04.08.2020 Регионы

Natural Language Processing Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The major reasons behind the growth of the NLP market are the rising focus on an enhanced consumer experience, rapid business process automation, creation of high volumes of data, and rise in the number of contact centers. From $8.3 billion in 2018, the revenue generated from the sale of such solutions is predicted to increase to $22.9 billion by 2024, at a CAGR of 19.7% during 2019–2024 (forecast period).

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A subfield of artificial intelligence, NLP helps machines and computers understand the language of humans. Based on type, the natural language processing market is categorized into hybrid, rule-based, and statistical. Among these, the statistical category held the largest share in 2018, as this technology utilizes machine learning algorithms to analyze data, rather than requiring human effort.

This is rather important in today’s times, when two quintillion bytes of data is being created daily. Via traditional tools, structured data in the form of spreadsheets and databases is easy to process, but not the unstructured data sourced from videos and images, social media, and documents and blogs. The need to enhance customer experience is one of the major drivers for the natural language processing market progress.

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Customers communicate with organizations via chat messages, e-mails, social media platforms, and phone calls, thereby making it difficult to process all the data. NLP helps here by studying the feedback, while saving time and reducing human involvement and errors. With the technology, companies are able to analyze consumers’ preference for the different services and products on offer as well as understand how their decisions are impacted by the cultural and technological scenario.