Natural language processing is strongly associated with computer-human interaction. It is a process in computer science that also involves artificial intelligence and linguistics in order to understand the interactions between computers and natural human languages. Although preexisting since early 50’s, natural language processing or NLP technology has taken an interesting twist within the last decade. Rising demand for NLP and information technology has increased the applications of these systems. This rise in demand and applications is driving natural language processing market at an impressive rate, which is expected to continue for the next four to five years to come. According to the experts, this is a vital sign for the existing businesses and hopeful prospects eager to enter this industry.
Driving Factors for NLP Market
Evolution in machine technologies and has introduced the new generation of customers with advanced devices like computers, smartphones and various other connecting devices. These devices have revolutionized the way of communication and processing in business premises as well. Popular trends in communication modes and rising demand for machines are driving the technologies available in the natural language processing market. big data is also a vital phenomenon for the growth in demand for these technologies. Rise in demand for NLP is also peculiar in particular fields like healthcare and capital markets, which is also giving rise in the advancements and innovation in this industry. Growth in the dimensions, demand and technology for social media content is also a vital driver for the NLP industry.
Segmentation in natural language processing market is largely based on the types of NLP, technologies, services, applications, end users, deployment and geographic regions. Following are the details:
- Types: Rule based, statistical and hybrid natural language processing technologies
- Technologies: Recognition, operational and analytics
- End Users: Enterprise NLP and consumer NLP
- Deployment: On demand and on premise
- Services: Installation and maintenance, consulting, training and certification and other services
- Geography: North America, Europe, Asia Pacific, Middle East and Africa and Latin America
- Applications: Information extraction, machine translation, question answering, report generation, etc.
As per the latest market research reports, current trends in the market suggest growth in the hybrid, rule based and statistical NLP. Rising demand in the market is creating demand for innovation, which is vital for increase in applications. As a result, organizations from various industries are eager to invest in innovative processing engines for new technologies, multimodal data receptions and machine communication. According to the experts, NLP market is expected to grow at a CAGR of over 21% from 2013 to 2018. During this period, the market is anticipated to become worth more than $9,858.4 million in 2018. In 2013, the industry was poised at $3787.3 million.