The Future of NLP in Data Science

Why Natural Language Processing is the Future of Business Intelligence explains that a future version of Watson may make multimedia analysis possible for machines, which was previously the guarded domain of human brains!.The Use of NLP in Business Sectors Another remarkable use of NLP may be in sentiment analysis, where texts surrounding social gestures or comments may give a clue to whether such gestures or comments are positive or negative..With further improvements in speech recognition technology, the audio-video sources will offer rich data analysis, thus expanding the scope of traditional BI into every aspect of business..Here are some common business areas currently leveraging NLP for increased returns: Businesses use NLP to exchange market intelligence with all stakeholders..Chatbots have become a solution for customer call centers..Chatbots can provide human-like assistance to customers, reducing call loads and customer frustration..As mentioned before, businesses operators are increasingly relying on social data to monitor customer sentiments..Much of this data is text and requires NLP for sentiment analysis..NLP has substituted several customer-service functions with reliable service..NLP has also helped target advertising funnels targeted at segmented customers..5 Applications for Natural Language Processing for Businesses in 2018 reviews the above uses of NLP in depth..Estimated Market for NLP Applications A 2017 Tractica report estimated the 2025 NLP market, including hardware, applications, and services, would be around $22.3 billion.. More details

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