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NLP Market Worth USD 16.07 Billion by 2021 - Growing Demand For Enhanced Customer Experience - Research and Markets

[July 26, 2016]

NLP Market Worth USD 16.07 Billion by 2021 - Growing Demand For Enhanced Customer Experience - Research and Markets

Research and Markets has announced the addition of the "Natural Language Processing Market - Global Forecast to 2021" report to their offering.

The major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.

The growing demand of extracting and forming structured data sets from clusters of unstructured data online is driving the growth of the on-demand deployment model in the NLP market. This model aligns expenditure to business requirement and its growth is specifically high in enterprises, where low cost solutions are much required.

Media & entertainment and research & education verticals are expected to play a key role in the NLP market to gain maximum traction during the forecast period.

The media & entertainment and research & education verticals are expected to play a key role in the NLP landscape and are expected to grow with high growth rats in the next five years. Sentiment analysis is widely applied to review social media for a variety of applications, ranging from marketing to customer service. NLP is also an effective approach for bringing improvement in educational setting.

The MEA region is expected to be the fastest growing market among all the regions. The growth of the market is due to increased spending capabilities of the people and rise in the use of voice recognition application by various industries.

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