Natural Language Processing Software Market Scope
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.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Natural Language Processing Software market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Inbenta Technologies (Spain) and Veritone Inc. (United States).
Segmentation Overview
The study have segmented the market of Global Natural Language Processing Software market , by Application (Machine translation, Information extraction, Report generation, Question answering and Others) and Region with country level break-up.
On the basis of geography, the market of Natural Language Processing Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Growth Drivers:
Increase in Smart Device Usage and Growth in the Adoption of Cloud-Based Solutions
Challenges:
Concerns Related to Data Privacy and Unreliability of Natural Language Processing Algorithms
Restraints:
The growing use of Code-Mixed Language Resulting in Increased Complexity for Natural Language Processing Tasks
Opportunities:
Adoption of Natural Language Processing-Based Applications to Improve Customer Service and Increasing Investment in the Healthcare Industry
Market Leaders and their Expansionary Development Strategies
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.
Key Target Audience
Natural Language Processing Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.