Natural language processing is a branch of artificial intelligence, which is developed to make machine understand words or statements written and spoken in human language. Increasing adoption of natural language processing by various organization helps reduce customer effort, improve organizations analytical capabilities, and enable advanced automation. Virtual assistants enable customers to communicate with organizations through an online chat box in vernacular language and helps customer experience. In addition to this, NPL helps organization to increase their analytical capabilities. For example: with the help of NLP marketers can monitor and extract analysis from social media platform. Increasing demand for text analytics in various organization, rising demand for machine learning process, increasing social media monitoring are some of the key driving factors leading to growth of the natural language processing market.

Rising demand for advance text analytics is expected to positively aid in growth of the market for natural language processing    

Integration of natural language processing in text analytics has led to growth of advanced text analytics solutions. Natural language processing helps convert human language to machine language. This helps in analysis of the data and convert insights back to human language for better understanding. Rising demand for text analytics in various organization for gaining better market insights has accelerated demand for text analytic solutions. Companies across various industries are actively focusing on keeping a track of market pulse and accordingly incline their product and service offerings to capitalize on emerging trends for enhanced profitability. Integration of text analytics enables companies to receive market insights about products and its description, which helps to compete in the market and aids in increasing their market presence and share.

Natural Language Processing Market Taxonomy

On the basis of End-use Industry, the natural language processing market is classified into:

  • Automotive
  • BFSI
  • Government
  • Healthcare
  • Media and Entertainment
  • Retail and Consumer Goods
  • Others

The increasing adoption of NLP in healthcare industry plays a major role for the growth of the market. With the help of NLP the clinical researchers extracts the disease related information. In January 2018, Inspirata, Inc announced the acquisition of a Toronto-based Artificial Intelligence in Medicine, Inc. AIM spent over 30 years in developing and commercializing tools that extract cancer related information and data from clinical documents such as clinician’s notes, treatment plans, molecular testing reports and pathology reports with the help of natural language processing and artificial intelligence.

On the basis of Application, the natural language processing market is segmented into:

  • Machine Translation
  • Information Extraction
  • Report Generation
  • Text Processing

Social media channel plays a key role for growth of the natural language processing market

Increasing competition in various verticals has led to demand for real-time market insights related to customer demands and other factors. For gaining real-time market insights, it is important for companies to analyze large volumes of unstructured data generated. Natural language processing systems are required to convert the unstructured human language data into machine language and also derive insights from human language with sentiments and emotions. Social media is one of the major platforms, which provides large volume of unstructured data to organizations. Facebook, Twitter, Google+, Pinterest, Instagram, LinkedIn, YouTube etc. are some of the popular social media channels. For example: According to coherent market insights, It is estimated that in every 60 seconds, near about 27,000 videos are streamed on YouTube, around 3 million posts are shared on Facebook, around 430,000 tweets are posted on Twitter, and around 120 new users get registered on LinkedIn. Moreover, the increasing tools for social media analytics also accelerates the demand for NLP. For example: NetBase solution uses natural language processing to analyze social media and other web content.

Key Companies: Global Natural Language Processing Market       

Apple Incorporation, Dolbey Systems, Google LLC, Hewlett-Packard Enterprise Company, International Business Machine Corporation, Microsoft Corporation, Netbase Solutions, SAS Instituite, Inc., Verint System are some of the major companies in the global natural language processing market.


Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users