PUNE, India, July 20, 2016 /PRNewswire/ --
According to a new market research report "Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021", published by MarketsandMarkets, the NLP market size is estimated to grow from USD 7.63 Billion in 2016 to USD 16.07 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1%.
Browse 69 market data Tables and 45 Figures spread through 140 Pages and in-depth TOC on "Natural Language Processing Market"
Early buyers will receive 10% customization on this report.
The major forces driving the NLP market are increase in demand for enhanced customer experience, increase in usage of smart devices, number of emerging options in application areas, increased investment in healthcare industry, increased deployment of web & cloud-based business applications, and growth in machine-to-machine technology.
Professional services to grow at the highest CAGR from 2016-2021
The professional services segment is forecast to grow at the highest CAGR from the year 2016 to 2021.This is due to the fact that organizations are looking for NLP solutions along with installation, maintenance, and consulting services in the NLP market. The NLP market is expected to penetrate well into the professional services segment with the availability of cost-effective and easily deployable cloud solutions. North America is expected to experience the highest growth rate in both professional services and support and maintenance services segment.
IVR technology to have the largest market size in 2016
The IVR technology is estimated to account for the highest market share for the year 2015, as the business organizations operating across a number of industries are moving towards enhanced automation to capture and process the customer's voice. Moreover, Optical Character Reader, pattern recognition, and speech analytics are expected to gain traction during the forecast period.
Ask for Sample Pages @ http://www.marketsandmarkets.com/requestsample.asp?id=825
North America expected to contribute the largest market share; Middle East and Africa (MEA) to grow the highest rate
North America is expected to have the largest market share and would dominate the NLP market from 2016 to 2021, due to the presence of a large number of NLP vendors. MEA offers potential growth opportunities for the NLP market. The key factors driving the growth rate in this market are increasing data generation in business organizations, growing demand for enhanced customer experience, and increase in the adoption and utility of smart devices.
In the Natural Language Processing Market, solution vendors such as 3M, Apple Incorporation, Dolbey Systems, Google, HP, IBM Incorporation, Microsoft Corporation, NetBase Solutions, SAS Institute Inc., and Verint Systems offer high-end NLP solutions.
Browse Related Reports
Natural Language Processing Market for Health Care and Life Sciences Industry by Type (Rule-Based, Statistical, & Hybrid NLP Solutions), Region (North America, Europe, Asia-Pacific, Middle East and Africa, Latin America) - Global Forecast to 2020
Know More About our Knowledge Store @ http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/telecom-it
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets