Why Are Contact Centers Banking on Natural Language Processing Technology?

A major reason the uptake of this technology is rising in contact centers. By talking to customers, for instance via chat platforms, NLP creates trends that users can study to increase revenue, improve customer service, and reduce cost in multiple business areas. NLP is being made adept in ascertaining whether consumers are stressed, angry, or happy, by interacting with them and analyzing their speech.

Other benefits this technology offers customer support teams is the automation of speech-to-text transcription, compliance with industry policies, reduction in the requirement for human agents, and decrease in hardware cost. The industry segment of the natural language processing market is categorized into including banking, financial services, and insurance (BFSI), healthcare, automotive, IT & telecommunication, public utilities, retail, electronics, and media & entertainment.



Among these, the BFSI sector is the largest user of this technology on account of the rising volume of online transactions and other tasks, such as account opening, loaning and lending money, insurance claims processing, and stockbroking. Here. NLP solutions are not only being utilized for the regular job of conversing with customers but also for detecting trends that can help thwart cyberattacks. Being an advanced technology, which has just started to become relevant, its usage has been the highest in North America till now.

Tech firms are engaged in extensive research and development (R&D) on NLP so that the analysis of high-volume data and engagement with customers become quicker, smoother and more effective. The fastest growth in the natural language processing market in the coming years is expected in Asia-Pacific (APAC) due to the advancing IT sector and rising number of contact centers and small and medium enterprises (SMEs), both of which are investing in cloud-based NLP solutions.

Hence, with the rising digitization rate across industries, the demand for NLP solutions to manage the high volumes of data and effectively engage with customers will increase too.

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