Posts Tagged ‘market research’

Natural Language Processing Market Booms

Reports-n-Reports logoA recent press release indicates that, “The Natural Language Processing (NLP) market is estimated to grow from $ 3,787.3 million in 2013 to $9,858.4 million in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 21.1% from 2013 to 2018. In the current scenario, web and e-commerce, healthcare, IT and Telecommunication vertical continues to grow and are the largest contributor for Natural Language Processing (NLP) software market. In terms of regional growth, North America is expected to be the biggest market in terms of revenue contribution. European and APAC region is expected to experience increased market traction, due to increasing adoption across various verticals and investment support in research projects from the regional government ”.

The release also states, “The major forces driving natural language processing market (NLP) are the growing demand for enhanced customer experience, increase in adoption of smartphone, leveraging big data and growth in machine to machine (M2M) technologies. Furthermore, in industries such as healthcare, BFSI, social websites and e-commerce channels have witnessed exponential rise in real time customer data and transaction information. NLP technology can leverage this unstructured data for analyzing customer needs, expectations and enhancing customer experience by optimizing cost effective lingual response system in organizational processes. By using NLP software solutions, organization can have better insights on customer’s perception, optimize business processes and reduce operational cost.”

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Take Sentiment Analytics And Make It Better, Better, Better, Better, Better, Oh

hjThere’s room for improvement in sentiment and text analytics technology: Greater reliability, more accessibility, and increased businesss actionability should be on the agenda.

“There are still tools that are crashing in the middle of a brand crisis or there’s not adequate support or there’s no integration with other tools that need the data,” Chris Boudreaux, global lead, social media and text analytics at Accenture, told an audience gathered at last week’s Sentiment Analysis Symposium. “The industry has to grow up and be more accountable in delivering tools and services.”

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Text and Sentiment Analytics Team In Servicing The Customer Experience

Did you ever take a survey and wonder if anyone actually was paying attention to your input? Here’s a tip: If it’s more than 20 questions, ignore it, advises Sam Keninger, director of product marketing at customer experience vendor Medallia.

“That’s the old market research way of doing things, and [the resulting big report compiled by market researchers] ends up in a binder on someone’s desk and no one will read it,” he says. A shorter survey – about a page long, and generally with a question about whether you’d recommend the product or service – signifies that attention will be paid.

Why? “The survey is an extension of the customer experience itself, so the shorter it can be the better,” Keninger says. And surveys can be shorter – and more effective at telling the company what it needs to know in real-time – when they can depend more on free-form text responses. They can do that when they can leverage both text and sentiment analytic engines to understand which topics are trending and to identify emerging issues, and ideally route those in real time to the front-lines where workers understand and can take action to fix the underlying problems.

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