The pandemic had a huge impact on the global NLU market at the regional and country level
Personalization and value-delivering customer experiences are the new landmarks for customer procurement, retention, and providing value. That is a significant motivation behind why business leaders across all organizations are progressively adopting artificial intelligence (AI) to provide such experiences at scale. At scale is the vital concept here: How do brands make the correct experience for countless customers? Enter natural language understanding There’s a lot of hype around Natural Language Understanding (NLU). Definitely! Like most organizations, many organizations have principally focused on conversational IVR service so far. The NLU market size was valued at US$13.5 billion in 2021 and is estimated to reach an expected value of US$91 billion by 2030, growing at a CAGR of 27%.
NLU technology is the capability of an automated system to comprehend what a customer wants depending on what they say. This tech is a significant subset of Natural Language Processing (NLP) which figures out what words a customer is saying. Deep learning and natural language processing (NLP) are generally utilized techniques for building the understanding capabilities of numerous virtual agents. Those advances cover the rudiments, like training data and foreseeing the correct intent, and can likewise clean up customer requests to make them simpler for any NLU in AI to comprehend. However, most solutions will, in general, stop there and while being competent, can be limited.
Organizations can analyze customer experience feedback information utilizing various variables, opening the doors not exclusively to make enhancements in quality management yet in addition to new sorts of business questions and answers. NLU technology can likewise recognize different trends impacting your customers. There’s no uncertainty that the tech is only a few years from being mainstream and becoming the default choice. Yet, utilizing natural language understanding either for conversational IVR or for agent productivity– needs a thorough approach to automation.
The post The NLU Market Size is Expected to Hit US$91 Billion by 2030 appeared first on Analytics Insight.
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