Need for Managing Large Volumes of Data Boosting Natural Language Processing Market Growth

The growing focus on enhancing the customer experience, rising need to manage large volumes of data, surging demand for these solutions in contact centers, and rapid automation of repetitive processes across industries are expected to drive the growth of the natural language processing (NPL) market at a CAGR of 19.7% during the forecast period (2019–2024). According to P&S Intelligence, the market generated revenue of $8.3 billion in 2018, and it is projected to reach $22.9 billion by 2024.

Security Policy Management Market Segmentation Analysis

One of the major factors leading to the increasing demand for NLP solutions is the increasing need to manage large volumes of data. Over 2 quintillion bytes of data are generated in the structured and unstructured forms every day around the world. Companies are in a need for solutions that can resolve business-related issues by scrutinizing the extracted data. Most enterprises are still using traditional procedures to collect the structured data from spreadsheets and relational databases. Thus, NPL solutions are used to manage the data efficiently, especially that obtained in the unstructured form.

Browse detailed report – Natural Language Processing Market Analysis and Demand Forecast Report

Another key factor driving the demand for NLP solutions is the numerous initiatives being taken to automate the mundane business processes. Companies in today’s competitive world want to retain their position in their respective industry with the use of automated solutions for improving human–machine interactions. Furthermore, these solutions help consumers in receiving quick replies through seamless discussions. Enterprises are using NLP solutions, including chatbots, to study consumers’ inputs and automatically provide appropriate answers.

Geographical Analysis of Security Policy Management Market

The application segment of the natural language processing market is categorized into machine translation, report generation, information extraction, question answering, and text processing. Among these, the machine translation category generated the highest market revenue in 2018. This is ascribed to the surging adoption of advanced solutions that translate text into several languages, to address various queries of customers who speak, different languages.

Moreover, the natural language processing market is classified into banking, financial services, and insurance (BFSI), automotive, retail, healthcare, information technology (IT) & telecommunications, and others, based on industry. In this segment, the BFSI industry accounted for the largest revenue share in 2018 due to the fact that financial service providers are using NLP solutions to examine data, take effective decisions, and provide quality products and services to customers.

Geographically, the natural language processing market in the Asia-Pacific (APAC) region is expected to witness the most-rapid advance during the forecast period. This can be ascribed to the technological advancements, surging adoption of cloud-based solutions, increasing number of customer contact centers, and growing number of small and medium-sized enterprises (SMEs) in the region. In APAC, in 2018, China accounted for the largest share due to the several innovation programs introduced for the deployment of advanced technologies, such as NLP, artificial intelligence (AL), machine language (ML), and deep learning.

Thus, the increasing need to manage large volumes of data and growing automation of repetitive work are projected to drive the market growth during the foreseeable period.

Competitive Landscape

The global natural language processing market is highly competitive in nature, with the presence of several players, including Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, 3M Company, Verint Systems Inc., Apple Inc., Microsoft Corporation, Hewlett Packard Enterprise (HPE) Company, Dolbey Systems Inc., Genpact Ltd., and AWS Inc.

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Type

1.3.2 Market Segmentation by Deployment

1.3.3 Market Segmentation by Component

1.3.4 Market Segmentation by Application

1.3.5 Market Segmentation by Industry

1.3.6 Market Segmentation by Region

1.3.7 Analysis Period

1.3.8 Market Data Reporting Unit Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents By region By industry participant By company type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 By Type Statistical Rule-based Hybrid

4.1.2 By Deployment Public cloud Private cloud Hybrid cloud

4.1.3 By Component Solutions Auto coding Text analytics Speech analytics IVR Pattern & image recognition Optical character recognition Services Managed Professional

4.1.4 By Application Information extraction Question answering Machine translation Report generation Text processing

4.1.5 By Industry BFSI Automotive Healthcare Retail IT & telecommunication Others

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends Growing adoption of cognitive computing technology Deployment of semantic search platforms Rising adoption of conversational bots

4.3.2 Drivers Increasing focus on customer experience Growing shift in businesses toward automation Need for managing large volumes of data Increasing demand in contact centers Impact analysis of drivers on market forecast

