What is NLP- Future Market in India?
Evolution of human language either via speaking or by writing took many centuries to be the way it is now. Everything starts from the way we string together a sentence that carries huge amounts of data.
Ranging from the topic we choose, the tone we use, our selection of words, everything adds some type of data that can be interpreted and its value can be extracted. Theoretically, we can understand and even predict human behavior using that data.
But the issue lies in the fact that one person may generate hundreds or thousands of words in a declaration and each sentence will have its own set of corresponding complexity as well as the geographical situation. Since this comes under unstructured data that is about understanding the meaning behind those words or the cognitive way, it is hard for machines to pick on or interpret easily. However, there have been noteworthy discoveries that help in engaging computers to comprehend the language similarly as we do that is well known as Natural Language Processing or NLP.
Significance of NLP can be described better with the fact that NLP possesses the power of recognizing, derive and predict human nature simply from their speech only.
To have a better understanding of Significance of NLP we must familiarize ourselves with this new discipline first.
Unraveling NLP
Natural Language Processing or NLP for short, is defined as the automatic manipulation of natural language, that is either via speech or by text, by software.
Or in simpler terms, Natural language processing is the ability of a computer program to understand, predict and interpret data from human language as it is spoken and written. It is a specialized discipline of artificial intelligence (AI) that focuses on the interaction between data science and human language and is currently scaling to lots of industries.
NLP is comprised of several sub-disciplines, ranging from Natural Language Understanding (NLU), Natural Language Generation (NLG), and Natural Language Query (NLQ).
Significance of NLP can be seen in the way it combines the intensity of Artificial Intelligence, computational phonetics, and computer science and permits a machine to comprehend human language that was only possible to be done by humans only till now.
Significance of NLP in Real-Time
Though we have talked a lot already about the Significance of NLP and what it is all about, its real-time applications are what set it apart and work in its popularity.
Some of the important industries affected by NLP includes:
Healthcare Sector: Healthcare is one of the most affected industries that will benefit greatly from NLP as it enables the recognition and prediction of diseases based on electronic health records and patient speech. It can also be used to help people with speech correction. Significance of NLP and its applications can be derived as we explore the possibility of identifying health conditions that go from cardiovascular diseases to depression and even schizophrenia.
Analytics Sector: Enterprises can forecast what customers are saying about a service or product by identifying and extracting data from sources like social media using NLP. And this analysis, in turn, can provide a lot of information about customer’s choices and their decision drivers that cement the Significance of NLP in the industry.
Voice-Based Interfaces: Significance of NLP can be based on the fact that smart devices industry like Amazon’s Alexa and Apple’s Siri being the prime examples of intelligent voice-driven interfaces can use NLP to respond to vocal prompts and do everything that includes finding a particular shop and telling us the weather forecast, or turning on the lights at home.
Trading Sector: Having a grasp or an insight into what is happening and what people are talking about can be of great value to financial traders. Significance of NLP in this industry can be marked by the fact that NLP can be used to track news, reports and comments about possible mergers between companies. Everything can be then incorporated into a trading algorithm that will generate massive profits.
Talent Recruitment: NLP can also provide both the search and selection phases of talent recruitment that can help in identifying the skills of potential hires and also spot prospects before they become active on the job market thus solidifying the Significance of NLP.
Growth of NLP Market in India
Factors like increased usage of smart devices, adoption of cloud-based technologies have boosted the market as well as the Significance of NLP and NLP-based applications.
With the world still focusing on the aftermath of the pandemic, technical innovation in the healthcare sector is predicted to increase the growth of the NLP market.
NLP manufacturers are currently putting a lot of focus on the e-commerce market in India to improve the customer experience while using better merchandising and higher levels of customization. This integration of NLP in the e-commerce industry is expected to increase the NLP market in India.
Though NLP is still a growing industry in its nascent stages in India, it is slowly gaining traction as the Significance of NLP is coming into the limelight.
