Global Natural Language Processing Software Market Overview:
Natural Language Processing Software helps to understand human language, process meaning, and generate responses, just like humans do. NLP software is capable of interpreting both written and spoken languages, making it useful for an extremely wide range of applications.NLP software excels as an automation solution, being able to analyze large quantities of data with high speed and accuracy. NLP software especially useful for home automation.
- Increase in Smart Device Usage
- Growth in the Adoption of Cloud-Based Solutions
- The growing use of Code-Mixed Language Resulting in Increased Complexity for Natural Language Processing Tasks
- Adoption of Natural Language Processing-Based Applications to Improve Customer Service
- Increasing Investment in the Healthcare Industry
- Concerns Related to Data Privacy
- Unreliability of Natural Language Processing Algorithms
Some of the key players profiled in the report are IBM (United States), Microsoft (United States), Google (United States), Amazon Web Services, Inc. (United States), Facebook (United States), Intel Corporation (United States), MonkeyLearn Inc (United States), OpenAI (United States), Radim Rehurek (United Kingdom) and Inbenta Technologies Inc.(United State). Additionally, following companies can also be profiled that are part of our coverage like Inbenta Technologies (Spain) and Veritone Inc. (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Natural Language Processing Software market by 2025. Considering Market by Industry Verticals, the sub-segment i.e. Banking, Financial Services and Insurance (BFSI) will boost the Natural Language Processing Software market. Considering Market by Deployment Model, the sub-segment i.e. Cloud-Based will boost the Natural Language Processing Software market.
On 27 Aug 2019, Indium Software, a niche technology solutions company, officially launched its flagship product ‘teX.ai’ — an Ai based Text Analytics suite of solutions to offer impeccable data scraping, validation, classification, summarization, clustering, topic modeling and a lot more.
In Aug 2020, OpenAI launched the third iteration of its natural language processing software called Generative Pretrained Transformer, GPT-3. It has a larger database than the previous iteration and offers more reliability and accuracy. GPT-3 is like any artificial intelligence program, just with a more extensive database.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Natural Language Processing Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Natural Language Processing Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Natural Language Processing Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.