Applications of Natural Language Processing in Different Sectorsby Analytics Insight October 23, 2020 0 comments
Natural language processing, frequently known as NLP, alludes to the ability of a computer to comprehend human speech as it is spoken. NLP is a key segment of artificial intelligence (AI) and depends on machine learning, a particular type of AI that analyzes and utilizes patterns in information to improve a program’s comprehension of speech. Analytics Insight has forecasted the Market Revenue of NLP to at US$8,319 million, with a CAGR of 18.10% between 2019 and 2024.
NLP in Education:
Natural language processing (NLP) can be effectively used in education for promoting language learning and improving the academic performance of the students. It assists in developing an effective process of learning in the educational setting by developing scientific approaches which can process of using computer and internet for enhancing the learning.
NLP in Marketing Technology:
Applications of NLP in MarTech are the new evolution for artificial intelligence. Tools of marketing technology include chatbots, voice search, sentiment analysis, automated summarization, machine transcription to change the face of marketing departments and roles drastically.
NLP in Healthcare
From Data mining to sorting out documentation, Natural language Processing assists the healthcare workers to simplify the complex task which was earlier not possible. With the help of its speech recognition technique, the clinicians can easily transcribe notes for useful EHR data. Moreover, when utilized with Machine learning, NLP assists in efficient clinical trials, and clinical decision support, thus mitigating the risks involved with the diagnosis and treatment of the disease. Integration of NLP in genetic coding also helps in determining the phenotypes, speech patterns and neurocognitive conditions such as Alzheimers disease.
NLP in Banking
In Banking, natural language processing helps in analyzing the plethora of documentation, so that insights can be drawn out for commercial loan agreements. By integrating NLP in the system, banks can predict the customer needs and behaviour, With the help of Optical Character Recognition technique, and machine learning algorithm associated with NLP, the portfolio of the customer is made, so that the risks of frauds and scams can be mitigated. Moreover, its speeds up Know Your Customer (KYC), and Investment analysis.
NLP in Manufacturing
NLP in manufacturing sector helps break down the barriers between humans and technology to improve communication and productivity. The AI system can then produce real time reports from the collected data in natural language. Instead of relying on a data analyst, managers can see these reports as soon as the data is generated, detecting patterns and trends to make important business decisions in near real-time.
NLP in Business
Businesses organisations are employing NLP technologies to understand human language and queries. Instead of trying to understand concepts based on normal human language usage patterns, the company’s platform depends on a custom knowledge graph that is created for each application and performs a much better job identifying concepts that are relevant in the customer domain.