ReportsnReports (www.reportsnreports.com). This represents a compound annual growth rate (CAGR) of 21.1% from 2013 to 2018, according to the research group.
In the current scenario, web and e-commerce, healthcare, IT and telecommunication vertical continues to grow and are the largest contributor for NLP) software market. In terms of regional growth, North America is expected to be the biggest market in terms of revenue contribution. European and APAC region is expected to experience increased market traction, due to increasing adoption across various verticals and investment support in research projects from the regional government.
ReportsnReports says the major forces driving natural language processing market (NLP) are the growing demand for enhanced customer experience, increase in adoption of smartphone, leveraging big data and growth in machine to machine (M2M) technologies. What’s more, in industries such as healthcare, BFSI, social websites and e-commerce channels have witnessed exponential rise in real time customer data and transaction information.
NLP technology can leverage this unstructured data for analyzing customer needs, expectations and enhancing customer experience by optimizing cost effective lingual response system in organizational processes. By using NLP software solutions, organization can have better insights on customer’s perception, optimize business processes and reduce operational cost, ReportsnReports says.
The research group says natural language is easier for humans to learn and exercise but difficult for computers to comprehend. It is accepted fact that machines have proven their potential in computationally intensive tasks. However, they still fall short to master the basics of spoken and written languages.
Natural language processing is a human to computer interaction, which analyses and understands both spoken and written forms of human languages. It helps computers in formulating basic and advanced levels of interactions with humans. This form of communications assists the computer to perform various other additional tasks. Few such applications include processing of large amounts of data by utilizing natural language processing for information retrieval, information extraction, automatic summarization, machine translation and dialogue systems.
While the NLP market is growing at a steady pace across various verticals, ReportsnReports observes some of the major vendors such as Nuance Communications, M*Modal, IBM and many other companies who are continuously innovating their NLP software solutions, which can be easily integrated into enterprise platforms. What’s more, the research group expects that on-demand NLP software solutions are expected to have continuous growth and adoption rate in the long term, thereby creating customizable stack services and applications facilitating quicker customer adoption of the same.
ReportsnReports also observes that there’s an increasing demand of NLP technology in web and e-commerce, healthcare, IT and telecommunication industry for enhancing customer experience and operational processes by integrated NLP software solutions. So even though the adoption of the NLP technology and is majorly seen in healthcare vertical, we expect that these software solutions will continue to show steady growth in other verticals as well.