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With content and real-time solutions connecting global audiences today, it was bound to happen: Natural Language Processing (NLP), an artificial intelligence engine that processes communications between human and machine, is showing growth in size and demand. This is happening thanks to continued adoption of productivity tools that are breaking down the barrier between written content and spoken word. In fact, engines have become so complex that they are even able to analyze natural human language and convert it into big data.
Future Market Insights recently broke down five trends in the Global Natural Language Processing market that we can expect in the next ten years. Here is a quick look at those:
Segmentation
While NLP is primarily classified into technology types, service groups, application, deployment models and verticals, according to the region being serviced, the market can be further segmented based on:
- Automated Coding
- Text Analysis
- Optical Character Recognition (OCR)
- Interactive Voice Response
- Pattern & Image Recognition
- Speech Analytics
Technology types are broken down even further, classifying as rule-based, statistical and hybrid natural language processing units. This would be based on proper dictation and natural-speak, but it would also be based on situational patterns, the source and patterns in utilization, such as when we speak metaphorically or with slang known to our local area.
Within the vertical space, NLPs are classified within each industry. A backhoe in the manufacturing sector, for example, may not have the same translation as it would in the entertainment sector. Differentiation would form exceptions within artificial intelligence engines. Likewise, translation of this same word from another language may be offensive if said in any other form but “harlot” or “charlatan.” Proper dictation and ethic must be programmed and preferred within the system.
Territorial Growth
The NLP market is expected to increase significantly over the next ten years. The North American, Western European and APEJ areas of the world are actually expected to impact this area of growth most aggressively, while other markets are simply adopting NLPs at a rapid rate.
Translate.com recently made headlines when news spread that the company is in the process of launching new global sales divisions that will accommodate recent record-breaking growth of 63 percent, month over month, and with a 43 percent expansion within territorial demand in just over a seven-month period. This comes short of establishing a more solid framework and infrastructure. Integrating into the mobile arena, Translate expects to reach 6.1 billion users by 2020.
“Our platform has seen overwhelming growth since our launch in June. We’ve doubled our internal team, and increased our translator community to meet the growing needs,” said Anthos Chrysanthou, Founder and CEO of Translate.com.
Market Drivers
The market is driven, of course, by globalization. But, it is also driven primarily by social functions involving communication, public relations and marketing strategies. Content development is, perhaps, a large contributor in growing markets. Specific technologies and application of those technologies are also leading this growth and expanding markets.
Translations.com, a division of TransPerfect, automatically identifies content from spoken and written language, translating it, based on initiation and intuition. For the World of SEO, this is great, because not only is a website now automatically translated, but Translations.com also provides suggested meta-data and extraction for additional optimization points of context.
Since its beginnings, the system has improved results through AI-driven accuracy and consistencies in conversational patterns. The company sees annual revenue of over $500M and, paired with its parent company, provides service in over 107 languages around the world.
TransPerfect recently won the 2016 Future 50 Award by SmartCEO, as one of the New York region’s “fastest growing mid-sized companies.”
Barriers & Restraints
Hindering growth in certain areas of the world is due to government regulation and laws that prohibit solution to language barriers. Low adoption rates are also staggering growth. Areas that have no need to enter a multilingual marketplace are falling short of expectation by a global community.
Competitive Landscape
As organizations partner and solutions are created, the marketplace continues to change. With leading corporations integrating with new and existing technologies, products that do not include advanced NLP engines will likely be left behind.
