You are here:  Home  >  Uncategorized  >  Current Article

Natural Language Processing Market Booms

By   /  August 29, 2014  /  No Comments

Reports-n-Reports logoA recent press release indicates that, “The Natural Language Processing (NLP) market is estimated to grow from $ 3,787.3 million in 2013 to $9,858.4 million in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 21.1% from 2013 to 2018. In the current scenario, web and e-commerce, healthcare, IT and Telecommunication vertical continues to grow and are the largest contributor for Natural Language Processing (NLP) software market. In terms of regional growth, North America is expected to be the biggest market in terms of revenue contribution. European and APAC region is expected to experience increased market traction, due to increasing adoption across various verticals and investment support in research projects from the regional government ”.

The release also states, “The major forces driving natural language processing market (NLP) are the growing demand for enhanced customer experience, increase in adoption of smartphone, leveraging big data and growth in machine to machine (M2M) technologies. Furthermore, in industries such as healthcare, BFSI, social websites and e-commerce channels have witnessed exponential rise in real time customer data and transaction information. NLP technology can leverage this unstructured data for analyzing customer needs, expectations and enhancing customer experience by optimizing cost effective lingual response system in organizational processes. By using NLP software solutions, organization can have better insights on customer’s perception, optimize business processes and reduce operational cost.”

Read more here.

About the author

Jelani Harper has written for a number of publications, both online and in print. He was a staff writer at both the Oakland Tribune and the San Mateo Times. He has written extensively about various aspects of IT and finance including business intelligence, cloud computing and cloud-based data, GPS, architecture, data management, and ERP.

You might also like...

DataEd Thumbnail

November 10 Data-Ed Webinar: Metadata Strategies

Read More →