NLP Market to Almost Triple in Five Years

Prescient & Strategic Intelligence valued the natural language processing market at $8.3 billion in 2018 and expects it to reach $22.9 billion by 2020, growing at a compound annual rate of 19.7 percent.

Current market drivers, the firm said, include the amount of unstructured data generated by the banking, financial services, and insurance (BFSI) sector, which led the market. Companies are turning to NLP to study the data, extract valuable insights, make effective decisions, and offer their customers better financial solutions.

Another growing trend identified in the natural language processing market is the use of conversational bots, primarily because of companies' focus on virtual assistants. New chatbots rely heavily on NLP across numerous languages.