Global Natural Language Processing (NLP) Market Set For 29.1% Growth, Reaching $86.3 Billion By 2028
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The Business Research Company’s Natural Language Processing (NLP) Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The natural language processing (NLP) market has seen significant growth, expected to increase from $24.31 billion in 2023 to $31.05 billion in 2024 at a CAGR of 27.8%. This growth is largely driven by rising unstructured data volumes, demand for advanced analytics, improved customer experiences, social media expansion, and healthcare data extraction.
What Is the Projected Market Size of the Global Natural Language Processing (NLP) Market and Its Growth Rate?
The natural language processing (NLP) market is anticipated to reach $86.3 billion by 2028, with a CAGR of 29.1%, driven by advancements in digital assistants, expanding business intelligence applications, multilingual solutions, and regulatory compliance needs. Key trends include big data analytics integration, cross-channel NLP, privacy and ethical considerations, VR/AR integration, and adaptive models.
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What are the Key Drivers Fueling Growth in the Natural Language Processing (NLP) Market?
The NLP market is experiencing growth due to the increasing use of smart devices, which are electronic products connected through wireless networks or other devices. Smart devices, combined with NLP, enable processing and analyzing of user voice commands.
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Who Are the Key Players Driving Growth in the Natural Language Processing (NLP) Market?
Major companies operating in the 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.
What Are The Emerging Trends Shaping The Growth Of The Natural Language Processing (NLP) Market?
Technology advancements have emerged as a popular trend in the NLP market, with major companies enhancing and launching advanced NLP software to drive market growth.
What Are the Segments of the Global Natural Language Processing (NLP) Market?
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
Geographic Overview: North America at the Helm of the Natural Language Processing (NLP) Market
North America was the largest region in the NLP market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is The Natural Language Processing (NLP) Market Defined?
Natural language processing (NLP) is a branch of artificial intelligence that enables computers to comprehend and interpret human language. It allows machines to process real-world input in a manner that makes sense to them, such as by utilizing microphones and programs to gather data.
The Natural Language Processing (NLP) Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Natural Language Processing (NLP) Market Report: Trends, Opportunities, Strategies, and More
The Natural Language Processing (NLP) Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into natural language processing (nlp) market size, natural language processing (nlp) market drivers and trends, natural language processing (nlp) global market major players, natural language processing (nlp) competitors’ revenues, natural language processing (nlp) global market positioning, and natural language processing (nlp) market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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