Media and entertainment is expected to play a key role in the Natural Language Processing Market and is expected to grow at the highest rate from 2016 to 2021.
There is a growing demand for automated voice recognition systems that automatically respond to customers queries. Natural Language Processing (NLP) systems are getting deployed in the areas of business help centers and customer help services. Besides, there are several other applications of NLP for enhancing the overall customer experience. The global 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%. The public cloud deployment model is expected to dominate the NLP market, contributing the largest market share during the forecast period. The hybrid cloud deployment model for NLP is projected to witness the highest growth rate during the forecast period. The research and education vertical is expected to play a key role in the NLP landscape and is expected to grow at the highest growth rate in the next five years, as NLP is an effective approach for bringing improvement in educational setting.
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The rule-based NLP technologies in the healthcare and life sciences industry has high acceptance rate as compared to other types of solutions in the NLP market, though the statistical NLP type is predicted to grow with higher rate because of increasing adoption of machine learning techniques, which are used in the statistical NLP solutions. Due to lower cost of integration and installation of NLP solutions, the professional services segment is holding the majority of market size as compared to support and maintenance services.
The interactive voice response technology is expected to dominate the NLP market in market size and optical character recognition and pattern image recognition will grow at the highest growth rate during the forecast period. Speech analytics technology is also expected to grow as it involves optimizing workforce performance and customer experience using patented speech, voice, and text analytics capabilities.
North America is expected to have the largest market share and will dominate the NLP market, due to the presence of a large number of NLP vendors in the region. MEA offers potential growth opportunities and is estimated to grow at the highest rate during the forecast period. The key factors driving the growth rate in this market are increasing data generation in business organizations across the region, growing demand for enhanced customer experience, and increase in the adoption and utility of smart devices.
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