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Natural Language Processing (NLP) Market - Business Models & Technology
The Natural Language Processing (NLP) market has shown progressive advancements in various industries. The report has covered comprehensive data and forecasts for major industries and where the NLP market is being rapidly accepted. Healthcare organizations across the globe are also interested in reducing their IT cost and are investing on research work to enhance the HIM management system in various departments. Further, the report also provides end user insights for enterprise devices in which NLP can be integrated and market penetration for NLP software solutions at various touch points such as smart TVs, automobiles, smartphone, tablets, laptops and desktops. These trends has have formed new revenue pockets in the NLP market based on various applications such as machine translation, information extraction, report generation, question answering and other applications. The NLP report also highlights market trend for natural language understanding (NLU) and natural language generation (NLG) technologies by analyzing market size of IVR, OCR, pattern and image recognition, auto coding and classification techniques in the NLP market.
It is observed that the adoption trend of natural language processing (NLP) software solution in healthcare market is having higher rate of growth in comparison to other verticals. Vendors such as Nuance Communications, 3M, M*Modal and many others are facilitating this vertical. Partitions at various hospitals and clinics have already adopted the NLP technology for managing medical notes and assisting in clinical transcriptions. MarketsandMarkets expects that healthcare vertical will further gain more attraction as the auto coding technology and regulations such as ICD-10 are more becoming stringent. It is observed that NLP technology also helps in reducing adverse drug events and medication errors. These errors can be managed using NLP technology which helps in improving HIM and revenue cycle processes through clinical documentation analysis.
In BFSI industry vendors are focusing on virtual assistants for insurance queries, text mining and machine translation applications for cross border payments, Foreign Exchange (FX), and other areas across the world. Companies such as Citibank, in retail banking uses NLP technologies for text mining and biometric security applications along with rules based expert systems. Growing trends of adoption of NLP enabled contact centers supporting this industry are also seen in the past few years. In BFSI industry, vendors such as Nuance Communications, SAS, Fuji Xerox and many others are providing expertise in NLP market.
Web and E-commerce industry is also observed to have high focus in NLP market. While vendors such as EasyAsk are providing NLP based search engines to consumers, at the same time business are leveraging software solution which can be integrated into CRM and social media modules to monitor brand recognition and lead generation. Further, vendors such as IBM, SAS, HP Autonomy and many others are catering to this industry by providing analytical tools such as sentiment analysis based on NLP technology.
Further, the report provides insights on market opportunity in media and advertisement, government, legal and commercial offices and other industries includes energy and utilities, construction, travel and human resource. Organizations such as Raytheon BNN, Nuance communications and many others are innovating products to provide better NLP software integration facilities at a lower cost to their customers in these industries. Government, defense and aerospace industry domain has yet not matured and is expected to grow at slower pace in emerging markets. MarketsandMarkets expects that these industry will also grow but at slower rate in the study period.
Natural Language Processing (NLP) Market [IVR, OCR, Pattern Recognition, Auto Coding, Text Analytics, Speech Analytics, Machine Translation, Information Extraction, Question Answer, Report Generation] - Worldwide Market Forecast & Analysis (2013–2018)
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