North America natural language processing market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period
PR-Inside.com: 2017-12-07 13:17:36
Natural language processing is a branch of artificial intelligence, which is developed to make machine understated words or statements written and spoken in human language. Implementation of various processes such as morphological analysis, syntactic analysis, semantic analysis, discourse integration, and pragmatic analysis aids natural language processing systems to perform various tasks such as automatic summarization, coreference resolution, discourse analysis, and machine translation. Increasing demand for text analytics in various organization, rising demand for machine learning process, and increasing social media monitoring are some of the key driving factors leading to growth of the natural language processing market.
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Rising demand for advance text analytics is expected to positively aid in growth of the market for natural language processing
Integration of natural language processing in text analytics has led to growth of advanced text analytics solutions. Natural language processing helps convert human language to machine language. This helps in analysis of the data and convert insights back to human language for better understanding. Rising demand for text analytics in various organization for gaining better market insights has accelerated demand for text analytic solutions. Companies across various industries are actively focusing on keeping a track of market pulse and accordingly incline their product and service offerings to capitalize on emerging trends for enhanced profitability. Integration of text analytics enables companies to receive market insights about products and its description, which helps to compete in the market and aids in increasing their market presence and share.
Social media channel plays a key role for growth of the natural language processing market
Increasing competition in various verticals has led to demand for real-time market insights related to customer demands and other factors. For gaining real-time market insights, it is important for companies to analyze large volumes of unstructured data generated. Natural language processing systems are required to convert the unstructured human language data into machine language and also derive insights from human language with sentiments and emotions. Social media is one of the major platforms, which provides large volume of unstructured data to organizations. Facebook, Twitter, Google+, Pinterest, Instagram, LinkedIn, YouTube etc. are some of the popular social media channels. For example: According to coherent market insights, It is estimated that in every 60 seconds, near about 27,000 videos are streamed on YouTube, around 3 million posts are shared on Facebook, around 430,000 tweets are posted on Twitter, and around 120 new users get registered on LinkedIn.
Natural Language Processing Market Taxonomy
On the basis of End-use Industry, the natural language processing market is diversified into:
Media and Entertainment
Retail and Consumer Goods
On the basis of Application, the natural language processing market is segmented into:
North America held a dominant position in the global natural language processing market in 2016
North America natural language processing market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in the region. High presence of market leaders and high adoption of data analytic solutions by various organizations are expected to be factors for growth of the market.
Key Companies: Global Natural Language Processing Market
Apple Incorporation, Dolbey Systems, Google LLC, Hewlett-Packard Enterprise Company, International Business Machine Corporation, Microsoft Corporation, Netbase Solutions, SAS Instituite, Inc., Verint System are some of the major companies in the global natural language processing market.
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