Natural language processing (NLP) is a technology spawned from the need for machines to understand and communicate with humans in human language, not formal computer languages. The concept behind NLP is simple: if and when machines can understand and communicate with humans in natural (human) language, it democratizes data science, enabling humans to access, analyze, and leverage data more intelligently and become more efficient as they offload redundant, data-heavy tasks to machines. According to a new report from Tractica, while NLP is most commonly understood as a user interface (UI) technology, it is also a critical technology for extracting insights and analysis from a vast amount of previously unindexed and unstructured data, mining video and audio files, emails, scanned documents, and more. Tractica forecasts that these expanded applications, leveraging newly developed artificial intelligence (AI) techniques, will drive growth in the NLP software market from $136 million in 2016 to $5.4 billion by 2025. The market intelligence firm anticipates that NLP software deployments will drive significant additional sales of hardware and professional services, bringing the total NLP software, hardware, and services market opportunity to $22.3 billion by the end of the forecast period.
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.
Artificial intelligence (AI) is poised to have a transformative effect on consumer, enterprise, and government markets around the world. An umbrella term that refers to information systems inspired by biological systems, AI encompasses multiple technologies including machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI. According to a new report from Tractica, these technologies have use cases and applications in almost every industry and promise to significantly change existing business models while simultaneously creating new ones. The market intelligence firm forecasts that annual worldwide AI revenue will grow from $643.7 million in 2016 to $36.8 billion by 2025. In sizing and forecasting the total global AI market, Tractica has identified 191 real-world use cases for AI, organized into 27 different industry sectors and corresponding with six major technology categories, plus multiple combinations of technologies.
Over the last few years, there has been an ongoing conversation about Artificial Intelligence and how it is going to change our lives and how we do business. So, if you've been keeping up with the latest technology trends, then you know that artificial intelligence has the potential to be the most disruptive technology ever. Today, we can ask Siri or Google or Cortana to help us with simple questions or tasks, but much of their actual potential is still untapped. The reason why involves language. This is where natural language processing (NLP) comes into play in artificial intelligence applications.
Applications of Natural Language Processing: Although the language and security applications for NLP are obvious, the analytic techniques used in Natural Language Processing also have unexpected applications to projects that at first do not seem to involve a language or linguistics. We invite you to center-jobscs [dot] columbia [dot] edu (contact us) to learn about our work in more detail or to discuss your challenges. All our research is open to the public and we are always interested in considering new challenges. Our team is already thinking about ways to apply their work to Spanish, Chinese, and other languages.