The report is titled as ‘Natural Language Processing (NLP) Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the natural language processing market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. Natural Language Processing (NLP) market is expected to grow at a significant rate in the near future.
The global Natural Language Processing (NLP) Market in 2020 is estimated for more than US$ 9.1 Bn and expected to reach a value of US$ 41.9 Bn by 2028 with a significant CAGR of 21.1%.
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Natural Language Processing (NLP) Market Dynamics
The global natural language processing market is expected to have steady growth, owing to the increasing application of the smart device, growing adoption of cloud-based solutions and NLP-based applications to improve customer service, and the upsurge in technology investments in the healthcare sectors. Besides, the mounting efforts on the understanding end-user segment during the complete shopping procedure to enhance customer experiences, the implementation of NLP solutions across the globe, and the rapid advances in infrastructure are also responsible for propelling the market growth. Other factors like the high adoption of digital technologies coupled with the intense competition across end-users and the adoption of NLP across verticals with increasing investment among enterprises also aids the market growth.
The global natural language processing market is influenced by the prevailing skin disorders across the globe. Besides, the development of innovative and user-friendly products by the key players coupled with the increasing investments in dermatology creates growth opportunities for the market during the upcoming years. These innovative and advanced products aid the expansion of the product portfolio that further helps in strengthening their business growth globally.
However, the lack of skilled resources coupled with the complication involved in the shift from traditional to advanced technology, due to unstable customer acceptance trends is the major growth restraining factor for the natural language processing market. On the contrary, the factors like the growing investment in the healthcare sector and the necessity for a better human-machine interface offers lucrative growth opportunities during the forecast years.
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Natural Language Processing (NLP) Market Segmentation
The global natural language processing market is segmented based on component, deployment mode, organization size, type, application, vertical, and by region.
By Component:
-  Solutions
- Platform
- Software Tools
-  Services
- Managed Services
- Professional Services
By Deployment Mode:
-  Cloud
-  On-Premises
By Organization Size:
-  Small and Medium-Sized Enterprises
-  Large Enterprises
By Type:
-  Rule-Based
-  Statistical
-  Hybrid
By Application:
-  Text Classification
-  Automatic Summarization
-  Machine Translation
-  Sentiment Analysis
-  Question Answering
-  Information Extraction
-  Others
By Vertical:
-  Banking, Financial Services, and Insurance
-  Healthcare and Life Sciences
-  IT and Telecommunications
-  Retail and Ecommerce
-  Government and Defense
-  Manufacturing
-  Media and Entertainment
-  Travel and Hospitality
-  Others
By Region:
-  North America
-  Europe
-  Asia Pacific
-  Latin America
-  Middle East
-  Africa
Natural Language Processing (NLP) Market Competitive Landscape
Key players operating in the global natural language processing market include 3M Company, Alphabet Inc., Amazon Web Services, Inc., Apple Inc., Baidu, Inc., Bitext Innovations, Conversica, Inc., Dolbey Systems, Inc., Facebook Inc., Health Fidelity, Inc., IBM Corporation, Intel Corporation, Linguamatics Ltd., Microsoft Corporation, SAS Institute Inc., and Veritone, Inc.
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