Global Natural Language Processing (NLP) Market to Reach US$ 74.3 Billion by 2028, Propelled by Rapid Digitization

The latest report by IMARC Group, titled “Natural Language Processing (NLP) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global natural language processing (NLP) market reached a value of US$ 18.1 Billion in 2022. Natural language processing (NLP) is a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language. It combines computational linguistics and rule-based modeling of human language with statistical, machine learning (ML), artificial intelligence (AI) and conversational intelligence technologies to process the human language in text or voice data. It also translates text from one language to another, performs speech recognition, and summarizes large volumes of textual data in real-time to make communication more convenient. Owing to these properties, various enterprises are adopting NLP in customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.

Global Natural Language Processing (NLP) Market Trends:

Nowadays, enterprises are rapidly adopting NLP solutions to enhance customer experience, streamline business operations, simplify mission-critical processes, increase overall productivity, and improve internal and external operations. This represents one of the key factors driving the market growth. Apart from this, the escalating demand for advanced data analytics and significant advancements in image and speech recognition are also contributing to the market growth. In addition, with rapid digitization, healthcare facilities are widely adopting NLP to manage and process the massive amount of data generated. This, coupled with the emergence of smart devices and assistants such as Amazon Alexa and Apple’s Siri, are also catalyzing the demand for NLP solutions across the globe. Moreover, the emerging NLP applications in various industries, the growing usage of the internet and connected devices, the rising popularity of voice-based solutions, and the increasing product adoption by several social media platforms to manage the published content are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 74.3 Billion by 2028, exhibiting a CAGR of 26.2% during the forecast period (2023-2028).

Market Summary:

• Based on the type, the market has been classified into hardware, software, and services.
• On the basis of technology, the market has been categorized into interactive voice response, optical character recognition, text analytics, speech analytics, classification and categorization, pattern and image recognition, and others.
• Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
• On the basis of the organization size, the market has been segmented into large, and small and medium-sized enterprises.
• Based on the end user, the market has been segregated into education, BFSI, healthcare, IT and telecom, manufacturing and retail, media and entertainment, and others.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
• The competitive landscape of the market has been examined in the report, with some of the key players being 3M Company, Apple Inc., FUJIFILM Holdings Corporation, Google LLC (Alphabet Inc.), Intel Corporation, International Business Machines Corporation, Meta Platforms Inc., Microsoft Corporation, NetBase Solutions Inc., Nokia Corporation, SAS Institute Inc., and Verint Systems.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal