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NLP in the Asia-Pacific Region is Projected to Hit US$41 Billion by 2025 – Analytics Insight




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January 13, 2022

NLP

Based on countries, the market of NLP in the Asia-Pacific region is segmented into China, Japan, India, South Korea, Singapore, and Malaysia

NLP in the Asia-Pacific region is expected to surpass US$41 billion by 2025, at a CAGR of 23%. The Natural Language Processing (NLP) market has strong competition among well-established as well as new emerging players. Also, the Natural Language Processing technology players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers, and acquisitions, acquiring new start-ups other companies, forming collaboration and partnerships, and expanding their business presence.

Major growth drivers in the NLP market include an increase in the use of smart devices, an increase in cloud-based solutions and NLP-based applications to enhance customer service, as well as an increase in technological innovation in the healthcare sector. Based on components, the Natural Language Processing Market has been divided into solutions and services. Leading players on the market either provide platforms or technology tools to incorporate them into their solutions. The adoption of NLP approaches is growing worldwide, with growing awareness of perceived benefits. Market vendors offer open-source platforms to build custom NLP solutions according to customer requirements. Many vendors offer advanced software tools or API solutions with tailored functionality as per user requirements.

Based on the Component, the market is segmented into solutions and services. Based on application, the market is segmented into text classification, machine translation, question answering, sentiment analysis, information extraction, automatic summarization, and others. Based on type, the market is segmented into rule-based, statistical, and hybrid. Based on deployment type, the market is segmented into on-premise and cloud. Based on industry vertical, the market is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, government and defence, media and entertainment, manufacturing, and others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and the rest of Asia Pacific.

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