NATURAL LANGUAGE PROCESSING MARKET ANALYSIS

Natural Language Processing Market, By Solution (Hardware, Software, Services), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics , Speech Analytics, Classification and Categorization, Pattern and Image Recognition, Others), By Industry Vertical (BFSI, Healthcare, IT and Telecom, Retail, Manufacturing, Media and Entertainment, Other End-use Industries), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024
Code : CMI1090
Pages :170
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Concentration and Competitive Landscape

Natural Language Processing Market Concentration By Players

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Advancements in Conversational Commerce and Dialog Systems

Increasing focus on conversational commerce and development of dialog systems can drive the market growth. Brands have realized the revenue potential of voice assistants and are keen on offering optimized shopping experiences through conversational interfaces. This requires powerful NLP platforms that can understand customers, recognize intents, personalize responses, and enable seamless transactions verbally. Technology companies are making continued investments innovations related to dialog management, deep learning for language modeling, and other aspects of human-chatbot conversations. Their aim is to create highly engaging dialog systems for various business processes and customer service functions. As more firms prioritize building conversational interfaces for service sectors like retail, tourism, healthcare, and automotive, these will rely extensively on advanced language technologies. This fuels the incorporation of sophisticated NL features such as sentiment analysis, entity recognition, question answering and summarization.

Key Players Insights