As we can discover together, the Natural Language Processing technology is dramatically transforming almost each industry in our connected world.
One can then observe that, as
per Technavio, the global natural language processing (NLP) market is expected to exceed USD 11 billion in revenue
by 2019, growing at a CAGR of over 16%.
NLP is used in the healthcare industry sector to
track the adverse effects of drugs and to reduce medication errors.
NLP is a powerful tool for unlocking critical clinical data and turning it
into information that can be easily analyzed.
NLP is widely being used as current clinical notes and patient discharge notes
generate a lot of unstructured data in the form of electronic health records
(EHRs).
In e-commerce industry, NLP technology is used to automate searching
of product categories with hypertext mark-up language (HTML) tags for the
identification of additional or related products; (works as a search engine
that can produce better recommendations).
NLP technology is also used for email campaign messages as it
can reveal what features of an email message users are responsive to, and can
lead to a greater degree of personalization.
In IT and
telecom sector, NLP is
used inter alia: to automatically correct grammatical errors in messages. NLP
solutions are used as integrated software platforms that use both IVR
technology and search engine portals. NLP solutions are also used in billing
systems to enable easy interaction with customers.
The banking, financial services, and insurance
(BFSI) segment uses NLP solutions to
improve and provide low cost delivery of services without any language
barriers. NLP also helps banks to analyze the features or facilities most
sought by target consumers.
The government sector use of NLP lies in analyzing different kinds of
enquiries such as public transport information and information regarding
government jobs. NLP helps in understanding the pattern of the search and
converting it into a different language when required.
NLP is also hitting others segment also includes media, education, automotive,
legal and commercial offices.
Top vendors to the global NLP processing market iinclude: