The growing focus on enhancing the customer experience, rising need to manage large volumes of data, surging demand for these solutions in contact centers, and rapid automation of repetitive processes across industries are expected to drive the growth of the natural language processing market at a CAGR of 19.7% during the forecast period (2019–2024). According to PS Intelligence, the market generated revenue of $8.3 billion in 2018, and it is projected to reach $22.9 billion by 2024.
One of the major factors leading to the increasing demand for NLP solutions is the increasing need to manage large volumes of data. Over 2 quintillion bytes of data are generated in the structured and unstructured forms every day around the world. Companies are in a need for solutions that can resolve business-related issues by scrutinizing the extracted data.
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Most enterprises are still using traditional procedures to collect the structured data from spreadsheets and relational databases. Thus, NPL solutions are used to manage the data efficiently, especially that obtained in the unstructured form. Another key factor driving the demand for NLP solutions is the numerous initiatives being taken to automate the mundane business processes.
Companies in today’s competitive world want to retain their position in their respective industry with the use of automated solutions for improving human–machine interactions. Furthermore, these solutions help consumers in receiving quick replies through seamless discussions. Enterprises are using NLP solutions, including chatbots, to study consumers’ inputs and automatically provide appropriate answers.
