Natural language processing (NLP) solutions are being adopted by enterprises to ensure the optimum use of structured and unstructured data. These solutions assist enterprises in prioritizing the extracted data for business operations, by using automatic translation, sentiment analysis, speech processing, and natural language generation (NLG).

Thus, the surging volume of the structured data being obtained from spreadsheets and relational databases and unstructured data being generated through social media, images and videos, and blogs and documents will create an extensive requirement for NLP solutions in the coming years.

Moreover, the increasing adoption of automation solutions in the industrial sector will drive the natural language processing market at a healthy CAGR of 19.7% during the forecast period (2019–2024). The market was valued at $8.3 billion in 2018, and it is projected to generate $22.9 billion by 2024. The NLP technology assists chatbots in matching the input with the stored data, or by forwarding the request to a human agent.

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These features of the NLP technology help enterprises in improving the user experience and engaging with potential clients. Currently, NLP solutions, such as auto coding, text analysis, speech analytics, optical character recognition, pattern and image recognition, and interactive voice response (IVR), are largely used in the banking, financial services, and insurance (BFSI) sector due to the massive data being produced by this industry.

Financial institutions use NLP solutions to analyze data, offer quality services and products to customers, and make effective decisions. Additionally, the automotive, retail, healthcare, electronics, media and entertainment, defense, information technology (IT) and telecommunications, and public utilities sectors use NLP solutions to manage the data being generated.