Natural Language Processing Market to Reach $131B by 2031 Driven by Cloud AI and Healthcare Applications

Market for natural language processing (NLP) expected to reach $131.33 billion by 2031, with a CAGR of 27.8% during 2023-2031.
Growth driven by adoption of cloud-based NLP solutions and AI software among SMEs. NLP used in chatbots, digital assistants, sentiment analysis.
Healthcare organizations utilizing NLP to analyze large volumes of patient data.
North America expected to hold major market share, owing to innovation in AI technologies. Asia Pacific projected to see high growth due to government focus on AI adoption.
Key players include IBM, Microsoft, Google, AWS, Meta, Baidu, Apple, SAS Institute, IQVIA, Inbenta, LivePerson, etc.

yahoo.com

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9/15/2023

Key AI Trends to Watch: More Adoption, New Applications, and Synthetic Media on the Rise

The artificial intelligence (AI) market is rapidly growing, with an expected compound annual growth rate (CAGR) of 37.3% and a projected valuation of $1.81 trillion by the end of the decade, driven by trends such as generative AI and natural language processing (NLP). AI assistants are being utilized to automate and digitize service sectors like legal services and public administration, while Fortune 500 companies are adopting AI to enhance their strategies and operations. The rise of generative AI and the growth of NLP systems are also prominent trends, and AI's use in healthcare is expected to increase significantly in areas such as diagnostics, treatment, and drug discovery.