Technology has always turned out to be a facilitator to human beings making their work simpler and effective. Data explosion across all the industries and the need for structuring of this kind of data has given rise to commercial applications of technologies like Natural Language Processing. In simple terms, natural language processing is a part of artificial intelligence that enables interactions between computer and human languages.
With increase in big data and businesses transforming themselves to become social media centric organizations, the need for quick processing tools that can gauge the customer responses and present them in some kind of actionable manner is fast becoming the need of the hour. Also, increased use of internet via smartphones is bringing loads of data into the social platform and businesses are seeing natural language processing tools as a means to organize data from the repository.
Till recently, Natural language processing was a research oriented topic and was not intensively commercialized. But, with recent developments, NLP is fast gaining commercial importance with large enterprises like IBM, Microsoft, HP and others starting to provide NLP solutions.
North America rules NLP North America, especially USA, is the major source of revenue for natural language processing. This region houses most NLP providers of the world and consists of more end-users. The market here is mature enough and as always, has been the leader in terms of acceptance of this technology. Most of research activities related to natural language processing have been initiated and implemented on these grounds and thereby forms the breeding ground for natural language processing. Among other regions, APAC stands promising market for the technology with growing customer priority.
Enterprises are the major customers Natural language processing involves complexities in implementation and as the costs involved are also high, NLP solution mainly finds its prominence among large enterprises. Large enterprises cannot manage high volumes of unstructured data generated and in order to structure these sets of data, they seek natural language processing systems. Going forward, with growth of cloud, even mid-size companies are also expected to adopt NLP solutions more aggressively.
Healthcare and Publishing houses embrace NLP Healthcare industry observes larger use of NLP solutions and this market consists of NLP providers like Nuance, 3M who dedicatedly serve this industry. Due to the nature of healthcare industry which uses standard phrases and medical terms, it becomes extremely difficult to understand the patient behavior and hence to attain greater accuracy within minimum time when dealing with patients, NLP finds its way into the healthcare industry. Also, the publishing and media houses are the front-runners in adoption of natural language processing solutions as this industry deals with data which needs to be propagated in real time.
Awareness about natural language processing is still at its nascent stage and has limited acceptance all over the world. Similarly, the complexities and costs involved in developing and implementation of NLP based solutions is high which restricts entry of new companies into the provider market and also deters end-users from adopting these solutions.
With growing importance of data, improved research related to NLP and development of advanced cost effective NLP solutions, businesses are expected to adopt NLP solutions at a higher rate in the future.