High Demand for Semantic Search Platforms Driving Natural Language Processing Solution Demand

Natural Language Processing (NLP) allows machines to improve human-machine interaction by offering filtered information after decoding human inputs and studying unstructured data. The filtered information obtained by using NLP solutions is more appropriate and specific. In contemporary times, Siri, Alexa, and Cortana are some of the widely used technological solutions, where the NLP technology is used to improve the semantic search experience. 

Thus, the increasing use of such semantic search platforms will boost the adoption of NLP services and applications in the foreseeable future. Additionally, the increasing focus of end-use industries on the adoption of automated solutions is also expected to propel the natural language processing market at a robust CAGR of 19.7% during the forecast period (2019–2024). According to P&S Intelligence, the market was valued at $8.3 billion in 2018, and it will generate $22.9 billion revenue by 2024. 


Automated solutions assist businesses in consolidating their position by enhancing human-machine interactions. Additionally, NLP-enabled automated solutions, such as chatbots, aid enterprises in improving customer interaction, as they can study the input from customers and automatically provide an appropriate response. Moreover, the surging volume of unstructured data being generated by business organizations will also propel the usage of NLP solutions, such as text analytics, optical character recognition, auto coding, speech analytics, pattern and image recognition, and interactive voice response (IVR). 

These solutions help enterprises deal with business-related problems by analyzing the large volume of data extracted from video and images, social media, and documents and blogs. At present, these solutions are being adopted by retail, media, and entertainment, information technology (IT) and telecommunication, electronics, public utilities and defense, healthcare, automotive, and banking, financial services, and insurance (BFSI) industries.

This market research report provides a comprehensive overview of the market
  • The Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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