Natural Language Processing (NLP) Market Share
The Business Research Company recently released a comprehensive report on the Global Natural Language Processing (NLP) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Natural Language Processing (NLP) Market 2024 Key Insights:
• 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%.
• Fueling NLP Market Growth With The Surge In Voice-Activated Technology
• Revolutionizing Healthcare Analytics With Advanced Clinical NLP Technology
• North America was the largest region in the NLP market in 2023
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