Natural Language Processing (NLP) Market will be growing at a CAGR of 11.8% during the forecast 2020 to 2028

According to a new market research report published by sheer analytics and insights, “The Global Natural Language Processing (NLP) Market was $9.6 Bn in 2020, and it is expected to reach $23.50 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 11.8% between 2020–2028″, as per the latest market research report titled Global Natural Language Processing (NLP) Market (By Type — Statistical NLP, Hybrid based NLP, and Rule NLP. By Component — Solutions, and Services. By Technology — Recognition Technologies, Operational Technologies, and Analytics Technologies. By Deployment Mode — On premise, and Cloud. By Application — Text Classification, Machine Translation, Information Extraction, Report Generation, Question Answering, Sentiment Analysis, Automatic Summarization, and Others. By End-User, Automotive, Healthcare, BFSI, IT and Telecom, Government, Defense & Aerospace, Media & Advertisement, and Academia and Education. By Geography-North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)– Global industry analysis, size, share, growth, trends, and forecast, 2019–2028.

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Natural language processing is a field of artificial intelligence and machine learning. It is considered as a communication bridge between humans and technology that understands and interpret the voice and text command from human to machine language. Today, the huge amount of data is being generated from numerous sources such as documents, web blogs, social networking sites, emails, and forums. The natural language processing technique is expected to revolutionary technique to hand big data analysis. The Natural Language Processing (NLP) Market is majorly driven by the increasing use of digital data, and smart device. Moreover, the quick rise in cloud-based solutions and NLP based applications to enhance customer service, and significant technological investment in the healthcare sector is also projected to trigger market growth during the forecast period. However, the lack of skilled professionals and complexity associated with advanced technology are some of the factors restricting the market growth to some extent. Apart from this, the rising use of cognitive technology in AI and higher adoption of cloud-based services is projected to present a lucrative opportunity for the market growth in the forecast timeline from 2020 to 2028.

Geographically, The Natural Language Processing (NLP) Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.

Major Players in Global Natural Language Processing (NLP) Market

Some of the key players in the global Natural Language Processing (NLP) Market include IBM Corporation, SAS Institute Inc., Google Inc., Microsoft Corporation, Amazon Web Services, Dolbey Systems, Inc., Apple Inc, Facebook, Inc., Baidu, Inc, Netbase, and Conversica, Inc.

Major Players in Global Natural Language Processing (NLP) Market

Some of the key players in the global Natural Language Processing (NLP) Market include IBM Corporation, SAS Institute Inc., Google Inc., Microsoft Corporation, Amazon Web Services, Dolbey Systems, Inc., Apple Inc, Facebook, Inc., Baidu, Inc, Netbase, and Conversica, Inc.

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The Global Natural Language Processing (NLP) Market Has Been Segmented into:

By Type

  • Statistical NLP
  • Hybrid based NLP
  • Rule NLP

By Component Type

  • Solutions
  • Services

By Technology Type

  • Recognition Technologies
  • Operational Technologies
  • Analytics Technologies

By Deployment Mode Type

  • On premise
  • Cloud

By Application Type

  • Text Classification
  • Machine Translation
  • Information Extraction
  • Report Generation
  • Question Answering
  • Sentiment Analysis
  • Automatic Summarization
  • Others

By End-User Type

  • Automotive
  • Healthcare
  • BFSI
  • IT and Telecom
  • Government, Defense & Aerospace
  • Media & Advertisement
  • Academia and Education

By Geography Type

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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