Natural Language Processing is a branch of artificial intelligence that manages the communication between computers and humans utilizing natural language. The definitive goal of NLP is to read, decrypt, comprehend, and make logic of the human languages in a format that is appreciated.
COVID-19 Effect on Global NLP Market
The market observed a slowdown in 2020 owing to the global lockdown. The COVID-19 pandemic has augmented the churn rate and trembled nearly every segment. The lockdown is influencing global production, and supply chain, and logistics as the endurance of operations for numerous verticals are being affected severely. The verticals confronting the biggest downsides are manufacturing, transportation, and logistics, as well as retail and consumer goods. The accessibility of fundamental items is influenced owing to the absence of manpower to work on production lines, supply chains, and transportation, even though the indispensable goods are excused from the stringent lockdown norms.
Fortune Business Insights™ states that the global market size for natural language processing was USD 16.53 billion in 2020 and USD 20.98 billion in 2021. The market is projected to reach USD 127.26 billion in 2028, exhibiting a CAGR of 29.4% during the forecast period.
Below is the list of the top 5 market players who are also registered as pioneers in their respective fields:
1. Amazon Web Services, Inc.
- Amazon Web Services, Inc. is among the star player in the global market. It holds a substantial revenue share in the market.
- The company functions in three business segments such as North America, international, and Amazon Web Services (AWS).
- Amazon Comprehended is a Natural-Language Processing service that utilizes machine learning to expose the structure and significance of the text. The service can distinguish the vital elements in the text, comprising place, language, place as well as events.
- March 2021: AWS unveiled Lookout for Metrics. This novel machine learning service assists SMEs and large enterprises to observe business factors such as transaction volume, income, web page views, with more stunning speed and precision.
2. Microsoft Corporation
- Microsoft Corporation functions in three business divisions: productivity and business processes, intelligent cloud, as well as personal computing.
- The company has a devoted natural language processing group that emphasizes creating operative algorithms to process text information that computer applications can contact. The company reports glitches such as the largely vague nature of natural language which is not easy to comprehend to a software program and it is resolved using machine-learning methods.
- April 2021: Microsoft Corporation procured Nuance Communications Inc., which is a software technology company situated at Massachusetts, the U.S. Through this procurement, Microsoft intends to reinforce its artificial intelligence and natural language processing services to understand and reply to human language.
3. Google LLC
- Google LLC is a multinational technology company and a completely-owned subsidiary of Alphabet, Inc. The company is documented as one of the big five tech companies in the ICT industry, along with Amazon.com, Inc., Facebook Inc., Apple Inc., and Microsoft Corporation,
- The company offers two kinds of natural language products: AutoML and Natural Language API to disclose the structure and connotation of a text.
- Google emphasizes on NLP algorithms utilized across several languages as well as fields. It further carries a pivotal role in refining user experience in translation, ads, smartphones, search, apps, and more.
- August 2020: Google LLC unveiled Language Interpretability Tool (LIT), which is an open-source model that can comprehend, review and envision NLP models. The tool is a browser-ground GUI that permits for speedy detection and evaluation of blunders.
4. IBM Corporation
- IBM Corporation advances and provides groundbreaking technologies that involve artificial intelligence, hybrid cloud, as well as a quantum for its clientele.
- The company functions in six business sections: cloud and cognitive software, systems, global technology services, global business services, global financing, and others.
- IBM Watson's collection is empowered with AI competencies for business. It makes complex natural language processing obtainable to enterprise users and augments team member yield.
- December 2020: IBM Corporation presented a novel natural language understanding (NLU) model in IBM Watson Assistant for set preparation. The new determined recognition method is more accurate, which aids enterprises to comprehend the language of their business.
5. Intel Corporation
- The company offers NLP architects with flexible design for involving novel models, data managing approaches, neural network mechanisms, and obtainable training and running models.
- The company collaborated with AbbVie, which is a research-based biopharmaceutical company situated in Illinois, the U.S. Through this merger deal, AbbVie formed ‘Abbelfish Machine Translation’ for language translation service grounded on NLP model with the assistance of Intel Xeon Scalable processors.
- July 2019: Intel Corporation partnered up with Baidu Inc. to emerge a Neural Network Processor for training and deep learning hardware. Moreover, Baidu utilizes Intel Xeon Scalable processors to augment the performance of natural language processing and visual applications.
Bright Future of NLP
As technology endures to develop and advance, future usages of NLP are set to be more user-focused. For instance, virtual assistants will be capable to reply to comparatively more intricate questions evaluating the consequences along with the precise meaning of the question enquired.
Additionally, in the exhilarating times to come, NLP will be incorporated with other technologies such as facial as well as gesture recognition to navigate business incomes and make them more responsive and competent. All in all, along with the rising voice-assistance stars such as Siri, Alexa, and Google Duplex, the next-gen NLP voyage has just commenced.