NLP Market Size (2024 - 2029)

Natural Language Processing Market Analysis

The NLP Market size is estimated at USD 31.76 billion in 2024, and is expected to reach USD 92.99 billion by 2029, growing at a CAGR of 23.97% during the forecast period (2024-2029).

• Over the past few years, deep learning architectures and algorithms have made impressive advances in image recognition and speech processing. The application of natural language processing (NLP) has made significant contributions, yielding state-of-the-art results for some complex NLP application tasks. NLP has witnessed considerable growth over the past few years, owing to the affordable, scalable, and computational power, increased digitization of data, and the merger of NLP with deep learning (DL) and machine learning (ML).
• The increasing use of NLP in healthcare and call centers, rising demand for advanced text analytics, and growing machine-to-machine technology are the primary factors responsible for the market studied.
• NLP is witnessing growth in healthcare centers, as many organizations use the technology to ingest and analyze massive amounts of patient data. Additionally, the growing use of the internet and connected devices, along with the enormous volume of patient data, is driving the growth of the market studied. Apart from this, the rapidly increasing data security issues, along with the minimal accessibility of NLP-based software among organizations, are hampering industry expansion.
• During the pandemic, the market witnessed high growth in the healthcare sector. For instance, in response to the COVID-19 pandemic, the White House and a coalition of leading research groups prepared the COVID-19 Open Research Dataset (CORD-19). CORD-19 is a resource of over 200,000 scholarly articles, including over 100,000 with full text, about COVID-19, SARS-CoV-2, and related coronaviruses. This freely available dataset was provided to the global research community to apply recent advances in natural language processing and other AI techniques to generate new insights supporting the fight against this infectious disease.

Natural Language Processing Industry Segmentation

Natural Language Processing (NLP) is a component of artificial intelligence (AI) that allows computers to assess and interpret both written and spoken human language.

The Natural Language Processing Market is Segmented by Deployment (On-premise and Cloud), Organization Size (Large Organizations and Small and Medium Organizations), Type (Hardware, Software, and Services), Processing Type (Text, Speech/Voice, and Image), End-user Industry (Education, BFSI, Healthcare, IT and Telecom, Retail, Manufacturing, Media, and Entertainment), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.