Posted 2/20/2024, 9:33:00 AM
NLP Market Set to Soar to $453B by 2032 Driven by AI and Booming Digital Data
- Natural Language Processing (NLP) market valued at $37.1 billion in 2023, projected to reach $453.3 billion by 2032 with a 33.1% CAGR
- Driven by advancements in AI/ML, surge in digital data, and demand for enhanced customer experiences
- North America held the largest share (30.7%) in 2022 due to investments in AI and machine learning
- Healthcare industry held 23.1% market share in 2022, propelled by technologies like predictive analytics
- Statistical NLP dominated with 39.3% revenue share in 2022, with automatic summarization being the top application