Press release
Natural Language Processing (NLP) Market Driver And Growth By Regions To 2024
The global natural language processing (NLP) market was valued at USD 8.5 billion in 2018, which is expected to reach USD 23.0 billion by 2024, registering a CAGR of 20.0% during the forecast period. Increasing focus on customer experience, need for managing large volumes of data, growing demand in contact centers, and rising shift in businesses toward automation, propelling the growth of the market.
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Growth Drivers
natural language processing (NLP) market has been driven by several key factors, predominantly Increasing focus on customer experience, need for managing large volumes of data, growing demand in contact centers, and rising shift in businesses toward automation.
Geography Insight
Geographically, North America has accounted for the largest share in natural language processing (NLP) market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for enhanced customer experience, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
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Competitive Insight
Some of the key players operating in the global natural language processing (NLP) market are 3M Company, Apple Inc., Microsoft Corporation, Verint Systems Inc., AWS Inc, Dolbey Systems Inc., Genpact Ltd., Alphabet Inc., SAS Institute Inc., International Business Machines (IBM) Corporation, and Hewlett Packard Enterprise (HPE) Company.
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