Natural Language Processing Market Worth $262.4 Billion by 2030

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 $262.4 Billion by 2030, at a CAGR of 34.4% During the Forecast Period 2023–2030. The growth of the natural language processing market is driven by the increased use of smart devices and the growing demand for NLP-based applications for customer support and NLP tools in call centers. Moreover, the rapid adoption of cloud-based technologies and increasing applications of NLP in the healthcare sector provide significant opportunities in the global natural language processing market. However, the limitations in the development of NLP technology restrain the market's growth to some extent. Additionally, data privacy & security concerns challenge the growth of the natural language processing market. Besides, virtual assistants & chatbots and the demand for speech analytics solutions are the key trends observed in the natural language processing market.