According to a new report Global Natural Language Processing Market, published by KBV Research, The Global Natural Language Processing Market size is expected to reach $29.5 billion by 2025, rising at a market growth of 20.5% CAGR during the forecast period. Major growth drivers in the NLP market include an increase in the use of smart devices, an increase in cloud-based solutions and NLP-based applications to enhance customer service, as well as an increase in technological innovation in the healthcare sector.
The BFSI market dominated the Global Natural Language Processing Market by Industry Vertical 2018. The Healthcare market is showcasing prominent growth rate of 20.9% during (2019 - 2025). NLP innovations is proving to be one of the key healthcare industry revolutions; this software automates the burdensome processes of transcribing spoken or written notes from clinical staff, collects key information, and provides clinicians with the ability to refine the issue list, making it more precise and detailed.
The Solution market dominated the Global Natural Language Processing Market by Component 2018. The Services market is expected to witness a CAGR of 23.4% during (2019 - 2025). The services segment is an essential part of the natural language processing market. In order for any software to work effectively, services need to be installed to improve the efficiency of the entire process.
The Text Classification market dominated the Global Natural Language Processing Market by Application 2018. The Machine Translation market is witnessing a CAGR of 22% during (2019 - 2025). Additionally, The Sentiment Analysis market is expected to witness CAGR of 22.5% during (2019 - 2025).
North America is projected to have the largest market size during the forecast period, while the region is witnessing rapid technological advances; thus, the high adoption of digital technologies is one of the drivers of NLP market growth in the region. The Europe market is experiencing a CAGR of 19.7% during (2019 - 2025). Additionally, The Asia Pacific market is poised to witness a CAGR of 22.7% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/natural-language-processing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Google, Inc., Amazon.com, Inc., Apple, Inc., Facebook, Inc., Intel Corporation, SAS Institute, Inc., Baidu, Inc., Health Fidelity, Inc., Conversica, Inc., and Inbenta Technologies, Inc.
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