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The Global NLP Market is Predicted to Reach US$127.26 Billion by 2028



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October 5, 2021

The goal of natural language processing is to minimize the time taken to understand computer languages such as Ruby, C, C++, and Java. Growing demand for cloud-based NLP solutions to reduce overall costs and better scalability and increasing usage of smart devices to facilitate smart environments are expected to drive the NLP market growth. The rise in the adoption of NLP-based applications across verticals to enhance customer experience and increase in investments in the healthcare vertical is expected to offer opportunities for NLP vendors. The global NLP market is predicted to grow from US$20.98 billion in 2021 to US$127.26 billion in 2028 at a CAGR of 29.4% in the forecast period.

The NLP market by deployment model has been segmented into on-premises and cloud. Enterprises opt for the deployment mode based on their requirements regarding the scalability and level of data security required. The on-premises model is the most preferable among the enterprises, which consider data as a valuable asset and need to maintain high-level security to comply with regulations. The cloud deployment model is dominating the market due to its advantages, such as scalability, easy availability, and cost-savings. The cloud segment is expected to account for a larger market size during the forecast period.

NLP is witnessing growth in healthcare centres, as many healthcare organizations are using the technology to ingest and analyze massive amounts of patient data. The increasing use of NLP in healthcare centres and call centres, rising demand for advanced text analytics, and growing machine-to-machine technology are the primary factors responsible for the growth of the market studied. Additionally, the growing use of the internet and connected devices, along with the enormous volume of patient data, is driving the growth of the market studied.

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