The natural language processing (NLP) market surged from $24.31 billion in 2023 to $31.05 billion in 2024, reflecting a CAGR of 27.8%. Growth was driven by unstructured data, data analytics demand, and social media. The market is expected to reach $86.3 billion by 2028, with a CAGR of 29.1%. Key drivers include digital assistants, business intelligence, and multilingual NLP. Trends include big data integration, ethical NLP, and adaptive models.
Major Driver In The Natural Language Processing NLP Market
The growth of the natural language processing (NLP) market is propelled by the increasing adoption of smart devices. Smart devices, interconnected through wireless networks, leverage NLP to process and interpret user voice commands. Data from DataReportal indicates a steady 5.7% annual growth rate in smartphone usage, with approximately 1 million new smartphones activated daily. This surge in smart device usage is expected to drive the growth of the NLP market in the foreseeable future, reflecting market sizes projected for 2023, 2024, and 2028.
Request A Free Sample Of The Global Natural Language Processing NLP Market Report
Natural Language Processing NLP Market Competitive Landscape
Google LLC, Microsoft Corporation, Alibaba Group, Dell Technologies Inc., Intel Corporation, The Hewlett-Packard Company, International Business Machines Corporation, Cisco Systems Inc., 3M Company, NVIDIA Corp, Nokia Corporation, Salesforce.com Inc., Toshiba Corporation, FUJIFILM Holdings Corporation, Sharp Corporation, Baidu Research, Adobe Inc., Brother Industries Ltd., SAS Institute Inc., OpenAI, Amazon.com Inc., Apple Inc., Meta Platforms Inc., NetBase Quid Inc., Observe.AI, Allen Institute for AI, Gnani Innovations Private Limited
Key Natural Language Processing NLP Market Trend
Technology advancements have emerged as a key trend gaining popularity in the NLP market. Major companies operating in the market are upgrading and launching technologically advanced NLP software for market growth. For instance, in September 2021, Melax Tech, a US-based software company, launched Mercury NLP based on AI technology. The Mercury NLP is new software that includes clinical NLP pipelines for extracting useful unstructured textual medical data for quantitative analytics in fields such as medicine and pharmaceuticals. Mercury NLP software extracts text data from diagnoses, recommended medications, tests, lab results, discharge plans, and more in real-time. The technique can also be used to improve public health by analyzing social determinants of health data.
Get The Full Global Natural Language Processing NLP Market Report
Natural Language Processing NLP Market Segmentation
The NLP market covered in this report is segmented –
1) By Processing Type: Text, Speech Or Voice, Image
2) By Deployment: On-Premise, Cloud
3) By Component: Statistical, Hybrid
4) By Application: Automatic Summarization, Sentiment Analysis, Risk And Threat Detection
5) By End User Industry: Education, BFSI, Healthcare, IT And Telecom, Retail, Manufacturing, Media And Entertainment, Other End User Industries
By Geography:The regions covered in the natural language processing (nlp) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the NLP market in 2023.
The Natural Language Processing NLP Global Market Report 2024 furnishes information about the global natural language processing nlp market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
