NLP Market to Hit $49.4 Billion by 2027
Research firm MarketsandMarkets projects the worldwide natural language processing market will grow from a current valuation of $15.7 billion to $49.4 billion by 2027, rising at a compound annual growth rate (CAGR) of 25.7 percent. Growth factors cited include increasing need for predictive analytics to reduce risks and identify growth opportunities, rising demand for cloud-based NLP solutions, and advancements in big data technologies.
NLP leverages artificial intelligence to derive meaningful insights from unstructured voice or audio data as well as text. Platform providers in the NLP market provide tool kits to create and deploy AI for analyzing speech and text data. NLP platforms help build document search, text summarization, and sentiment analysis.
The report identifies IBM, Microsoft, Google, Amazon Web Services, Meta, 3M, Baidu, Apple, SAS Institute, IQVIA, Oracle, Inbenta, Health Fidelity, LivePerson, SoundHound, MindMeld, Veritone, Dolbey, Automated Insights, Bitext, Conversica, Addepto, RaGaVeRa, Observe.ai, Eigen, Gnani.ai, Crayon Data, Narrativa, deepset, Ellipsis Health, and DheeYantra as key industry players.