NLP Market Set for Rapid 29% CAGR Growth to $68B by 2028 Driven by AI Integration and Healthcare Applications

NLP market estimated to grow from $18.9B in 2023 to $68.1B by 2028 at a CAGR of 29.3% according to MarketsandMarkets report.
Key drivers include integration of NLP with AI, enhanced comprehension of language, and proliferation of apps across industries.
Healthcare and life sciences vertical projected to see highest CAGR during forecast period due to NLP benefits like automated note transcription and extraction of clinical data.
Cloud segment expected to hold largest market share in 2023 as AI platform providers focus on robust cloud-based deployment solutions.
Recent developments include new multimodal translation model from Meta, partnership between Google Cloud and AI21 Labs, and automatic video captioning from SoundHound AI.

NLP market estimated to grow from $18.9B in 2023 to $68.1B by 2028 at a CAGR of 29.3% according to MarketsandMarkets report.
Key drivers include integration of NLP with AI, enhanced comprehension of language, and proliferation of apps across industries.
Healthcare and life sciences vertical projected to see highest CAGR during forecast period due to NLP benefits like automated note transcription and extraction of clinical data.
Cloud segment expected to hold largest market share in 2023 as AI platform providers focus on robust cloud-based deployment solutions.
Recent developments include new multimodal translation model from Meta, partnership between Google Cloud and AI21 Labs, and automatic video captioning from SoundHound AI.