Natural Language Processing Market Recent Trends, Developments, Challenges and Opportunities

The generation of large volumes of unstructured data by businesses is fueling the demand for natural language processing. According to various estimates, over two quintillion bytes of data are generated, in both structured and unstructured forms, every day across the world. This is pushing up the demand for technologies that can deal with various business-related problems by accurately analyzing the collected data. Traditionally, businesses used conventional methodologies for collecting structured data from spreadsheets and databases.

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However, with the generation of large volumes of unstructured data from images and videos, social media platforms, and documents and blogs, conventional methodologies became redundant, as these solutions were not able to analyze and manage such large volumes of unstructured data. Thus, in order to ensure the optimum use and management of structured and unstructured data, companies are rapidly adopting natural language processing (NLP) solutions. These solutions assist businesses in prioritizing the use of the extracted data for various business purposes, by utilizing applications such as automatic translation, sentiment analysis, and speech processing.

Apart from the aforementioned factor, the rising adoption of automated solutions by industries is also driving the demand for natural language processing solutions. Automated solutions help businesses remain competitive by improving human–machine interactions. These solutions assist customers in getting a fast response via seamless conversations. NLP-based solutions such as chatbots study the inputs provided by the customers and automatically provide an appropriate response. This way NLP-based solutions help organizations improve their customer care services.

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Due to the above-mentioned factors, the popularity of natural language processing solutions is rising sharply, thereby fueling the expansion of the global natural language processing market. According to the forecast of P&S Intelligence, a market research company based in India, the market value will grow from $8.3 billion in 2018 to $22.9 billion by 2024. Furthermore, the market is expected to advance at a CAGR of 19.7% from 2019 to 2024. There are mainly three types of natural language processing solutions namely hybrid, rule-based, and statistical.

Whereas, in the coming years, the demand for this technology is expected to surge sharply in the Asia-Pacific (APAC) region. This will be a result of the rising adoption of automated solutions by various industries, increasing number of SMEs, especially in India, South Korea, and Japan, and soaring investments being made by the governments of the regional countries for the development and adoption of AI-based technologies such as NLP solutions, in the region.

Hence, it can be said without any hesitation that the demand for NLP solutions will shoot up in the upcoming years, primarily because of the growing adoption of automated solutions by industries and surging requirement for technologies that can analyze and manage the large volumes of unstructured data generated by businesses across the world.

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