In the last decade, we have witnessed increasing applications for Natural Language Processing (NLP) in process of ameliorating communication between human and machine. NLP technology has also lead to a paradigm shift by analyzing digital data and social media websites for leveraging profit from big data analytics. Additionally, there is growing technological advancements in devices such as smartphone, biometrics, smart TVs and other M2M technologies across the industry has put pressure on organizations to bring in enhanced customer environment. It is expected that this will result in higher growth and further adoption of NLP software solutions in the coming years. Further, we have observed that vendors are focusing more on natural language understanding (NLU) technologies to maximize their product potential and client expectations. This has lead to increase in rebranding of many NLP vendors to NLU vendors.
The report highlights the major factors that are shaping the future of the Natural Language Processing market. One of these factors is the requirement of enhanced customer experience. Contact centers are continuously adopting NLP technologies to have better productivity and customer experience. The shared cost for cloud services increases the scope for small businesses, such as clinics in healthcare vertical. Companies are able to leverage good profit from cloud services. There are some restraints and challenges, such as customer adoption and government regulatory issues. Therefore, the adoption of NLP software market in industries such as energy and power, construction, and manufacturing sector are expected to be slower.
The Natural Language Processing market is built around recognition, operational and analytics technologies. In 2013, the highest market share is accounted by recognition technologies, such as Interactive Voice Response (IVR), Optical Character Recognition (OCR) and pattern and image recognition. Furthermore, it is expected that the market share of recognition technologies will remain comparatively higher due to growing demand for NLU systems. Few high growth markets are -
Web and E-Commerce industry: NLP technologies are being employed for semantic analysis by taking linguistic data from social channels to enhance customer experience and analyze brand value.
IT and Telecommunication industry: These are the sophisticated integrated software platforms, which uses Interactive Voice Response (IVR) technology and search engine portals having semantic technology.
Healthcare industry: EHR and NLP software vendors are collaborating to provide automatic reading and writing process of electronic clinical documentation. It is also being implemented for accurate billing process in this industry.
BFSI industry: The need for delivering services globally without language boundaries, at a feasible cost, has increased the adoption rate of NLP software solutions in financial industry.
The key playing fields in Natural Language Processing market are various industrial applications such as machine translation, information extraction, report generation and question answering software. These applications are offered as an on-premise and on-demand software platform, having facilities for analyzing linguistic data. These applications are being widely presented across various verticals and regions by the NLP software solution providers. In year 2013, machine translation and report generation applications are expected to be majorly adopted across various industries, and has far greater scope in future as well.
MarketsandMarkets expects that healthcare vertical will account for the largest market share throughout the forecast period. However, there are few potential revenue pockets, namely BFSI, IT and Telecommunication, Web and Ecommerce which will witness significant growth in this period. Some of the major vendors of NLP market are SAS, Nuance Communications, Microsoft, Google, Facebook, Fuji Xerox and NetBase.
Natural Language Processing market report will help the market leaders/new entrants in this market in the following ways -
This report segments the market into technologies and services, providing closest approximate market forecasts for the overall market and the sub-segments. The report further analyzes market numbers and provides split across applications, verticals and regions.
This report will help them better understand the competition and end users requirements. It helps in gaining more insights and better positioning of their business. There is a separate section on competitive landscape, including ecosystem and portfolio comparison of the players in the market. The report also gives end user prospective by providing number of factors affecting their industry course. Besides, it covers company profiles of 14 major players and 10 key innovators in this market.
Table of Contents
1 Introduction (Page No. - 22)
1.1 Key Take-Aways
1.2 Report Description
1.3 Markets Covered
1.5 Research Methodology
1.5.1 Key Data Points
1.5.2 Data Triangulation And Forecasting
1.5.3 Forecast Assumptions
(Page No. - 28)
2.2 Overall Market Size
3 Market Ecosystem And Dynamics (Page No. - 32)
3.1 Market Definition
3.2 Market Evolution
3.3 Market Segmentation
3.4 Market Dynamics
22.214.171.124 Growing Demand For Enhanced Customer Experience
126.96.36.199 Increase In Adaption Of Smartphone
188.8.131.52 Leverage Big Data
184.108.40.206 Growth In Machine To Machine (M2M) Technology
3.4.2 Restraints And Challenges
220.127.116.11 Customer Adoption
18.104.22.168 Challenges Posed By Government Regulations
22.214.171.124 Emerging Areas Of Applications
126.96.36.199 Investments In Healthcare Sector
3.4.4 Time-Impact Analysis Of Dynamics
3.4.5 Value Chain
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