Natural Language Processing Market worth 16.07 Billion USD by 2021
Added: (Mon Nov 06 2017)
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The report "Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021", The NLP market size is estimated 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%.The major forces driving the NLP market are increase in demand for enhanced customer experience, increase in usage of smart devices, number of emerging options in application areas, increased investment in healthcare industry, increased deployment of web & cloud-based business applications, and growth in machine-to-machine technology.
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Professional services to grow at the highest CAGR from 2016-2021
The professional services segment is forecast to grow at the highest CAGR from the year 2016 to 2021.This is due to the fact that organizations are looking for NLP solutions along with installation, maintenance, and consulting services in the NLP market. The NLP market is expected to penetrate well into the professional services segment with the availability of cost-effective and easily deployable cloud solutions. North America is expected to experience the highest growth rate in both professional services and support and maintenance services segment.
IVR technology to have the largest market size in 2016
The IVR technology is estimated to account for the highest market share for the year 2015, as the business organizations operating across a number of industries are moving towards enhanced automation to capture and process the customerís voice. Moreover, Optical Character Reader, pattern recognition, and speech analytics are expected to gain traction during the forecast period.
North America expected to contribute the largest market share; Middle East and Africa (MEA) to grow the highest rate
North America is expected to have the largest market share and would dominate the NLP market from 2016 to 2021, due to the presence of a large number of NLP vendors. MEA offers potential growth opportunities for the NLP market. The key factors driving the growth rate in this market are increasing data generation in business organizations, growing demand for enhanced customer experience, and increase in the adoption and utility of smart devices.
In the NLP market, solution vendors such as 3M, Apple Incorporation, Dolbey Systems, Google, HP, IBM Incorporation, Microsoft Corporation, NetBase Solutions, SAS Institute Inc., and Verint Systems offer high-end NLP solutions.
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