NLP Market Poised for Rapid Growth

October 9, 2014

Here’s a robust prediction. PR Newswire declares, “Natural Language Processing Market to See 21.1% CAGR for 2013-2018.” (For those not aware, CAGR stands for compound annual growth rate.) The forecast comes from a report found for sale at the logically named site ReportsnReports. Companies across the NLP spectrum are profiled in the 199 page report. The write-up explains:

“The Natural Language Processing (NLP) market is estimated to grow from $ 3,787.3 million in 2013 to $9,858.4 million in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 21.1% from 2013 to 2018. In the current scenario, web and e-commerce, healthcare, IT and Telecommunication vertical continues to grow and are the largest contributor for Natural Language Processing (NLP) software market. In terms of regional growth, North America is expected to be the biggest market in terms of revenue contribution. European and APAC region is expected to experience increased market traction, due to increasing adoption across various verticals and investment support in research projects from the regional government.”

According to the report, factors like growing smartphone usage, enhanced customer experiences, the big data trend, and machine-to-machine technology are pushing the natural language processing market forward. Unsurprisingly, the adoption of electronic health records in the healthcare industry plays a large role, as well. The report is said to supply comprehensive analysis of global adoption trends, the competitive landscape, and venture-capital funding opportunities. It also examines some of the major vendors that seem to make innovation a priority, giving them the edge in integrating with enterprise platforms. See the write-up for more details.

Cynthia Murrell, October 09, 2014

Sponsored by ArnoldIT.com, developer of Augmentext

Written by Stephen E. Arnold · Filed Under Natural language processing, News

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Stephen E. Arnold monitors search, content processing, text mining and related topics from his high-tech nerve center in rural Kentucky. He tries to winnow the goose feathers from the giblets. He works with colleagues worldwide to make this Web log useful to those who want to go "beyond search". Contact him at sa [at] arnoldit.com. His Web site with additional information about search is arnoldit.com.