Natural Language Processing Market to Reach $24.61 Billion by 2020

Strategic Insights -

The global natural language processing (NLP) market is expected to grow significantly, driven by the increasing demand for language recognition and understanding technologies across various industries. According to a report by Research and Markets, the global NLP market is forecasted to reach $24.61 billion by 2020, growing at a compound annual growth rate (CAGR) of 17.6% during the period from 2015 to 2020.

The report by Research and Markets highlights the key strategies and insights of the leading vendors in the NLP market, including 3M, Apple, Dolbey Systems, Google, HP, IBM Corporation, Microsoft Corporation, NetBase Solutions, SAS Institute Inc., and Verint Systems. The report also provides an in-depth analysis of the driving forces and challenges facing the NLP market, as well as the global trends and future growth potentials across different regions.

Key Takeaways:

  • The global NLP market is expected to reach $24.61 billion by 2020, growing at a CAGR of 17.6% during the period from 2015 to 2020.
  • The NLP market is segmented into solution type, type of technologies, services, deployment model, applications, verticals, and regions.
  • The report provides a comprehensive analysis of the key players in the NLP market, including their strategies and insights.
  • The global trends and future growth potentials across different regions are also analyzed in the report.
  • The NLP market is driven by the increasing demand for language recognition and understanding technologies across various industries.
  • The report highlights the challenges and driving forces facing the NLP market, including the need for more accurate and efficient language processing technologies.

Statistics:

  • Global NLP market size: $24.61 billion by 2020
  • CAGR: 17.6% during the period from 2015 to 2020
  • Forecast period: 2015-2020
  • Base year: 2014
  • Sub-markets: On the basis of solution type, type of technologies, services, deployment model, applications, verticals, and regions.

Sources:

  • Research and Markets (June 25, 2015)
  • PR Newswire (June 25, 2015)
  • "Natural Language Processing Market by Type, Rule-Based, Statistical, and Hybrid Technologies, Recognition (IVR, OCR, Pattern & Image Recognition), Operational (Auto Coding, Classification & Categorization, Analytics), Service, Professional Services, On-Premise, On-Demand Cloud-Based, Application (Machine Translation, Information Extraction, Report Generation), Vertical, Banking, Financial Services, Insurance (BFSI), Automotive, Healthcare, Life Sciences, Retail, Consumer Goods, Research, Education, High Tech, Electronics, Media, Entertainment, Government, Others - Worldwide Forecast to 2020"