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Natural Language Processing Market to touch $22.3 billion by 2025

Posted by Doctor Erick on Sep 29, 2017 2:32:00 PM

Natural language processing (NLP) is a technology spawned from the need for machines to understand and communicate with humans in human language, not formal computer languages, says a company statement.

The concept behind NLP is simple: if and when machines can understand and communicate with humans in natural (human) language, it democratizes data science, enabling humans to access, analyze, and leverage data more intelligently and become more efficient as they offload redundant, data-heavy tasks to machines.

While NLP is most commonly understood as a user interface (UI) technology, it is also a critical technology for extracting insights and analysis from a vast amount of previously un-indexed and unstructured data, mining video and audio files, emails, scanned documents, and more.

Growth of NLP Software Market

Tractica forecasts that these expanded applications, leveraging newly developed artificial intelligence (AI) techniques, will drive growth in the NLP software market from $136 million in 2016 to $5.4 billion by 2025. The market intelligence firm anticipates that NLP software deployments will drive significant additional sales of hardware and professional services, bringing the total NLP software, hardware, and services market opportunity to $22.3 billion by the end of the forecast period, noted the report.

Mark Beccue, Principal Analyst says, “Natural language processing adoption is accelerating, but not because of the creation of new NLP algorithms, as the data science in that regard is mature. NLP adoption has accelerated over the past 2 to 3 years because of scalable, affordable computational power, the increasing digitization of all data, and the melding of NLP with machine learning (ML) and deep learning (DL).”

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Tractica’s report, “Natural Language Processing”, examines 42 NLP use cases, identifying those applications best suited for commercial use. In addition, the report details the market trends and technology issues surrounding natural language processing and presents 10-year forecasts for NLP hardware, software, and services during the period from 2016 through 2025. The report also includes detailed profiles of 35 key industry players.

Market forecasts, segmented by world region, include projections of software, hardware, and services revenue across multiple industry sectors. An Executive Summary of the report is available for free download on the firm’s website.

Tractica is a market intelligence firm that focuses on human interaction with technology.  The company’s market research and consulting services provide industry participants and stakeholders with in-depth analysis of emerging technology trends, business issues, market drivers, and end-user demand dynamics across multiple application domains including home, mobile, health, automotive, enterprise, and industrial markets.  Tractica’s global market coverage combines qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Wearable Devices, and Digital Health.

Tractica delivers value to its clients through the synthesis and analysis of a wide range of primary and secondary research data, providing actionable conclusions and an unbiased, objective view of the market landscape. While emerging technology markets are highly prone to hype, Tractica’s approach is to take a business-focused, objective, and often conservative view of market opportunities, helping clients by providing a rational and balanced assessment of business opportunities within sectors of coverage.

Key research and advisory services include Research Reports, Research Subscription, Analyst Inquiry Sessions, Consulting Projects, Go-to-Market Services and End-User Surveys. In all of their client engagements, the firm’s industry analysts leverage deep technical expertise, rigorous market research methodologies, and strong business acumen to deliver results that are original, timely, and relevant to client objectives.

Innovative and Progressive

Drawing on many years of experience in technology market intelligence, Tractica utilizes leading-edge tools and research practices in delivering analysis to its clients. We are future-focused not just in our sector focus, but also in leveraging the latest, most relevant methods of serving our clients.

Rigorous and Experienced

Tractica’s research methodology combines supply-side and demand-side analysis to provide a comprehensive view of technology markets. Tractica’s industry experts utilize rigorous qualitative and quantitative research methodologies to present a clear and actionable view of current market conditions and future market opportunities.

Independent and Objective

Tractica provides objective, unbiased analysis  of market opportunities within its areas of coverage. Our experienced industry analysts assess companies, technologies, and business models with the singular goal of helping clients make more informed decisions about their business strategies, free of noise and hype. 

Topics: Data Science