Applications of Natural Language Processing in Various Sectors

NLP is a key segment of AI that depends on machine learning, which analyzes and utilizes patterns in information to improve a program's comprehension of speech. Analytics Insight has forecasted the Market Revenue of Natural Language Processing at US$8,319 million for 2019, with a CAGR of 18.10% between 2019 and 2024.

Natural Language Processing (NLP)

Natural language processing, frequently known as NLP, alludes to the ability of a computer to comprehend human speech as it is spoken. Natural language processing is a key segment of artificial intelligence (AI) and depends on machine learning, a particular type of AI that analyzes and utilizes patterns in information to improve a program's comprehension of speech. Analytics Insight has forecasted the Market Revenue of NLP to at US$8,319 million, with a CAGR of 18.10% between 2019 and 2024.

NLP in Education

Natural language processing (NLP) can be effectively used in education for promoting language learning and improving the academic performance of students. It assists in developing an effective process of learning in the educational setting by developing scientific approaches which can process of using computer and internet for enhancing the learning.

NLP in Marketing Technology

Applications of NLP in MarTech are the new evolution for artificial intelligence. Tools of marketing technology include chatbots, voice search, sentiment analysis, automated summarization, machine transcription to change the face of marketing departments and roles drastically.

NLP in Healthcare

From Data mining to sorting out documentation, Natural language Processing assists the healthcare workers to simplify the complex task which was earlier not possible. With the help of its speech recognition technique, clinicians can easily transcribe notes for useful EHR data. Moreover, when utilized with Machine learning, Natural language processing assists inefficient clinical trials, and clinical decision support, thus mitigating the risks involved with the diagnosis and treatment of the disease. Integration of NLP in genetic coding also helps in determining the phenotypes, speech patterns, and neurocognitive conditions such as Alzehmiers disease.

NLP in Banking

In Banking, natural language processing helps in analyzing the plethora of documentation, so that insight can be drawn out for commercial loan agreements.  By integrating NLP in the system, banks can predict the customer needs and behaviour, With the help of the Optical Character Recognition technique, and machine learning algorithm associated with NLP, the portfolio of the customer is made, so that the risks of frauds and scams can be mitigated. Moreover, it speeds up Know Your Customer (KYC), and Investment analysis.

NLP in Manufacturing

NLP in manufacturing sector helps break down the barriers between humans and technology to improve communication and productivity. The AI system can then produce real-time reports from the collected data in natural language. Instead of relying on a data analyst, managers can see these reports as soon as the data is generated, detecting patterns and trends to make important business decisions in near real-time.

NLP in Business

Businesses organisations are employing Natural language processing NLP technologies to understand human language and queries. Instead of trying to understand concepts based on normal human language usage patterns, the company's platform depends on a custom knowledge graph that is created for each application and performs a much better job identifying concepts that are relevant in the customer domain.