PUNE, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global Size of the natural language processing market was $16.53 billion in 2020. Fortune Business Insights has published a detailed report that includes the latest market size estimates, industry shares, developments and revenue forecasts up to 2028. The report is titled Natural Language Processing Market Forecast, 2021-2028. According to the report, the global market size is projected to grow from US$20.98 billion in 2021 to US$127.26 billion in 2028 at a CAGR of 29.4% over the forecast period.
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Key Industry Development:
February 2020 – Kore.Ai announced the launch of an enterprise-class VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, deep learning, NLP and predictive analytics.
Report scope and segmentation
| report coverage | details |
| forecast period | 2021 to 2028 |
| Forecast period 2021 to 2028 CAGR | 29.4% |
| Value prognosis 2028 | $127.26 billion |
| base year | 2020 |
| Natural Language Processing Market Size in 2020 | $16.53 billion |
| Historical data for | 2017 to 2019 |
| number of pages | 160 |
| segments covered | Deployment, company size, technology, industry and geography |
Factors such as increasing adoption of smart devices and increasing adoption of NLP technology in healthcare are expected to favor the product’s global adoption. For example, in January 2021, Pryon Inc, an AI company, launched an NLP platform that helps companies add no-code AI capabilities and easily deploy NLP projects using virtual assistants and smart devices.
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