Natural language processing (NLP) is a method to translate between computer and human languages. It is a method of getting a computer to understandably read a line of text without the computer being fed some sort of clue or calculation. In other words, NLP automates the translation process between computers and humans.
The competitive landscape of the global Natural Language Processing Market is formed by major players of the market and some of the new entrants. The virtual reality has driven many areas like healthcare, retail, media and entertainment, and others. North America leads the global natural language processing market. Many of technical giants like Microsoft, Apple, and 3M have already showed their footprints in global natural language processing market. Nuance Communications, which specializes in speech and text, developed an application, which is a robust modern language processing systems. The application has a clinical language understanding (CLU) engine that is specialized to recognize and understand a wide variety of medical terms including a broad clinical vocabulary and codling schema such as ICD-9,10, SNOMED, LOINC, etc. Texts or speech can be scanned and presented for placement in the EHR. Alternatively, mapping can be defined to provide a specific rule set. Nuance can be used to dictate notes that are automatically entered as data rather than as text. It can also be used to scan internal (to the EHR) text or external documents.
IBM Corporation unveiled its latest development in the field of natural language processing. IBM’s Watson natural language understands advanced text analytics. Natural language understanding includes the core functions of Alchemy language along with some improvements and consolidation. Its understanding returns both overall sentiment and emotion for a document and targeted sentiment and emotion towards keywords in the text.
The natural language processing market is expected to grow at a CAGR of 24% over the forecast period 2017-2023
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Increasing adoption of NLP solutions across verticals is driving the growth of the natural language processing market. Moreover, growing demand for M2M translation and increasing application areas are expected to fuel the global natural language processing market growth.
Some of the major players identified in the global natural language processing (NLP) market are IBM Corporation (U.S.), 3M Co. (U.S.), Hewlett-Packard Co. (U.S.), Apple Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Dolbey Systems Inc. (U.S.), SAS Institute Inc. (U.S.), Netbase Solutions Inc. (U.S.), and Verint Systems Inc (U.S.) among others
NLP Market Segments
Optical Character Recognition (OCR)
Interactive Voice Response
Pattern and Image Recognition
Rule-based natural language processing
Statistical natural language processing
Hybrid natural language processing
Media & Entertainment
Rest of the world
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