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COVID-19 Impact on Global Natural Language Processing Market – 2020-2026
The global natural language processing is expected to develop at a CAGR of 15.7% during the forecast time frame. Natural language processing (NATURAL LANGUAGE PROCESSING) is a component of artificial intelligence and it enables computers to connect with humans in their own language. For instance, natural language processing makes it workable for computers to hear speech, read text, measure sentiment, interpret it, and decide which portions are significant.
The primary focus of natural language processing is to limit the time taken to comprehend computer languages, such as Java, C, C++, and some more. Natural language processing is likewise used in big data analytics, because of the fact that enormous measures of data are being produced from sources like web blogs audio, social networking sites, emails, documents, and forums.
The natural language processing report gives analysis to the period from 2016 to 2026, where 2019 to 2026 is the forecast time frame with 2018 as the base year. This report on natural language processing covers a top to bottom analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities and restraints that have positive or negative effects on the general global market.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Natural Language Processing 3900 market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
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Understanding the segments helps in identifying the importance of different factors that aid the
An exclusive coverage has been accommodated market drivers and challenges and opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers top to bottom data identified with the competitive landscape of the market and the recent strategies and products that will help or affect the market in the coming years.
The global natural language processing market has been sectioned based on deployment, technology, type, application, and end-use. Based on deployment, the market has been divided into on-premise and cloud. The cloud section is additionally classified into public cloud, private cloud, and hybrid cloud. Based on technology, the market has been divided into optical character recognition (OCR), speech analytics, interactive voice response (IVR), image recognition, and others.
The type fragment is additionally classified into statistical natural language processing, rule-based natural language processing, and hybrid natural language processing. Based on applications, the market can be classified into report generation, information extraction, machine translation, and others. Based on end-use, the natural language processing market can be sectioned into automotive, retail and consumer goods, healthcare, banking, financial services and insurance, government, and others.
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Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
The optical character recognition portion is expected to hold the biggest market portion of natural language processing in the coming years
Recognition technologies are the most broadly used technologies in natural language processing. Greatest companies, from huge to little ventures use certain types of recognition technology like interactive voice recognition, optical character recognition, or image recognition. Recognition technology is basically used for machine translation and information extraction.
The speech analytics section is expected to observe the quickest development during the forecast time frame
Speech analytics enables users to settle on genuine business decisions by giving quicker and inside and out investigations of voice data. Speech analytics is increasing colossal importance among different ventures across the world, since the old-style text-based analytics used by companies can’t deal with complex business issues.
A few undertakings are utilizing speech analytics to make driving edge analytics solutions in order to increase a superior comprehension of customer necessities. The on-premise speech analytics is for the most part favored by organizations. This is because of the fact that organizations with complicated IT structures that require a high measure of integration with different applications, settle on the on-premise speech analytics. For instance, deals support, CRM, marketing, and other technical help devices by and large support the on-premise model to mitigate compatibility issues.
North America and Europe region ruled the market in 2018 and expected to demonstrate comparative trend in the coming years
As far as various regions, the market is sectioned into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America and Europe is anticipated to rule the market in 2018 and are anticipated to demonstrate the same trend in the coming years. Among the countries in North America, the U.S accounted for most of market share in 2018. Advancement of technological improvements and wide adoption of technologies throughout the years is a main consideration bringing about the ascent popular for natural language processing. In addition, in May 2018, the United Kingdom and the United States launched an AI center point to modernize new troublesome technologies for safeguard and security applications, which can support the advanced utilization of natural language processing.
The Asia-Pacific region is expected to observe the quickest development during the forecast time frame. China and Japan are the significant countries that are creating opportunities in the natural language processing market. Increasing government activity for conservation of water is one of the main considerations to trigger the general market development of natural language processing in this region.
The significant players working in the global natural language processing are IBM Incorporation, 3M, Google, Microsoft Corporation, HPE, Apple Incorporation, Verint Systems, Dolbey Systems, SAS Institute Inc. furthermore, NetBase Solutions. These players have ventured up new product innovations and new product launches, so as to acquire attention from the customers. Additionally, the development of the market is ascribed to geographical expansion, strategic mergers and acquisitions and joint ventures and partnerships, so as to ensure long-term sustenance in the market.
SAS Institute Inc. announced US$ 1 billion interest in artificial intelligence throughout the following three years through improvement of programming, master services, education and others. The artificial intelligence predominantly comprises of profound learning, natural language processing, computer vision and advanced analytics.
Table of Content: COVID-19 Impact on Global Natural Language Processing Market 2026
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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