Natural Language Processing (NLP) is a type of AI that focuses on recognizing, comprehending, and using human languages. It is one of the most intriguing disciplines in AI, having already led to the emergence of technology such as chatbots, voice assistants, translators, and a plethora of other tools we use daily.
According to Mordor Intelligence, the Global Natural Language Processing (NLP) Market was worth USD 10.72 billion in 2020 and is anticipated to be worth USD 48.46 billion by 2026, growing at a CAGR of 26.84 percent over the projected timeframe (2021-2026). Its application in the healthcare market is growing because of the Covid-19 epidemic.
Large corporations are significant drivers and investors in the NLP sector. Since these businesses use deep learning as well as supervised and unsupervised machine learning methods for a wide range of applications, NLP usage is anticipated to rise. Many big end-user businesses in various sectors are primarily employing these technologies to improve their internal and external operations. Furthermore, the ROI of technology is not necessarily financial. Therefore, most small businesses feel it dangerous to invest in.
Furthermore, big social media platforms use NLP to monitor and manage social media activities related to political reviews and hate speeches. Platforms such as Facebook and Twitter use these technologies to manage published material.
Every second, channels such as social media, in-app communications, and forums generate a tremendous volume of text data.
And, due to the massive amounts of text data and the extremely unstructured source of data, we can no longer utilize the traditional technique to understanding the text, which is where NLP comes in.
Artificial Intelligence, Machine Learning, Natural Language Processing - How They Fit Together?
Both natural language processing and machine learning are subcategories of artificial intelligence.
AI is a catch-all phrase for computers that can mimic human intellect. AI includes systems that simulate cognitive characteristics such as learning from examples and problem solving. This includes anything from self-driving vehicles to prediction algorithms.
NLP allows computers to understand written or spoken language and execute tasks such as translation, keyword extraction, and more. AI chatbots, for example, use natural language processing to read what users say and what they want to accomplish, and machine learning to automatically offer replies based on previous encounters.
The Natural Language Processing Market is extremely competitive, with numerous prominent companies aiming for increased market share. These leading market players have been focused on growing their client base across international nations and delivering new inventive solutions, along with acquisitions and mergers, to improve their market shares and profitability.
Natural language processing is becoming more popular as the demand for huge data, data analytics, powerful computers, and improved algorithms grows.
Some of the recent significant developments in the NLP area are:
IBM introduced Watson Works in June 2020 to address the obstacles of getting back to work. Watson Works would address issues such as managing facilities and improving space allocation using real-time data, prioritizing employee health by enabling businesses to make evidence-based decisions and enhancing the
efficacy of interaction tracing by providing organizations with care agents and contact tracers.
Adaptive Biotechnologies joined Microsoft in launching the immunological CODE database to share an immune response to the COVID 19 virus across the population.
Natural Language Processing Use Cases
NLP machine learning is what allows search engines like Chrome, Mozilla Firefox, Opera, and Safari comprehend the meaning behind each phrase and propose the most relevant topics or themes in context when you input keywords into them. The results will progressively alter over time based on what's now popular, which is why you could be surprised by the accuracy of the recommended subjects connected to your initial inquiry.
Grammar checkers are one of the most used NLP applications. Such programs evaluate our material for faults and recommend which adjustments should be done. These systems are already given data on correct grammar and can distinguish between correct and inappropriate usage.
Text analytics is the process of collecting useful data and insights from text. Companies often have quite large amounts of data, such as product reviews, chatbot data, various emails received from end users, etc.
Thanks to text analytics, recognizing data patterns and making decisions based on data is faster and easier.
Banks in developing countries have abandoned manual loan evaluation methods. They now employ NLP algorithms that evaluate social media accounts, location data, browser patterns, and other insights to assist banks in making sound loan decisions.
There are more than 110 million voice assistant users in the United States, and voice assistants such as Alexa, Siri, Cortana, and Google Assistant get millions of requests monthly. NLP is utilized in the voice assistant industry for speech-to-text translation, semantic matching from knowledge bases, and returning responses following text-to-speech translation. Businesses may increase marketing activity and engage consumers by using smart speakers as a marketing tool.
Natural Language Processing in Different Industries
Retailers may utilize natural language processing (NLP) to monitor consumer sentiment about their items and make better informed decisions throughout their operations, from product creation and inventory management to sales and marketing campaigns. NLP analyzes all available consumer data and turns it into actionable insights that can be used to improve the customer experience.
Manufacturers can utilize natural language processing (NLP) to examine shipment-related data in order to optimize procedures and improve automation. They can immediately identify areas for improvement and implement adjustments to increase efficiency. To reduce expenses, NLP may scan the web for prices on various industrial materials and labor.
Companies may automate updates and messages for distributors, and consumers using an NLP chatbot for any messaging application. According to customer order, ticket status, or other alerts, the system may automatically select when and what to send to each client.
Banking and financial organizations can utilize sentiment analysis to examine market data in order to decrease risks and make better decisions. NLP can assist these people.
In the financial business, NLP is being used to minimize the amount of human routine work and to speed up trades, assess risks, read financial emotions, and design portfolios, as well as to automate audits and accounting.
NLP is a segment of artificial intelligence that studies how computers interact with human language. It operates in the background to improve things like chatbots, spell checkers, and translators that we use every day.
NLP develops systems that learn to accomplish tasks on their own and improve over time when paired with machine learning techniques.
Download the whitepaper below to learn more about Artificial Intelligence, Machine Learning, and Natural Language Processing and its applications in many sectors.
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