NLP Market Technological Advancements, Evolving Industry Trends and Insights

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 the retail, media and entertainment, information technology (IT) and telecommunication, electronics, public utilities and defense, healthcare, automotive, and banking, financial services, and insurance (BFSI) industries.

The APAC natural language processing market is expected to exhibit the fastest growth throughout the forecast period, owing to the mounting number of small and medium-sized enterprises (SMEs) and customer contact centers, rapid technological developments in India, Japan, and China, and surging use of cloud-enabled services and applications in the region. In the APAC market, China generated the highest revenue in 2018, due to the launch of several innovation programs aimed at deploying AI technologies, such as machine learning (ML), NLP, and deep learning.

Thus, the accelerating automation rate in the manufacturing sector and booming demand for semantic search platforms will increase the deployment of NLP solutions and services in the forthcoming years.

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