Big Data and AI-based technology in the language industry
Big Data owes its name to the volume, velocity, and variety of information generated by organizations, humans, and machines. In a Big Data-driven world, the opportunity for translation companies to optimize their own data lake and classify, structure and extract knowledge can help firms remain competitive and increase their market presence. Technologies such as Natural Language Processing (NLP) tools – able to convert human language into machine language, help the analysis of unstructured text data by turning it into meaningful data, thereby improving business decisions. Keyword extraction for example, is one of many natural language capabilities that may be used for data analysis. Through an automated process, the most relevant words and expressions are extracted from the text. This opens up a host of possibilities for language companies seeking to classify, interpret, and leverage their ever-growing multilingual databases.
The natural language processing market is predicted to record a CAGR of over 17.1%, during the forecast period of 2018-2023, with a rise in demand for advanced text analytics across the globe, the language industry is not alone is its growing adoption of NLP-based technologies; with healthcare to the banking industry all looking to increase their intelligent analysis capabilities, says Research and Markets, a Dublin-based market research company.