Natural Language Processing is a Key Engine of AI Market Growth, Enabling 44 Discrete Use Cases Across 17 Industries, According to Tractica

NLP Software, Hardware, and Services Spending to Reach $43.3 Billion
Worldwide by 2025

BOULDER, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/ai?src=hash” target=”_blank”gt;#ailt;/agt;–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.

About Tractica

Tractica, an Informa business, is a market intelligence firm that
focuses on emerging technologies. Tractica’s global market research and
consulting services combine qualitative and quantitative research
methodologies to provide a comprehensive view of the emerging market
opportunities surrounding Artificial Intelligence, Robotics, User
Interface Technologies, Advanced Computing, Connected & Autonomous
Vehicles, and Wearables & Digital Health. For more information, visit www.tractica.com
or call +1.303.248.3000.

Contacts

Tractica
Clint Wheelock
+1.303.248.3000
press@tractica.com