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Natural Language Processing (NLP) Market - Global Industry Size, Share, Growth, Trends, and Forecast 2021 - 2028
Natural Language Processing (NLP) Market - Global Industry  Size, Share, Growth, Trends, and Forecast 2021 - 2028
Various industries, such as healthcare, manufacturing, BFSI, automotive, and advertising, are increasingly adopting new technologies to provide higher-quality products and services. As a result, the need for human-to-machine communication is skyrocketing.

In 2021, the global Natural Language Processing (NLP) Market was valued at USD 16.53 billion. COVID-19 has had an unprecedented and astonishing worldwide impact, with NLP solutions/services seeing a positive demand shock across all areas as a result of the pandemic. According to our calculations, the global market will rise by 26.5 percent in 2020 compared to year-on-year growth from 2017 to 2019. During the period 2021-2028, the market is expected to increase at a CAGR of 29.4%, from USD 20.98 billion in 2021 to USD 127.26 billion in 2028. This market's demand and growth are responsible for the continuous increase in CAGR, which will revert to pre-pandemic levels after the pandemic is ended.

Natural language processing serves as a link between humans and machines. The input instructions provided by humans are straightforward for computers to grasp with its assistance. It's also a type of artificial intelligence (AI) that comprehends, interprets, and manipulates human language.

 

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