The rising penetration of the internet, growing popularity of social media platforms, and the rapid digitization of business processes and operations have augmented the generation of data, both in structured and unstructured forms. According to many reports, over two quintillion bytes of unstructured and structured data are being generated all around the world every day. The analysis of this generated data allows companies to address various business-related issues and attain higher customer engagement and satisfaction.

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While the structured data (in the form of relational databases and spreadsheets) is obtained through traditional methodologies, the unstructured data is gathered through videos, images, social media, and blog posts and documents and is therefore, difficult to analyze and manage. This is where natural language processing (NLP) comes in to save the day. The NLP technology through its applications such as automatic translation, natural language generation (NLG), speech processing, and sentiment analysis, helps organizations prioritize and understand the generated data.

Because of the aforementioned factors, the demand for natural language processing technology is rising rapidly all over the world. This is, in turn, causing the expansion of the global natural language processing market. This technology allows machines to decode inputs and conduct analysis of unstructured data for providing filtered information, which enhances the human-to-machine interaction. Cortana, Siri, Alexa, and other technological solutions are some of the major examples where NLP technology is integrated for enhancing the search experience.

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The analysis of the extracted data allows companies to solve business queries and improve their operations. Moreover, the increasing digitization of business processes is resulting in the generation of huge volumes of data, which is subsequently making companies adopt NLP solutions for data management and analysis. Many industries are adopting these automated solutions for enhancing human-to-machine interactions. The NLP-incorporated solutions such as chatbots allow organizations to solve customer queries quickly and more efficiently than conventional processes.