LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global natural language processing (NLP) market is expected to exceed USD 11 billion in revenue by 2019, growing at a CAGR of over 16%.
This research report titled ‘Global Natural Language Processing Market 2015-2019’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report segments the global natural language processing market by end-user and can be divided into five broad categories:
- Healthcare industry
- IT and Telecom
The healthcare industry was the largest end-user segment in 2014, accounting for over 17% of the global NLP market. NLP is being used in this sector to track the adverse effects of drugs and to reduce medication errors.
NLP is becoming one of the most recognized types of technology in the healthcare industry as it is a powerful tool for unlocking critical clinical data and turning it into information that can be easily analyzed.
NLP is widely being used as current clinical notes and patient discharge notes generate a lot of unstructured data in the form of electronic health records (EHRs). Amrita Choudhary, a lead analyst for enterprise application research at Technavio says, “This kind of data needs to be structured and analyzed for effective reporting and the use of analytics. Consequently, many vendors are coming up with NLP solutions that are integrated with EHR software for automatic reading, understanding of the documentation, and billing process.”
The e-commerce sector was the second-largest end-user segment accounting for 12% of the market in 2014. In e-commerce, NLP technology is being used to automate searching of product categories with hypertext mark-up language (HTML) tags for the identification of additional or related products. Thus it essentially works as a search engine that can produce better recommendations.
NLP technology is also being used for email campaign messages as it can reveal what features of an email message users are responsive to, and can lead to a greater degree of personalization. Consumers are shifting their interest to e-commerce websites as this channel offers a wide variety of customized products. This has an impact on the NLP market as the e-commerce vendors require an NLP solution to gauge customer demand and attract more customers.
IT and telecom sector
The IT and telecom sector was the third-largest revenue generator for the NLP market. NLP is being used in this sector to automatically correct grammatical errors in messages. NLP solutions are used as integrated software platforms that use both IVR technology and search engine portals. NLP solutions are also used in billing systems to enable easy interaction with customers.
The banking, financial services, and insurance (BFSI) segment uses NLP solutions to improve and provide low cost delivery of services without any language barriers. NLP solutions help the consumer in looking for service offerings. NLP also helps banks to analyze the features or facilities most sought by target consumers.
“An NLP solution can help in developing new offerings with customized capabilities. It can also assist retail banking customers searching for online services. The BFSI segment is expected to increase its market share by 2019 as the number of services being offered by banks will increase and more people will become interested in using online banking facilities,” says Amrita.
The others segment accounted for 45% of the NLP market in 2014. In this segment, the leading sector is the government sector where the maximum use of NLP lies in analyzing different kinds of enquiries such as public transport information and information regarding government jobs. NLP helps in understanding the pattern of the search and converting it into a different language when required. The others segment also includes media, education, automotive, legal and commercial offices.
Technavio analysts highlight the following four vendors as the top contributors to the global NLP processing market:
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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