Steadily since the arrival of computers and the internet, the amount of data being generated and consumed each day has been rapidly increasing. Moreover, with the adoption of advanced connected technologies, the problem of analyzing such massive volumes of structured and unstructured data and gaining actionable insights has become even worse.

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Therefore, companies around the world are increasingly using computers for this purpose, wherein the first step is to understand what is being conveyed. Thus, for computers to understand the spoken and written word, natural language processing (NLP) is being used. NLP, a subset of artificial intelligence (AI), allows for automatic translation, speech processing, natural language generation (NLG), and sentiment analysis.

Thus, by recognizing speech and text, the technology allows developers to structure knowledge and organize data to perform multiple tasks, such as relationship extraction, translation, automatic summarization and topic segmentation. Hence, P&S Intelligence credits the growing digitization rate while forecasting that the natural language processing industry value will increase to $22.9 billion by 2024 from $8.3 billion in 2018, at a robust 19.7% CAGR during 2019–2024 (forecast period).

Due to such advantages, NLP is being increasingly adopted by companies to enhance the experience of their customers. People engage with businesses via different platforms, including e-mails, telephone calls, chat messages, and social media, which makes it difficult to analyze all the unstructured and structured data and understand consumers’ concerns.

As a result, NLP is being used to understand customers’ reactions toward a product or service and the effect of their cultural/ethnic background on their purchase decisions. Apart from this, NPL allows companies to converse with customers to understand their concerns and then offer a suitable solution.