Enterprise Investments in Natural Language Processing Surge in 2021 and Accuracy Remains the Top Concern, New Research Reveals
LEWES, Del., Sept. 21, 2021 (GLOBE NEWSWIRE) -- John Snow Labs, the Healthcare AI and NLP company and developer of the Spark NLP library, today announced the results of the 2021 Natural Language Processing (NLP) Industry Survey, exploring how companies are using NLP today. The results include a detailed analysis of NLP technologies being implemented by businesses, budgets, trends, widely used tools and cloud platforms, and use cases. The survey was conducted by Gradient Flow, an independent data science analysis and insights provider.
Despite responses from a variety of industries, company sizes, stages of NLP adoption, and geographic locations, the global survey showed NLP budgets are increasing across the board. In fact, 60% of Tech Leaders indicated that their NLP budgets grew by at least 10%, while 33% reported a 30% increase, and 15% said their budget more than doubled. This is a steady increase compared to 2020, which suggests pandemic-related financial constraints may be stabilizing.
Although investments in NLP have been healthy, practitioners face some significant barriers to progress. Similar to last year’s results, accuracy was the most important requirement when evaluating an NLP solution. But when asked about key challenges faced when using cloud NLP services, Tech Leaders specifically cited difficulty in tuning (39%) and cost (36%) as the top two challenges. This is important, as models often need to be tuned and customized for their specific domains and applications. As more difficult use cases, such as Q&A and natural language generation proliferate, accuracy will remain paramount for success.
Other key findings include:
“As we move into the next phase of NLP growth, it’s encouraging to see investments and use cases expanding, with mature organizations leading the way,” said Dr. Ben Lorica, Survey Co-Author and External Program Chair, NLP Summit. “Coming off of the political and pandemic-driven uncertainty of last year, it’s exciting to see such progress and potential in a field that is still very much in its infancy.”
The full 2021 NLP Survey results can be downloaded here and will be presented at the upcoming NLP Summit in a keynote presentation titled, “Industry Survey Analysis: Natural language use cases in the industry in 2021.” To further explore some of the most important trends and developments in NLP, join John Snow Labs and speakers from leading companies including Google, Microsoft, Roche, Kaiser Permanente, and others at the NLP Summit.
Free Registration is now open for the online conference being held from October 5-7. Press inquiries can be directed to [email protected]. Follow @JohnSnowLabs or #NLPSummit on Twitter for the latest news and updates.
About John Snow Labs
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ed013a1-2c4f-41ea-b0a3-33f4e3f810c8
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