Initial setup costs remain a barrier to market growth, as well as a lack of skilled professionals to implement NLP.
The natural language processing market, which includes machine translation, information extraction, summarization, text classification and sentiment analysis, is expected to reach a $41 billion valuation by 2025.
An increase in demand for analyzing conversations and social media, alongside other customer experience enhancements, are considered key drivers for NLP, according to Adroit Market Research.
Another segment expected to see growth is automated customer support centers, which can reduce the amount of time a person is on a call and the amount of redirects.
Initial setup costs remain a barrier to market growth, as well as a lack of skilled professionals to implement NLP, according to Adroit. However, new business models based on usage may reduce both issues, as organizations will be able to pick off-the-shelf software to fit their needs.
Some of the most significant companies operating in the NLP market, according to Fortune Business Insights, are:
- Adobe Systems
- Amazon Web Services
- Hewlett Packard Enterprise
Consumer technologies, such as Siri, Google Assistant, and Cortana, are not expected to see significant improvements in usage or value. Instead, these systems will be further integrated into the respective operating systems, working in the background to optimize user experience.