Natural Language Processing (NLP) Market 2024-2033 New Growth Challenges, Future Opportunities, Key Players, Top Regions 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033.

The Business Research Company presents an extensive market research report on the Natural Language Processing (NLP) Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The natural language processing (NLP) market size has grown exponentially in recent years. It will grow from $24.31 billion in 2023 to $31.05 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to increasing volume of unstructured data, demand for advanced data analytics, enhanced customer experience, rise of social media and online content, healthcare information extraction.

The natural language processing (NLP) market size is expected to see exponential growth in the next few years. It will grow to $86.3 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%. The growth in the forecast period can be attributed to continued growth in digital assistants, expanding use in business intelligence, multilingual NLP solutions, focus on regulatory compliance. Major trends in the forecast period include integration with big data analytics, cross-channel and cross-platform NLP, emphasis on privacy and ethical NLP, integration with virtual and augmented reality, continuous learning and adaptive NLP models.

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Key Market Players:

Major companies operating in the natural language processing (NLP) market report are 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

Market Drivers:

The increase in usage of smart devices is driving the growth of the NLP market. Smart devices are electronic devices that are connected to networks or other devices via wireless modes. Smart devices are paired with NLP to process and analyze voice commands given by users. For instance, according to DataReportal, an online data, and insights agency, the number of smartphones in use is growing at a 5.7% annual rate, with an average of 1 million new smartphones in use every day. Therefore, increasing usage of smart devices is expected to drive the growth of the NLP market going forward.

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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

The report answers the following questions:

What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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