Natural Language Processing Market

IBM (US) and Microsoft (US) are leading players in Natural Language Processing Market

MarketsandMarkets forecasts the global Natural Language Processing (NLP) market size to grow from USD 10.2 billion in 2019 to USD 26.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period 2019–2024. The major growth factors of the NLP market include the increase in smart device usage, the growth in the adoption of cloud-based solutions and NLP-based applications to improve customer service, as well as the increase in technological investments in the healthcare industry.

According to MarketsandMarkets, the demand for NLP is expected to increase over the next few years, due to the growing digitalization, increasing penetration of electronic devices, implications of regulatory compliance, and rising cloud adoption. The major factors driving the market growth include the increase in smart devices and the rise in the adoption of cloud-based applications. The factors that are expected to create opportunities for the market growth include the adoption of NLP-based applications to improve customer services and the increase in investments in the healthcare industry.

Some of the major NLP vendors are Google (US), IBM (US), Microsoft (US), Intel (US), Apple (US), AWS (US), Facebook (US), Inbenta Technologies (US), 3M (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (US), Health Fidelity (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), SAS Institute (US), and Baidu (China). These NLP vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global NLP market.

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Major players in the NLP market have adopted various growth strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions, to expand their presence and enhance their market shares. Moreover, acquisitions and partnerships are the major growth strategies adopted by the key players in the market. Major vendors in the NLP market, such as IBM, Microsoft, Google, and AWS, have their presence across the globe.

IBM (US) is one of the prominent players in the NLP market. It has a significant presence in more than 175 countries and serves its customers across the globe. IBM has undertaken both organic and inorganic growth strategies to gain a competitive edge in the market. As part of its inorganic growth strategy, in June 2018, IBM partnered with Best Western to integrate NLP into its advertisement program. The company would provide personalized ads with travel tips and tricks, recommendations for accommodations, and offers based on travel preferences. Further, in June 2018, IBM partnered with Box to offer its IBM Watson’s AI capabilities to its customers for efficient content management. This would allow the customers to use NLU capabilities to automatically tag documents stored in Box with entities, keywords, and enrich the content. In October 2019, IBM has tied up with Premier Health Group to develop AI-based solutions for patient care. Premier Health Group is trying to develop a virtual Medical Office Assistant (MOA) by integrating Watson’s capabilities.

Microsoft (US) is another prominent player in the NLP market, which has adopted organic as well as inorganic growth strategies to sustain its position in the market. The company partnered with Apollo Hospitals Group in August 2019 to set up National Clinical Coordination Committee (NCCC). The company would develop a Cardiovascular Disease Risk Score API for faster patient diagnosis. In June 2018, Microsoft acquired GitHub, one of the leading software development platforms with more than 28 million developers connected to learn, share, and collaborate for creating new solutions. The acquisition of GitHub for USD 7.5 billion would help Microsoft strengthen its Azure Cloud Services by offering its developers GitHub’s open source development platform.

Related Reports:

Natural Language Processing Market by Component, Deployment Mode, Organization Size, Type, Application (Sentiment Analysis and Text Classification), Vertical (Healthcare and Life Sciences, and BFSI), and Region - Global Forecast to 2024

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