The Natural Language Processing (NLP) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Natural Language Processing (NLP) Global Market Report 2024, 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.
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
Major companies operating in the natural language processing (NLP) market are developing advanced technologies, such as natural language processing (NLP) solutions, to meet larger customer bases, increase sales, and increase revenue. A natural language processing (NLP) solution refers to a technology or system designed to enable computers to understand, interpret, and generate human-like language. For instance, in March 2023, Kensho Technologies Inc., a US-based artificial intelligence company, launched Kensho Classify. Kensho Classify stands out as a powerful solution that extracts value from extensive text and document datasets, enhancing content discoverability and enabling sophisticated text analysis. Its unique capabilities include smart search functionality, content recommendations, and efficient research and analysis tools. It is utilized by document platforms like VDRs and CMSs or by finance professionals seeking market signals from vast document repositories, Kensho Classify streamlines the process, making content more organized, discoverable, and actionable.
The natural language processing (nlp) market report table of contents includes:
1. Executive Summary
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