4.3.3 Restraints Lack of skilled resources Impact analysis of restraints on market forecast

4.3.4 Opportunities Need for an efficient human–machine interface

4.4 Porter’s Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By Type

5.2 By Deployment

5.3 By Component

5.3.1 By Solutions

5.3.2 By Services

5.4 By Application

5.5 By Industry

5.6 By Region

Chapter 6. North America Market Size and Forecast

6.1 By Type

6.2 By Deployment

6.3 By Component

6.3.1 By Solutions

6.3.2 By Services

6.4 By Application

6.5 By Industry

6.6 By Country

Chapter 7. Europe Market Size and Forecast

7.1 By Type

7.2 By Deployment

7.3 By Component

7.3.1 By Solutions

7.3.2 By Services

7.4 By Application

7.5 By Industry

7.6 By Country

Chapter 8. APAC Market Size and Forecast

8.1 By Type

8.2 By Deployment

8.3 By Component

8.3.1 By Solutions

8.3.2 By Services

8.4 By Application

8.5 By Industry

8.6 By Country

Chapter 9. MEA Market Size and Forecast

9.1 By Type

9.2 By Deployment

9.3 By Component

9.3.1 By Solutions

9.3.2 By Services

9.4 By Application

9.5 By Industry

9.6 By Country

Chapter 10. LATAM Market Size and Forecast

10.1 By Type

10.2 By Deployment

10.3 By Component

10.3.1 By Solutions

10.3.2 By Services

10.4 By Application

10.5 By Industry

10.6 By Country

Chapter 11. Competitive Landscape

11.1 List of Key Players and Their Offerings

11.2 Competitive Benchmarking of Key Players

11.3 Market Share Analysis of Key Players

11.4 Strategic Developments of Key Players

11.4.1 Mergers and Acquisitions

11.4.2 Partnerships

Chapter 12. Company Profiles

12.1 Alphabet Inc.

12.1.1 Business Overview

12.1.2 Product and Service offerings

12.1.3 Key Financial Summary

12.2 Microsoft Corporation

12.2.1 Business Overview

12.2.2 Product and Service Offerings

12.2.3 Key Financial Summary

12.3 International Business Machines (IBM) Corporation

12.3.1 Business Overview

12.3.2 Product and Service Offerings

12.3.3 Key Financial Summary

12.4 SAS Institute Inc.

12.4.1 Business Overview

12.4.2 Product and Service Offerings

12.4.3 Key Financial Summary

12.5 Inbenta Technologies Inc.

12.5.1 Business Overview

12.5.2 Product and Service Offerings

12.6 Apple Inc.

12.6.1 Business Overview

12.6.2 Product and Service Offerings

12.6.3 Key Financial Summary

12.7 Nuance Communications Inc.

12.7.1 Business Overview

12.7.2 Product and Service Offerings

12.7.3 Key Financial Summary

12.8 Verint Systems Inc.

12.8.1 Business Overview

12.8.2 Product and Services Offerings

12.8.3 Key Financial Summary

12.9 Hewlett Packard Enterprise (HPE) Company

12.9.1 Business Overview

12.9.2 Product and Service Offerings

12.9.3 Key Financial Summary

12.10 3M Company

12.10.1 Business Overview

12.10.2 Product and Service Offerings

12.10.3 Key Financial Summary

12.11 Kasisto Inc.

12.11.1 Business Overview

12.11.2 Product and Service Offerings

12.12 Kensho Technologies LLC

12.12.1 Business Overview

12.12.2 Product and Service Offerings

12.13 ZestFinance Inc.

12.13.1 Business Overview

12.13.2 Product and Service Offerings

12.14 Genpact Limited

12.14.1 Business Overview

12.14.2 Product and Service Offerings

12.14.3 Key Financial Summary

12.15 Veritone Inc.

12.15.1 Business Overview

12.15.2 Product and Service Offerings

12.16 Textio Inc.

12.16.1 Business Overview

12.16.2 Product and Service Offerings

12.17 Dolbey Systems Inc.

12.17.1 Business Overview

12.17.2 Product and Service Offerings

12.18 Amazon Web Services (AWS) Inc.

12.18.1 Business Overview

12.18.2 Product and Service Offerings

12.19 Facebook Inc.

12.19.1 Business Overview

12.19.2 Product and Service Offerings

12.19.3 Key Financial Summary

12.20 NetBase Solutions Inc.

12.20.1 Business Overview

12.20.2 Product and Service Offerings

12.21 Intel Corporation

12.21.1 Business Overview

12.21.2 Product and Service Offerings

12.21.3 Key Financial Summary

12.22 Conversica Inc.

12.22.1 Business Overview

12.22.2 Product and Service Offerings

12.23 Automated Insights Inc.

12.23.1 Business Overview

12.23.2 Product and Service Offerings

12.24 Adobe Inc.

12.24.1 Business Overview

12.24.2 Product and Service Offerings

12.24.3 Key Financial Summary

12.25 Bitext Innovations S.L.

12.25.1 Business Overview

12.25.2 Product and Service Offerings

12.26 Salesforce.com Inc.

12.26.1 Business Overview

12.26.2 Product and Service offerings

12.26.3 Key Financial Summary

Chapter 13. Appendix

13.1 Abbreviations

13.2 Sources and References

13.3 Related Reports

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