The research study covers the present scenario and growth prospects of the global language processing market for 2017-2021. In this report, Technavio estimates the market size and forecast of the global language processing market across segments, such as technology, end-user, deployment model, and geography.
The major driving forces for the growth of the market includes rising market of machine technologies and advanced devices, such as computers and smartphones, increased adoption of big data technologies, increased usage of speech technology in automotive and service centers, and growing focus on social media monitoring.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global language processing market:
Increased investments in speech solutions
There is increased investment in speech solutions because of the cost factor. Speech solutions help businesses to reduce operating costs and enable organizations to expand services without additional overhead costs. This is seen as an advantage in terms of cost factor. Speech solutions identify words spoken by an individual, convert them into a machine-readable format, and respond automatically.
Amrita Choudhury, an industry expert in enterprise application research from Technavio, says, “Currently, organizations are trying to reduce costs while maximizing their ROI from hosted speech solutions. These solutions are used by organizations aiming to increase interaction with customers without raising the costs. These solutions are deployed with minimal charges in existing business processes. Hosted speech solutions use the transaction model that reduces the time spent on calls.”
Exponential increase in contact center data
The exponential increase in the volume and variety of data in contact centers requires large databases, data mining, and advanced analytical tools to manage the large sets of data. In the recent years, organizations have generated a high volume of data due to digitization and implementation of smart connected devices.
“Contact center databases should be integrated with back and front office operations to provide precise information for customer queries. Customer care services in the recent years have changed drastically as customer care points have transformed to perform marketing and cross-selling activities for products and services,” adds Amrita.
Increased focus on improving customer experience
Customer experience is improved by the use of language processing solutions. The language processing solutions are used to get customer feedback on an organization's products and services. Customer experiences are generated in the form of responses to social media, SMS, surveys, feedbacks, and tweets.
Companies are increasingly recognizing the need to drive growth by attracting new customers and retaining the existing ones. This necessitates the use of language processing solutions. Language processing involves improving customer experience by interacting with them through all available avenues.
- Hewlett Packard Enterprise
- SAS Institute
- Verint Systems
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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