Global AI Natural Language Processing Market Size | 2019-2032

AI Natural Language Processing Market Growth and Performance

Key Takeaways:

• In 2023, the global AI natural language processing market size reached US$ 29.37 Billion, witnessing a YoY growth of 26.8%.
• The market is projected to experience a significant upsurge in market revenue, reaching US$ 199.16 Billion by the end of 2032.
• In terms of growth, the global AI natural language processing market is anticipated to expand at a CAGR of 23.3% between 2024 and 2032.
• The Speech-based NLP segment is projected to experience a significant upsurge in market revenue, reaching US$ 122.97 Billion by the end of 2032.
• The AI natural language processing market is expected to witness an absolute dollar opportunity of US$ 169.78 Billion between 2024 and 2032.
• Among the diverse regions within this market, Asia Pacific AI Natural Language Processing Market took the lead, reaching a market value of US$ 10.61 Billion in 2023.
• The fastest-growing market among regions is Latin America, experiencing a CAGR of 29.4% between 2024 and 2032.
• While all the leading countries are still important, US ruled as the leading market in the global AI natural language processing industry in 2023.
• Among the diverse end users, IT and telecom was the largest end-user vertical in terms of spending in the market in 2023.
• The global AI natural language processing market is mainly driven by the availability of large volumes of unstructured data, the enhanced functionality of smart devices, the growing use of NLP in call centers, the rising demand for improved customer experiences, and the broad range of application areas.

• Major players in the NLP market are driving growth by developing advanced tools that enhance text analysis and processing capabilities. For instance, in March 2023, Kensho Technologies, a subsidiary of S&P Global, announced the release of its latest Named Entity Recognition and Disambiguation (NERD) UI. This NLP solution is designed to accurately identify and interpret various entities in text documents using a context-aware model. The NERD UI enhances the value of extensive text and document collections by improving content discoverability, facilitating text analysis, enabling smart search, providing content recommendations, and streamlining research and analysis.

• In addition, in February 2022, NeuralSpace bagged a $1.7 million seed investment led by US-based Merus Capital. This funding will enable NeuralSpace to expand its no-code platform, launched on January 31, 2022. The platform features NeuraLingo, a Natural Language Understanding (NLU) application supporting 87 languages, and includes functionalities such as automatic data augmentation, data set conversion from Rasa, Google Dialogflow, and Microsoft LUIS, language detection, and translation. NeuralSpace plans to introduce advanced speech models, including Speech-to-Text and Text-to-Speech, for the same 87 languages in the first quarter of 2022. Additionally, developers will be able to trade their domain-specific pre-trained NLP models on a marketplace.

AI Natural Language Processing Market Scope

AI Natural Language Processing Industry: Regional Coverage