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Global Natural Language Processing (NLP) Market 2017 – Industry Analysis, Size, Share, Strategies and Forecast to 2022

Tuesday, March 14, 2017 5:39
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The greatest challenge for Natural Language Processing applications is to identify human voice with different patterns, tones, pronunciations and to convert it into a programmable language. The main goal of such applications is to reduce the use of specialized languages such as Java, Ruby, C, etc., and introduce only human language in all computerized systems. The biggest advantage of this application is its basic and advanced level of interaction with humans. In future, humans would need to feed codes to systems orally instead of writing them on the computer system. Currently, such applications are used in voice recognition systems; however, eventually, these applications would find substantial demand in varied domains. Convenient interaction with machines would drive the global NLP market. Additionally, customer care centers are continuously adopting natural language processing technologies to provide better customer experience that contributes in driving the global market.

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The technologies used in NLP are Recognition, Operational and Analytics technologies. Currently, Recognition technologies are widely used from small scale to large enterprises. A recognition technology comprises of interactive voice recognition (IVR), optical character recognition and image recognition amongst, which IVR is most commonly used in various applications. Various voice recognition systems such as automatic speed control systems, temperature controllers, etc. are also developed using recognition technology. The capability of NLP to operate the system only when the recorded voice is detected in different applications is contributing to the revenue stream of the technology segment.The end users of Natural Language Processing are Machine translation, Information extraction, Report generation, Question answering, and others. Machine translation converts the source language to target language, while information extraction automatically extracts the information in a structured format. Use of such applications makes the conversion from human language to machine language easy.

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MARKET BY TYPES

  • Statistical NLP
  • Hybrid based NLP
  • Rule NLP

MARKET BY TECHNOLOGY

  • Recognition technologies
  • Operational technologies
  • Analytics technologies

MARKET BY APPLICATIONS

  • Machine translation
  • Information extraction
  • Report generation
  • Question answering
  • Others

MARKET BY END USER

  • Automotive
  • Healthcare
  • Banking Financial Services and Insurance
  • IT and Telecom
  • Government, Defense & Aerospace
  • Media & Advertisement
  • Academia and Education

MARKET BY GEOGRAPHY

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

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