Natural language processing (NLP) is emerging as one of the most highly utilized technologies in the broader field of artificial intelligence (AI). Benefitting from recent NLP technology advances and the ever-increasing value of data, programs that can recognize natural language as spoken and written by humans are already widely used for clinical documentation, airline reservations, and automotive roadside assistance. Going forward, according to a new report from Tractica, NLP will be increasingly adopted in a wide range of industries, both in the form of virtual digital assistants (VDAs) as well as through integration into a variety of enterprise software and systems.
Tractica forecasts that the global market for enterprise NLP software, hardware and services will increase from $277.2 million in 2015 to $2.1 billion by 2024, at a compound annual growth rate (CAGR) of 25.2%.
“Natural language processing has become the high ground in a battle for control of the data economy and has an importance that far outweighs its size as a market,” says principal analyst Bruce Daley. “Some of the most successful and aggressive companies in the world are embracing NLP in an ambitious attempt to build applications that are both completely personalized and yet generic to produce.”
Tractica’s report, “Natural Language Processing”, examines the market trends and technology issues surrounding natural language processing and presents 10-year forecasts for NLP hardware, software, and services during the period from 2015 through 2024. Current and potential applications are analyzed in depth, and the report also includes detailed profiles of 20 key industry players. An Executive Summary of the report is available for free download on the firm’s website.