Acceptance Of Natural Language Processing To Enhance Consumer Service Will Thrust The Market Growth

The natural language processing market is anticipated to witness the fastest growth rate over the forecast period. Natural language processing (NLP) empowers computer programs to understand unstructured data by using machine learning and artificial intelligence (AI) to give background to language and make derivations, likewise as human cerebrums do. Thus, it is well-known artificial intelligence (AI) feature, which is exclusively used across the globe via customer chatbots and digital assistants, coupled with commercial applications in the field of sentimental analysis, textual analysis, and speech analysis. For instance, Woebot, an enhanced Chatbots uses NLP to comprehend human questions and reply to them.

The exponential rise in data from individual devices, internet, and social media are offering establishments phenomenal chances to use digital data to enhance their organization. To take out value from unstructured data, organizations across several sectors are adopting NLP. This, in turn, will show a positive impact on overall industry growth in the coming years.

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The recent trends that will dominate the forecast period include business intelligence (BI), integrated Chabot, company monitoring, and human-to-machine interaction. Using big data, NLP will play a vital role in getting BI from raw business information, comprising the current talent pool of an establishment, product information, brand notoriety, marketing and sales data, and consumer service. This suggests that NLP will be the technique for moving several legacy establishments from data-driven to intelligence-driven podiums, thus helping people quickly get insights to make decisions. This, in turn, will drive the overall business outlook in the forecast period.

The key challenge for NLP is to identify human voice with several pronunciations, patterns, and tones and convert it into a programmable language. The major aim is to diminish the use of specific languages like C, Java, and Ruby and only familiarize human language in all high-tech systems. Thus, convenient interaction with machines will boost the NLP industry over the forecast period.

Natural language processing industry is categorized based on application and region. Geographically, the U.S. is anticipated to remain dominant with significant revenue share in the forecast period owing to rising R&D activities for the development of innovative technologies for defense and security applications. For instance, Microsoft and Amazon together launched Cortana-Alexa public preview for Echo speakers and Windows 10PCs in the U.S. Further, this would help consumers to have the benefits of both the digital assistants at the same time.

Competitive Players 

Prominent players of the natural language processing market include Microsoft Corporation, Apple Incorporation, IBM Incorporation, Google, and HP. These players are concentrating on expanding their business across foreign economies in the forecast period. Thus, taking cooperative initiatives to upsurge their industry revenue and profitability. For instance, in 2018, Microsoft acquired Demantic Machines Inc., a California-based corporation that has developed an innovative method of building conversational AI to help bots sound more like humans.