Beyond big data analysis lies an innovation known as cognitive analysis, which is capable of providing insights with minimum human support. Information accumulating from disparate sources, differing in formats, is known as big data. This data is essential for organizations as it is capable of providing intuitive insights that are capable of assisting an organization in increasing sales and focusing on achieving growth. Businesses achieve such intuitive insights when large data sets are analyzed and examined to discover patterns and trends related to customer choice. Several industries have experienced groundbreaking transformations with the aid of big data analytics.
Natural Language Processing (NLP) has empowered computers to manipulate human language to generate text, extract meaning, and make interactions easier through voice-enabled AI and conversational intelligence technologies. The tasks performed by NLP are categorized according to the priority of the task that needs to be accomplished by a machine including summarizing a long document, detecting spam email or translating between two human languages. In recent times, NLP has made great strides in making a difference in the way business enterprises function. NLP has been applied to various applications as it offers speech recognition by converting spoken language into text, answers questions through chatbots, sentiment analysis and the art of placing revenue selling ads on social media, e-commerce offering custom market intelligence solutions, a key performance driver for business organizations. The year 2018 and beyond is bright for Natural Language Processing Companies.
The online world today creates more data every two days than has been produced since the dawn of man till the 2000s. By 2020 there will be more than 600 zettabytes of data created annually by IoT applications. An evolving term, Big Data quantifies this unstructured, semi-structured and structured data; a goldmine for information. This is where Big Data solution providers come in handy. They assist businesses in implementing Big Data solutions by providing valuable insights that expand their opportunities.
The artificial intelligence (AI) market is estimated to grow from USD 419.7 million in 2014 to USD 5.05 billion by 2020, at a CAGR of 53.65% from 2015 to 2020. This growth can be attributed to the factors such as diversified application areas, improved productivity, and increased customer satisfaction. The machine learning technology is expected to account for the largest share of the overall Artificial Intelligence (AI) Market duing the forecast period. In addition, due to the increase in demand for AI from the media & advertising and finance sectors, the artificial intelligence market is expected to gain traction in the next five years. The machine learning technology market for the retail, healthcare, law, and oil & gas sectors is also expected to witness growth during the forecast period.
Several businesses are using the insights power offered by Big Data to instantly determine who did what, where, and when. These meaningful insights from large data sets activate effective enterprise decision-making power for entrepreneurs. If you are an entrepreneur, you can think of these meaningful insights to avail major profits from ROI. Experts of Big Data require the proper structure and the proper tools to achieve insights from huge amounts of structured and unstructured data from disparate sources in distinct formats. For maximum business impact, the process needs a precise combination of process, people, and analytic tools.