Natural Language Processing (NLP) Market to be Worth $164.9 Billion by 2031

Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, and Healthcare & Life Sciences) – Global Forecast to 2030

The natural language processing market is projected to reach $164.9 billion by 2031, at a CAGR of 29.2% from 2024 to 2031. The growth of the market is driven by factors such as the rising adoption of smart devices, the growing demand for NLP-based applications for customer support, and the rising demand for NLP tools in call centers. Moreover, the rapid adoption of cloud-based technologies and increasing applications of NLP in the healthcare sector are expected to offer market growth opportunities.