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.
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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
1.3.8.1 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
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 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
4.1.1.1 Statistical
4.1.1.2 Rule-based
4.1.1.3 Hybrid
4.1.2 By Deployment
4.1.2.1 Public cloud
4.1.2.2 Private cloud
4.1.2.3 Hybrid cloud
4.1.3 By Component
4.1.3.1 Solutions
4.1.3.1.1 Auto coding
4.1.3.1.2 Text analytics
4.1.3.1.3 Speech analytics
4.1.3.1.4 IVR
4.1.3.1.5 Pattern & image recognition
4.1.3.1.6 Optical character recognition
4.1.3.2 Services
4.1.3.2.1 Managed
4.1.3.2.2 Professional
4.1.4 By Application
4.1.4.1 Information extraction
4.1.4.2 Question answering
4.1.4.3 Machine translation
4.1.4.4 Report generation
4.1.4.5 Text processing
4.1.5 By Industry
4.1.5.1 BFSI
4.1.5.2 Automotive
4.1.5.3 Healthcare
4.1.5.4 Retail
4.1.5.5 IT & telecommunication
4.1.5.6 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Growing adoption of cognitive computing technology
4.3.1.2 Deployment of semantic search platforms
4.3.1.3 Rising adoption of conversational bots
4.3.2 Drivers
4.3.2.1 Increasing focus on customer experience
4.3.2.2 Growing shift in businesses toward automation
4.3.2.3 Need for managing large volumes of data
4.3.2.4 Increasing demand in contact centers
4.3.2.5 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Lack of skilled resources
4.3.3.2 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 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
