Natural Language Processing (NLP) is a part of artificial intelligence that is developed to make machines understand words or lines spoken by humans. There has been a significant increase in adoption of NLP by different organizations as it reduces customer effort, improves analytical abilities of organizations, and enable advanced automation. Customers can communicate with organizations in vernacular languages, which are made possible by virtual assistants that enable this process through an online chat box. For example, marketers can monitor and extract analysis from social media platform with the help of NLP. The NLP processing market has witnessed a significant growth owing to the increase in demand for text analytics, machine learning process, and social media monitoring.
There has also been a growth in advanced text analytics landscape, due to the integration of NLP with text analytics. What NLP does is, it converts the human language into machine language. This helps in analysing the data and converting insights back to spoken language for better understanding. Text analytic solutions have been in demand as most organizations are in a fit to gain better market insights. A lot of companies have started focusing on keeping a track of the market pulse, aligning their products and service offerings accordingly. They focus on their product and service offerings to capitalize on emerging trends for an enhanced profitability. Integrating text analytics enables the companies to get market insights on products and its description. This helps organizations compete in the market; also increases their market presence and share.
Social market channel also plays a key role in the growth of NLP-processing market. It is a major platform that provides large volumes of unstructured data to organizations. Facebook, Google+, Twitter, Pinterest, Instagram, YouTube, LinkedIn are some of the popular social media channels.