The global natural language processing (NLP) market is expected to reach USD 28.44 Billion by 2026, according to a new report by Reports and Data. Natural language processing (NLP) is a field of artificial intelligence, which aids computers to comprehend, interpret, and operate on human language.

One of the intrinsic attributes of Natural Language Processing (NLP) is to comprehend human speech. Natural language processing not only enables the integration of voice understanding into devices and sensors but also allows localization features. The localization feature offers functionalities beyond translation and provides the advantages of transcreation (creative interpretation). Also, there is an escalating demand for voice control in the consumer market. Around 50% of U.S. households utilize voice control through their smart devices to access online content. Hence, the proliferation of smart devices are likely to drive the market demand in the upcoming years.

Players in the market are continuously looking to gain an edge with their customer experience capabilities. Natural language processing (NLP) has the ability to analyze a customer’s queries or comments, break it down into individual components, and give an insight into the individual's intent.

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The report is also inclusive of the financial scenario of the leading companies such as profit margins, revenue contribution, growth rate, sales volume, manufacturing and production costs, and other key statistics. The report offers a thorough analysis of the financial standing, global position, product portfolio and business expansion plans. The report also provides SWOT analysis and Porter’s Five Forces analysis for each market player.

Further key findings from the report suggest
By type, rule-based NLP held a significant market share in 2018 and is expected to grow at a rate of 13.4% in the forecast period. This type can provide a lot of insights where one can learn about arbitrary text by finding what words are nouns or verbs or finding a recognizable pattern.
By deployment type, cloud-based is forecasted to experience a faster growth rate in the forecast period.
By services, managed services held a larger market share in 2018 and are expected to grow at a rate of 14.6% in the forecast period.
By application, text analytics held a significant share in 2018, as various text analytics platforms and products deploy NLP algorithms for linguistic analysis that aids machines read the text. NLP evaluates words for relevancy, such as related words that should be considered equivalent in spite of being expressed differently
North America held the largest market share in 2018 and is expected to grow at a rate of 13.6% in the forecast period. Growth in big data volume, along with the increasing demand to enhance consumer satisfaction, are likely to fuel market growth in the region.
Key participants include Apple Inc., Google, Dolbey System Inc., Hewlett-Packard, IBM Corporation, Microsoft Corporation, Netbase Solutions, SAS Institute Inc., Verint Systems Inc., and Amazon Web Services Inc., among others.

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The report focuses on evaluation of the given market in major regions and the countries included in those regions. The report provides details of the market considering the geographical landscape that includes North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.The report covers assessment of revenue estimations and shares, current market value, future market valuation, market share, revenue growth and market size in each region. It studies production and consumption patterns, import/export, supply and demand ratio, consumer behavior shift, current and emerging trends, and initiatives taken by the key players in each major region.
North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Type Cause Outlook (Revenue, USD Million; 2016-2026)
Statistical NLP
Rule-Based NLP
Hybrid NLP

Deployment Type Outlook (Revenue, USD Million; 2016-2026)
On-Premises Deployment
Cloud-Based Deployment
Public Cloud
Private Cloud
Hybrid Cloud

Services Outlook (Revenue, USD Million; 2016-2026)
Professional Services
Managed Services

Application Outlook (Revenue, USD Million; 2016-2026)
Pattern & Image Recognition
Interactive Voice Response (IVR)
Text Analytics
Speech Analytics
Optical Character Recognition (OCR)
Others

Industry Vertical Outlook (Revenue, USD Million; 2016-2026)
IT & Telecom
BFSI
Retail
Healthcare
Media & Entertainment
Government
Others

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Key Features of the Natural Language Processing (NLP) Market Report:
A comprehensive 8 year forecast of the market and its expected growth rate and trends
Analysis of key market drivers and restraining factors
Comprehensive analysis of the key regions of the industry and provides SWOT analysis and Porter’s Five Forces analysis to impart a deeper understanding of the market
Helps in formulating strategic business decisions and investments plans
Strategic recommendations to the established companies and new entrants
Statistical data organized into tables, charts, graphs, diagrams, and info graphics
Includes complete coverage of recent R&D advancements, product launches, and mergers and acquisitions, among others

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