NEW YORK, Dec. 23, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global natural language processing market share generated revenue of $8.3 billion in 2018 and is expected to reach $22.9 billion by 2024, exhibiting a CAGR of 19.7% during the forecast period (2019–2024). The BFSI industry held the largest market share in 2018. With the existence of unstructured data in huge volumes, financial service providers are adopting NLP solutions to analyze data, make effective decisions, and provide quality products and services to their customers. However, the market is projected to witness the fastest growth in the healthcare industry during the forecast period. This can be mainly attributed to the increasing volume of clinical data, rising need for improving patient outcomes, and growing demand for high-quality healthcare—factors that are encouraging the adoption of NLP solutions in the healthcare industry. NLP in healthcare helps integrate electronic health records (EHR) on a patient portal, which further facilitates better understanding of patients’ health conditions and improved decision-making on the part of physicians.
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In the competitive business landscape, organizations are shifting their focus from the traditional business model to the automated business model in order to reduce human errors, accelerate business growth, enhance product/service quality, and streamline work processes. In view of this, the NLP technology helps automate data entry and invoicing and several other processes to enhance business performance. For instance, Botkeeper, an AI-based program developed by Botkeeper Inc., is used by several organizations for managing accounts, as it automates accounting by handling tasks within seconds, which otherwise require several hours to complete. Hence, the growing shift of businesses toward automation to enhance work processes is acting as a catalyst in the growth of the global natural language processing market.
During the forecast period, the natural language processing market is expected to witness the fastest growth in the hybrid NLP category. Increase in data volume in the near future would encourage companies to deploy the hybrid NLP model (a combination of statistical and rule-based models) in their work processes to improve end results.
Browse report overview with 121 tables and 76 figures spread through 183 pages and detailed TOC on "Natural Language Processing (NLP) Market Research Report: Industry Trends and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/natural-language-processing-market
In terms of deployment, the public cloud category held the largest share in the market in 2018. With the rise in the number of SMEs, there has been increased demand for highly scalable and cost-effective data analytics solutions. Thus, the demand for public cloud-based NLP solutions has increased, since the cost of deployment of these solutions is low and 24X7 monitoring is provided by cloud service providers.
The natural language processing market, during the forecast period, is expected to demonstrate the fastest growth in the healthcare industry. This is due to the increasing investments in AI-based technologies in the healthcare industry. NLP in healthcare helps in improving patient care, evaluating treatment cost, and reaching out to patients in remote locations.
Globally, North America held the largest share in the natural language processing market in 2018. The market in the region is primarily driven by the surging IT spending and the presence of a large number of multinational companies deploying AI technologies to automate their business processes. In September 2019, the federal government of the U.S. announced its plans of investing $973 million in non-defense AI R&D projects in 2020.
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During the forecast period, the natural language processing market is projected to witness the fastest growth in the APAC region. This growth can be attributed to the technological shift in regional industries toward automation, rising number of SMEs, and increasing investments by governments for the innovation and deployment of AI-based technologies. SMEs play a major role in shaping the growth of several economies in the region, including China, India, Japan, and South Korea, and the growing deployment of NLP solutions by these organizations in the region is contributing to the market growth in APAC.
The natural language processing market is fragmented in nature, and 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. are some of the key players in the market. To meet the ever-changing demands from customers through enhanced product offerings, these companies are focusing on mergers and acquisitions in addition to product R&D. For instance, in April 2018, 3M Company partnered with software company C3.ai to use the C3 Platform to develop and deploy AI-based solutions, such as, ML, NLP, and cognitive computing, to serve its customers with more efficiency.
Some other important players in the natural language processing market are NetBase Solutions Inc., SparkCognition Inc., Adobe Systems Inc., Nvidia Corporation, Salesforce.com Inc., and IPsoft Inc.
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