Tractica Expects NLP Market to Hit $2.1 Billion by 2024
Tractica forecasts that the global market for enterprise natural language processing (NLP) software, hardware and services will increase from $277.2 million in 2015 to $2.1 billion by 2024, at a compound annual growth rate of 25.2 percent.
Benefiting from recent technology advances and the ever-increasing value of data, programs that can recognize natural language as spoken and written by humans are already widely used for clinical documentation, airline reservations, and automotive roadside assistance, according to Tractica. The firm expects greater adoption in a wide range of industries, both in the form of virtual digital assistants (VDAs) as well as through integration into a variety of enterprise software and systems.
Key enterprise markets for NLP will include the media, health care, advertising, education, and automotive industries, Tractica expects.
"Natural language processing has become the high ground in a battle for control of the data economy and has an importance that far outweighs its size as a market," said Tractica principal analyst Bruce Daley in a statement. "Some of the most successful and aggressive companies in the world are embracing NLP in an ambitious attempt to build applications that are both completely personalized and yet generic to produce."
Research firm MarketsandMarkets Expects the natural language processing market to reach $16 billion in five years.