Global Language Processing Market 2017-2021

Global language processing market overview

Market research analysts at Technavio predict that the global natural language processing market share and size will grow steadily at a CAGR of more than 13% by 2021. The increased focus towards improving customer experience is identified as one of the primary growth factors for this market. The utilization of language processing solutions assists in improving customer experience. These speech and language processing solutions are used to gain customer feedback on an organization's products and services. Customer experiences are generated in the form of responses to social media, SMS, surveys, feedbacks, and tweets. The responses are analyzed by using different language processing tools such as speech analytics, text analytics, and recognition methods. The effective usage of language processing helps enterprises in enhancing customer satisfaction and in increasing brand loyalty. This will induce organizations to invest in language processing tools to sustain and survive the market competition, according to the natural language processing market statistics report.

In terms of geographic regions, North America will be the major revenue contributor to the natural language processing market throughout the forecast period. The availability of adequate IT infrastructure and the wide geographic dispersion of employees due to the increasing globalization, drive the growth of the market in North America. Moreover, the growth of e-commerce and the shift toward omnichannel retail will also boost the growth of the language processing market in the North America.

Competitive landscape and key vendors  

The language processing market is intensely competitive due to the presence of numerous vendors. Major vendors are constantly competing for majority of the market shares and are identified based on high market visibility, increased market penetration, and strong market momentum. With the multinational players focusing on expanding their presence, the regional nlp technology providers are finding it difficult to compete with them. The competition is expected to become more intense during the forecast period due to the increase in product and service extensions and technological innovations.

The leading vendors in the market are -

• Hewlett Packard Enterprise
• IBM
• Microsoft
• SAS institute
• Verint Systems

The other prominent vendors in the natural language processing market are 3M, Apple, AYLIEN, Basis Technology, Cerner Systems, Dolbey Systems, Envion Software, Google, Intel, Linguamatics, MModal IP, NetBase Solutions, Nuance Communication, Oracle, and Sensory.

Segmentation by technology and analysis of the language processing market

• Speech analytics
• OCR
• Text analytics
• pattern recognition
• IVR systems

During 2016, the IVR systems segment accounted for the major shares of the language processing market, as per the natural language processing market report. Factors such as the increased adoption of IVR systems in most SMEs and large enterprises, the reduction of costs, and the improved caller experience, will contribute to the growth of this market segment in the coming years.

The analysis of the language processing market by type

• On-premises
• Cloud-based

According to the natural language processing market research report, the on-premises language processing segment accounted for the maximum share of the natural language processing market during 2016. The on-premises deployment offers complete control over the critical data for businesses. The segment is expected to continue its dominance during the predicted period as well and this will attribute to the easy availability of the required infrastructure including in-house IT support and backup servers.

Key questions answered in the report include

• What will the natural language processing market size and the growth rate be in 2021?
• What are the key factors driving the global language processing market?
• What are the key natural language processing market trends impacting the growth?
• What are the challenges to the natural language processing market growth?
• Who are the key vendors in the global language processing market?
• What are the market opportunities and threats faced by the vendors in the global language processing market?
• Trending factors influencing the natural language processing market shares of APAC, Europe, MEA, North America, and South America.
• What are the key outcomes of the five forces analysis of the global language processing market?

Technavio also offers customization on reports based on specific client requirement.