Published on : May 20, 2020
Natural language processing refers to an area of artificial intelligence that is involved with the interaction between human beings and computers utilizing natural human language. It is also known as NLP. The sole purpose of natural language processing is to make sense of, understand, decipher, and read human languages in a way that is valuable.
In the last few years, algorithms and deep learning architectures have made considerable advancement in the areas of speech processing and image recognition. The use of natural language processing has already exhibited some important contributions and has produced some state-of-the-art results for few of the complicated natural language processing tasks.
Some of the important market vendors that have been profiled in the global natural language processing market comprise names like Verint System Inc., 3M Company (3M), IBM Corporation, Google LLC, SAS Institute Inc., and Dolbey Systems, Inc.
Driven by Presence of Leading Market Players, North America to Lead the Market
The global natural language processing market has been divided into five major geographies. These regional segments comprise North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Region-based segmentation offers an elaborate understanding of the market in various parts of the world.
North America is estimated to emerge as one of the important revenue-generating regional market in the global natural language processing market. In the North America market, the US is estimated to constitute prominent share of the regional market in the years to come. Massive development in the infrastructure coupled with high adoption of digital technologies are two of the most important factors that are likely to drive the expansion of the global natural language processing market.
Furthermore, the North America natural language processing market has seen a plethora investment in artificial intelligence or AI-enabled infrastructure, which is why both well-established companies and startups are focusing more on the development of innovative AI-based solutions to meet the requirements of several verticals in the region.
In addition, favorable government regulations, increased startup funding, and presence of several leading market players is likely to place the region at the forefront of the market growth. A growing interest of various enterprises in the deployment of natural language processing and machine learning based solutions is also likely to emerge as an important growth promoting factor for the regional market.
Increased Demand for Big Data Analysis Open up Avenues of Growth for the Market
Today’s consumers are empowered with the ever-increasing power of internet. Ever-expanding means of communication have opened up plethora of opportunities for today’s consumers. The global natural language processing market is likely to be driven by the growing competition amongst various firms to attract attention.
Companies have been compelled to revisit their marketing strategies and other plans to gather consumer attention in highly competitive markets. The strategy now goes well beyond the dominant company-centric or product-centric models.
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Utilization of various new age applications such as Grammarly, Alexa, Microsoft Word, Cortana, and Google Translate have become key to gain competitive edge over others in the market. The technology has emerged as a driving force behind these applications, which is likely to steer the growth of the global natural language processing market in the forthcoming years.
These computerized techniques or applications assist in the analysis and interpretation of human communication by a computer, based on a set of theories and technologies. The natural language processing technology comes with the objective of minimizing the time taken to comprehend various computer languages like Java, C++, C, and Ruby.
In addition, it also finds abundant use in the analysis of big data. In big data, humungous amount of data is generated from several audio, video, digital sources to be analyzed. Analysis of such a huge amount of data needs natural language processing technique. This actor is likely to boost the global natural language processing market in the years to come.