Global Natural Language Processing Market was valued at US$ 6.59Bn in 2017 and is expected to reach US$ 22.59Bn by 2026, at a CAGR of 16.65 % during a forecast period.
Major factors contributing to the growth of the global Natural Language Processing market are growth in smart device usage, demand for improved customer experience, and potential growth in machine-to-machine technology. Based on technology segment,the collaborative speechreply technology is projected to dominate the global natural language processing market.While optical character recognition and pattern image recognition technologies are estimated to grow at the highest rate during the forecast period. Also, speech analytics is fast impetus and is growing with a high CAGR in the technology segment of the overall market. This is owing to the high demand for voice recognition and speech processing systems. On the basis of service segment,professional services segment is forecast to grow at the highest CAGR, this is owing to the fact that organizations are looking for global Natural Language Processing solutions along with installation, maintenance, and consulting services in the market. On the basis of deployment model segment, Organizations are fast deploying Natural Language Processing solutions either on-premises or on-cloud. The increasing demand of removing and forming structured data sets from clusters of unstructured data online is driving the development of the on-demand deployment model in the global Natural Language Processing market. Its progress is exactly high in enterprises, where low cost solutions are much required. Global Natural Language Processing Market