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Natural Language Processing (NLP) Market: Forecasts and Analysis (2013 - 2018)
Natural Language Processing (NLP) market is being widely adopted in healthcare industry along with auto coding technology to enhance customer experience and billing management. NLP technology is also used in BFSI industry to reduce linguistic constraints in bank payments, cross border payments in the financial organizations. The content management for rising medical notes and customer data has also created the requirement for robust Natural Language Processing (NLP) technologies which can extract and process human lingo on real time basis. Furthermore, the rising amounts of social media content having rich unstructured information about customer’s perception and brand value has further encouraged the usage of Natural Language Processing (NLP) technologies in various applications. There is a growing demand for sentiment analysis in many business organizations across the globe.
In 2013, North America is expected to be the largest market for Natural Language Processing (NLP) technology accounting for 41.78 percent of the global NLP market in terms of market share. While, market share of APAC region, in 2013, is expected to be 19.76 percent of the global NLP market, it is expected that APAC region shall represent 27.50% in year 2018. Altogether, NLP market is expected to increase at a steady pace in all geographic regions during the next five years. MarketsandMarkets expects Asia Pacific region to gain more attraction at a compounded annual growth rate (CAGR) of 29.4 percent, due to its high economic potential and untapped market space.
MarketsandMarkets provides exhaustive revenue forecast and basic information from its latest research report. The "Natural Language Processing (NLP) Market [IVR, OCR, Pattern Recognition, Auto Coding, Text Analytics, Speech Analytics, Machine Translation, Information Extraction, Question Answering, Report Generation]-Worldwide Market Forecast & Analysis (2013–2018)" report is now available for purchase.
According to the report findings, “healthcare and telecommunication organizations form the major consumers of NLP technology. MarketsandMarkets expects high growth rate of NLP applications in web and e-commerce, IT and telecommunication, automobile and healthcare verticals. Moreover, to meet the industry expectation, tier one technology providers such as IBM, SAS, Nuance Communications, M*Modal, 3M, Fuji Xerox, NetBase and many others are expected to form new partnerships and strategically acquire emerging entrants to ensure competitive products and services in NLP market. MarketsandMarkets expects that most of the NLP software solutions will be integrated into cloud services in the long term, thereby creating customizable stack services and applications that facilitate quicker customer adoption of the same. The on-demand NLP software solution is also expected to have lower cost and will be delivered on private cloud modal. MarketsandMarkets expects global Natural Language Processing (NLP) market to reach $9,858.4 million in 2018, at a Compounded Annual Growth Rate (CAGR) 21.1 percent.”
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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