Natural Language Processing (NLP) Market Report 2024: Industry Insights

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.

Market Overview -
Natural language processing (NLP) is a field of artificial intelligence enable computers to understand and analyze human language. NLP helps the computer using artificial intelligence to take real-world input and make sense of it in a way a computer can understand. Computers collect information through microphones and programs.

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Fueling NLP Market Growth With The Surge In Voice-Activated Technology
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.

Competitive Landscape -
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

Revolutionizing Healthcare Analytics With Advanced Clinical NLP Technology
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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