- The key vendors in the global NLP market are 3M, Apple, Google, and Microsoft.
London, 24 December 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global natural language processing (NLP) market 2015-2019. Growing use of text analytics in healthcare industry is one of the key trends being witnessed in this market. In the healthcare industry, text analytics helps in storing all the information about patients, which helps medical personnel to gain a full understanding of a patient’s health problems. The global NLP market is expected to grow at a CAGR of 16.11% during the forecast period of 2015-2019.
The market is growing at a rapid rate due to factors such as the need to improve customer experience, growth in M2M technologies, implementation of big data analytics, and the need to convert manual documents into electronic records. This market is expected to grow more in the healthcare industry as there is lot of manual data that needs to be converted into electronic data and medical professionals need a solution that can help them to become more connected to their patients.
“One of the most interesting applications of NLP is the sentiment analysis of social media. NLP identifies the sentiment words in the different languages used while generating reports and answering queries,” says Faisal Ghaus, Vice President of Technavio Research.
“Sentiment analytics when used with social media offers the ability to create structured data from unstructured data and then to combine that data with proprietary on-premises data to gain an overall understanding of customers and products and services.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Natural Language Processing Market 2015-2019, please send an e-mail to media@TechNavio.com
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