Role of NLP in the Current Market - smartData TOP
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Role of NLP in the Current Market

The global NLP market size will be growing to $35.1 billion by 2026. Natural Language Processing (NLP) is one of the most exciting fields of artificial intelligence that enables computers to understand human languages.

Adoption of NLP in healthcare is rising because of its recognized potential to search, analyse, and interpret massive amounts of patient datasets. By means of advanced medical algorithms, ML, along with NLP technology, has the potential to harness relevant insights from data that was previously hidden in text form. In the current COVID-19 pandemic situation, organizations are using NLP to access the landscape of scientific papers relevant to the coronavirus pandemic.

NLP on the other part of industry is also playing a crucial role from being a front desk operative on virtual platforms to provide a better customer experience. Key verticals adopting NLP solutions and services include BFSI, IT and telecom, retail and ecommerce, healthcare and life sciences, transportation and logistics, government and public sector, energy and utilities, and manufacturing. Some of the classical examples of NLP which are trending in current market are mentioned as below:

  • Search Autocorrect and Autocomplete.
  • Language Translator.
  • Social Media Monitoring.
  • Chatbots.
  • Targeted Advertising.
  • Survey Analysis.
  • Hiring and Recruitment.
  • Voice Assistants.
  • Grammar Checkers.
  • Email Filtering.

The accuracy of AI and NLP is primarily based on ample and diverse training data, which is not available for many organizations. Synthetic training data can only go so far. Hence, enabling our customers to collect ample and diverse training data has become our priority.

More specifically, bringing an ethics-first approach to training data collection has helped our customers further improve their ability to personalize customer experiences across chat, email, web and mobile.

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