Abstract- We are living in the world of computers.
This modern era deals with a wide network of
information present on web. A huge number of
documents present on web have increased the need for
support in exchange of information and knowledge. It
is necessary that user should be provided with relevant
information about given domain. Traditional
Information Extraction techniques like Knowledge
Management Solutions were not so advanced that they
can lead to extraction of precise information form text
documents. It leads to the concept of Semantic Web
that depends on creation and integration of Semantic
data. The Semantic data in turn depends on building of
Ontology. Ontology is considered as backbone of
Software system. It improves understanding between
concepts used in Semantic Web. So, there is need to
build an ontology that uses well defined methodology
and process of developing ontology is called Ontology
Development.