The NLP market size is expected 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%. Major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.“On-demand deployment model to have the largest market size in 2016”
The growing demand of extracting and forming structured data sets from clusters of unstructured data online is driving the growth of the on-demand deployment model in the NLP market. This model aligns expenditure to business requirement and its growth is specifically high in enterprises, where low cost solutions are much required.
“Media & entertainment and research & education verticals are expected to play a key role in the NLP market to gain maximum traction during the forecast period”
The media & entertainment and research & education verticals are expected to play a key role in the NLP landscape and are expected to grow with high growth rates in the next five years. Sentiment analysis is widely applied to review social media for a variety of applications, ranging from marketing to customer service. NLP is also an effective approach for bringing improvement in educational setting.
Middle East and Africa (MEA) is expected to have the highest growth rate during the forecast period
The MEA region is expected to be the fastest growing market among all the regions. The growth of the market is due to increased spending capabilities of the people and rise in the use of voice recognition application by various industries.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
The various key NLP vendors profiled in the report are as follows:
- Apple Incorporation
- Dolbey Systems
- IBM Incorporation
- Microsoft Corporation
- NetBase Solutions
- SAS Institute, Inc.
- Verint Systems
- This report segments the natural language processing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.