NLP to Reach US$1.5 Billion by 2023, Predicts Analytics Insight

Natural Language Processing (NLP) that is better understood as a user interface (UI) technology is now instrumental to the formulation of insights and analyses from a huge amount of unstructured and unindexed data. Analytics Insight predicts that the market size of Natural Language Processing (NLP) will reach US$1469.7 million by 2023, growing at a CAGR of 11.5%.

Natural Language Processing is an old science that walks on rapid advancements. The advancements and transformations have speeded up in the digital era. Vehement AI integrations and machine learning adoption has made human-to-machine communication a norm.

The promising growth is justified by deep learning architecture and algorithms that have made impressive advances in the fields of image recognition and speech processing. Owing to its primary features of scalability and affordability, NLP is increasingly gaining importance in the education and healthcare sectors mostly.

NLP is now experimented with to decipher complex human languages. Given that there are hundreds of languages and dialects, which also consist of complex syntax and grammatical rules, the need for advanced NLPs that understand complex languages are felt heavily mostly amongst senior citizens and the specially-abled.

The Major Three Sectors that Practice Strong Adoption and Integration of NLP 

Healthcare: Medical and healthcare institutions are increasingly integrating high-end technologies like artificial intelligence, machine learning, and NLPs to ensure better health infrastructures. The integration of natural language processing is gaining popularity amongst medical professionals as NLP saves them the time to deal with the deluge of data and allows them to invest themselves in value-added activities.

Banking and Financial Sector: The banking and financial sector has registered a surge in AI integration in 2021. NLP stands as one of the advanced forms of AI that has catalyzed the efficiency of the BFSI sector. NLP integration in the BSFI sector is seen as an empowerment for the ones with a speech impediment and a meek understanding of banking logistics.

Advertising and Media: Post the pandemic outbreak, the use of NLP has witnessed a heavy growth in the domain of digital marketing. Over 80% of digital marketers have resorted to NLP in audience targeting and segmentation. 62% of B2B companies use NLP to personalize content for their target audience.