NLP is a field of artificial intelligence (AI) that supports computers to better comprehend, interpret, and manipulate human languages, such as text and speech. It is primarily associated with the interaction between human language and computers. The crucial factors that are encouraging the growth of the market include rising demand for speech analytics and growing investment for advanced technologies in healthcare and retail sector. There is a surging demand for advanced technologies in the healthcare sector coupled with growing big data volumes and increased focus on improving patients’ quality of care. NLP has various efficient applications in the healthcare sector. It can augment the accuracy of electronic health record (EHR) as it translates free text into standardized data. It can make the documentation easier by supporting providers to produce tailored information materials for patients that are ready for discharge. In addition, it supports Clinical Decision Support (CDS) for several purposes, such as Cancer care and precision medicine.

Moreover, the objective of CDS is to support health professionals to make clinical decisions and deal with patients’ medical data and the required knowledge of medicine for data interpretation. Active NLP CDS applications accelerate current information and push patient-specific information to users, which includes alerting, monitoring, coding, and reminding. Passive NLP CDS has concentrated on offering knowledge and finding patient populations. Both active and passive NLP CDS systems can process a range of textual sources, including web pages, biomedical literature, and clinical records. Therefore, NLP has significant potential in the healthcare sector for clinical trials and maintaining clinical records. This, in, turn, is estimated to drive the demand for NLP in the healthcare sector.

Geographically, the global natural language processing market is segmented into four major regions that include North America, Europe, Asia-Pacific, and RoW. North America is anticipated to hold the largest share across the globe in 2018. The major factors encouraging the growth of the market in the region include better healthcare infrastructure and significant growth in the e-commerce sector in the region. Further, the region is focusing on the development of advanced technologies in the region to enhance its defense industry. For instance, in May 2018, the US along with UK launched an AI hub for innovating new disruptive technologies for security and defense applications, which can bolster the advanced utilization of NLP. Moreover, Asia-Pacific is estimated to witness optimistic growth in the market due to rising demand for smart devices and the significant presence of customer care centers in the region.

Some of the major players in the market includes Google LLC, IBM Corp., Microsoft Corp., Facebook, Inc., and SAS Institute, Inc. These companies are using organic as well as inorganic growth strategies to increase market share and gain a competitive advantage over each other. For instance, in May 2018, Microsoft Corp. acquired Semantic Machines Inc., a US-based firm with an innovative approach to build conversation AI. Microsoft Corp. has driven research and advances in the fundamental building blocks of conversational AI, including natural language understanding and speech recognition. This acquisition will  enable the company to take conversational computing to a new level.

Research Methodology

The market study of the global NLP market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
  
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for IoT companies, IT companies, software vendors, potential start-ups, investing companies and venture capitalists, various end-users and government organizations for overall market analysis and competitive analysis. The report provides in-depth analysis on market size, service offerings and market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights for making better business decisions.

Market Segmentation

Global Natural Language Processing Market Research and Analysis by Technology

Global Natural Language Processing Market Research and Analysis by Deployment Type

Global Natural Language Processing Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the global natural language processing market.
  
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global natural language processing market.
• Insights about market determinants which are stimulating the global natural language processing market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.