Another challenge in the NLP market is the lack of standardization. There is no one standard for how NLP should be deployed and this can lead to inconsistency across different applications. This can make it difficult for organizations to compare different NLP solutions and make an informed decision about which one to adopt.
Finally, another key challenge in the NLP market is the lack of data. NLP algorithms require a large amount of data in order to be trained and deployed effectively. This can be a challenge for organizations that do not have access to large data sets.
Market Segments
The Natural Language Processing (NLP) Market is segmented by component, deployment mode, organization size and region. By component, it is bifurcated into software and services. By deployment mode, it is segregated into cloud and on-premises. By enterprise size, it is categorized into small to medium enterprise (SMEs) and large-scale enterprise. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
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Key Players
The Natural Language Processing (NLP) Market includes players such as Apple Inc., Facebook, Google Inc., Hewlett-Packard Enterprise, IBM Corporation, Intel Corporation, Microsoft Corporation, Narrative Science, SAS Institute Inc. and Verint Systems, Inc.
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