PUBLISHER: IMARC | PRODUCT CODE: 1701819
PUBLISHER: IMARC | PRODUCT CODE: 1701819
The global natural language processing (NLP) market size reached USD 28.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 180.6 Billion by 2033, exhibiting a growth rate (CAGR) of 21.73% during 2025-2033. The market is primarily driven by the growing e-commerce sector, the expanding use of natural language processing in the healthcare industry, and the growing acceptance of artificial intelligence and machine learning technologies across the globe.
Natural language processing, or NLP, refers to a branch of artificial intelligence (AI) that enables computers to understand, analyze and interpret human language, both spoken and written. It allows users to have human-like conversations with a computer directly by using AI and algorithms that help computers accurately recognize and respond to human communication. It also assists software programs in translating text from one language to another, performing speech recognition, and summarizing large volumes of textual data in real-time. Nowadays, businesses extensively utilize NLP in customer service chatbots, virtual assistants, voice-operated GPS systems, voice-to-text apps, and other computer programs.
NLP helps organizations enhance customer experience, streamline business operations, simplify mission-critical processes, and increase overall productivity. As a result, enterprises are rapidly adopting NLP solutions to improve their internal and external operations. Moreover, the rising digitization of data and the growing usage of the internet and connected devices are augmenting the product demand. Besides this, the escalating demand for advanced data analytics, coupled with significant advancements in the fields of image and speech recognition, is also catalyzing the market growth. Additionally, there has been widespread adoption of NLP in healthcare and call centers to handle massive volumes of generated data. Furthermore, several social media platforms are utilizing text analytics and NLP technologies to manage the published content and monitor activities, such as hate speeches and political reviews, which are providing lucrative growth opportunities to the market. Other factors, including the surging sales of smart devices, emerging NLP applications in various industries, rising investments in AI, and increasing popularity of voice-based solutions, are also driving the market growth.
The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, Apple Inc., FUJIFILM Holdings Corporation, Google LLC (Alphabet Inc.), Intel Corporation, International Business Machines Corporation, Meta Platforms Inc., Microsoft Corporation, NetBase Solutions Inc., Nokia Corporation, SAS Institute Inc. and Verint Systems.