Artificial intelligence (AI) technologies such as machine learning and deep learning are dazzling in and of themselves, but leveraged in isolation, they are limited in their potential, according to a recent report from Tractica. These technologies do not interpret data by themselves: they are tied either to deterministic, hard coded software programs created by humans or they are linked to a form of AI that can interpret human language into a form that algorithms can understand. The umbrella term for this gateway AI technology is natural language processing (NLP).
Tractica’s analysis indicates that utilization of NLP is expanding quickly across 17 different industries, encompassing a total of 44 discrete use cases including the following:
- Voice/speech recognition
- Querying image content
- Customer service & marketing virtual digital assistants (VDAs)
- Patent research and analysis
- Automated report generation
- Patient data processing
- Converting paperwork into digital data
- Automated code development
The market intelligence firm forecasts that global software, hardware, and services spending on NLP will reach $43.3 billion by 2025.
“The ultimate promise of NLP technology is intent-based computing,” says principal analyst Mark Beccue. “When machines can understand with humans in natural language, it democratizes data science, enabling humans to use common everyday language to complete a broad range of tasks. NLP is a critical technology for extracting insights and analysis from a vast amount of previously unindexed and unstructured data: mining video and audio files, emails, scanned documents, and more.”
Tractica’s report, “Natural Language Processing”, examines 44 NLP use cases, identifying those applications best suited for commercial use. In addition, the report details the market trends and technology issues surrounding natural language processing and presents forecasts for NLP hardware, software, and services during the period from 2017 through 2025. The report also mentions more than 60 companies including detailed profiles of 43 key industry players. Market forecasts, segmented by world region, include projections of software, hardware, and services revenue across multiple industry sectors. An Executive Summary of the report is available for free download on the firm’s website.