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The global natural language processing (NLP) market size is expected to showcase considerable growth by reaching USD 127.26 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Natural Language Processing (NLP) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud, Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization, Pattern and Image Recognition, and Others), By Industry Vertical (Healthcare, Retail, High Tech, and Telecom, Banking, Financial Services and Insurance (BFSI), Automotive & Transportation, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2021-2028” The report further mentions that the market stood at USD 16.53 billion in 2020 and is projected to exhibit a CAGR of 29.4% between 2021 and 2028.
IBM Introduces Watson Works to Help Workplaces Secure Data-Driven Insights
In June 2020, IBM Corporation announced the launch of its new artificial intelligence (AI) embedded curated set of products known as Watson Works. According to the company, the solution will help companies to navigate through several aspects regarding the returning of employees to the workplace following lockdown imposed by the government agencies to reduce the effect of the COVID-19 pandemic. The solution provides data-driven insights to help the organization make informed decisions regarding the facility management, re-entry, work allocation, and other priorities. Such initiatives by the companies are likely to surge the adoption of advanced natural language processing solutions globally.
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Increasing Focus on Customer Satisfaction to Augment Growth
The surplus of channels through which the customers provide feedback and requirements has led to the organizations facing difficulties in understanding them. Therefore, there is a high demand for a platform to ensure efficient management of business processes. Customer satisfaction has become a pivotal part of the business and this is propelling the companies to adopt advanced solutions such as artificial intelligence to enhance customer experience. The integration of such technologies has enabled a seamless communication between the client and the system. Besides, they offer tailor-made recommendations as per the customer’s queries. Therefore, the increasing focus on enhancing the customer experience is expected to contribute to the global NLP market growth during the forecast period.
Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue
The global market for natural language processing is consolidated by the presence of major companies that are merging with other companies to expand their portfolio and secure their footprint across different horizons. Moreover, other key players are adopting strategies such as the introduction of new products, partnership, and collaboration to maintain their strongholds that will favor market growth.
List of the Companies Operating in the Market:
Further Report Findings:
Table of Segmentation:
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD Billion)
By Deployment; Enterprise Size; Technology; Industry Vertical; and Region
By Enterprise Size
By Industry Vertical