Natural language processing is a branch of artificial intelligence, which is developed to make machine understand words or statements written and spoken in human language. Increasing adoption of natural language processing by various organization helps reduce customer effort, improve organizations analytical capabilities, and enable advanced automation. Virtual assistants enable customers to communicate with organizations through an online chat box in vernacular language and helps customer experience. In addition to this, NPL helps organization to increase their analytical capabilities. For example: with the help of NLP marketers can monitor and extract analysis from social media platform. Increasing demand for text analytics in various organization, rising demand for machine learning process, increasing social media monitoring are some of the key driving factors leading to growth of the natural language processing market.
Rising demand for advance text analytics is expected to positively aid in growth of the market for natural language processing
Integration of natural language processing in text analytics has led to growth of advanced text analytics solutions. Natural language processing helps convert human language to machine language. This helps in analysis of the data and convert insights back to human language for better understanding. Rising demand for text analytics in various organization for gaining better market insights has accelerated demand for text analytic solutions. Companies across various industries are actively focusing on keeping a track of market pulse and accordingly incline their product and service offerings to capitalize on emerging trends for enhanced profitability. Integration of text analytics enables companies to receive market insights about products and its description, which helps to compete in the market and aids in increasing their market presence and share.
Natural Language Processing Market Taxonomy
On the basis of End-use Industry, the natural language processing market is classified into:
- Media and Entertainment
- Retail and Consumer Goods
The increasing adoption of NLP in healthcare industry plays a major role for the growth of the market. With the help of NLP the clinical researchers extracts the disease related information. In January 2018, Inspirata, Inc announced the acquisition of a Toronto-based Artificial Intelligence in Medicine, Inc. AIM spent over 30 years in developing and commercializing tools that extract cancer related information and data from clinical documents such as clinician’s notes, treatment plans, molecular testing reports and pathology reports with the help of natural language processing and artificial intelligence.
On the basis of Application, the natural language processing market is segmented into:
- Machine Translation
- Information Extraction
- Report Generation
- Text Processing
Social media channel plays a key role for growth of the natural language processing market
Increasing competition in various verticals has led to demand for real-time market insights related to customer demands and other factors. For gaining real-time market insights, it is important for companies to analyze large volumes of unstructured data generated. Natural language processing systems are required to convert the unstructured human language data into machine language and also derive insights from human language with sentiments and emotions. Social media is one of the major platforms, which provides large volume of unstructured data to organizations. Facebook, Twitter, Google+, Pinterest, Instagram, LinkedIn, YouTube etc. are some of the popular social media channels. For example: According to coherent market insights, It is estimated that in every 60 seconds, near about 27,000 videos are streamed on YouTube, around 3 million posts are shared on Facebook, around 430,000 tweets are posted on Twitter, and around 120 new users get registered on LinkedIn. Moreover, the increasing tools for social media analytics also accelerates the demand for NLP. For example: NetBase solution uses natural language processing to analyze social media and other web content.
Key Companies: Global Natural Language Processing Market
Apple Incorporation, Dolbey Systems, Google LLC, Hewlett-Packard Enterprise Company, International Business Machine Corporation, Microsoft Corporation, Netbase Solutions, SAS Instituite, Inc., Verint System are some of the major companies in the global natural language processing market.