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

Natural Language Processing Market Size, Share, Forecast, & Trends Analysis Offering (Solutions, Services), Organization Size, Application (Sentiment Analysis, Chatbots & Virtual Assistant, Others), Sector (IT & Telecom, BFSI, Retail & E-commerce, Others), Geography – Global Forecast to 2031

The Natural Language Processing Market is expected to reach $164.9 billion by 2031, at a CAGR of 29.2% from 2024 to 2031. Natural language processing (NLP) is the application of AI to process and analyze text or voice data in order to understand, interpret, categorize, or derive insights from the content. Examples of NLP include email spam filters, spell checkers, grammar checkers, autocorrect, language translation, sentiment analysis, semantic search, and more.

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.