Cloud Natural Language Processing Market is set to grow from its current market value of more than $1.5 billion to over $6 billion by 2024; according to a new research report by Global Market Insights, Inc. AI technology has emerged as one of the most advanced technologies in the wide range of applications ranging from robotics to machine learning to advanced analytics. The technology assists organizations in extracting powerful insights to drive faster business decisions in e-commerce, marketing, competitive intelligence, product management and several other areas of business to close the gap between insights and action. As AI matures, vendors will shift more towards the technology along with the conventional analytics platform, which is estimated to fuel investments.
The competitive spectrum of cloud natural language processing market proudly boasts of some of most acclaimed top-shots, such as Amazon Web Services, Fuji Xerox, Baidu, Google, Netbase Solutions, IBM, Microsoft, Verint Systems, Apple Inc., SAP SE, Dolbey Systems, HPE, Facebook, and Nuance Communication. Given the distinguished stance these firms have in the tech cosmos, it comes as no surprise that these companies have been going the whole hog to bring forth a range of highly innovative products that would benefit the cloud NLP industry.
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The intensely fierce combative environment has made it even more mandatory for companies to adopt tried-and-tested as well as unique, out-of-the-box growth strategies to sustain in cloud natural language processing market. For instance, tech giant Google, in March this year, had announced the acquisition of Kaggle, a platform hosting machine learning and data science competitions. Through this takeover, Google plausibly aims to acquire one of the most active communities for data scientists, taking a step further toward establishing external integrations with its cloud platform and strengthening its position in cloud natural language processing market.
Media & advertisement and the retail sector is also one of the major end-users of the cloud natural language processing market solutions. They are leveraging NLP capabilities along with social media analytics modules and CRM solutions for lead generation and brand recognition. Furthermore, increasing interest of the market players towards these industry verticals is also backing the growth of the market. For instance, IBM, HP, SAS and EasyAsk are providing NLP tools such as sentiment analysis and text analysis to these industry sectors.
Healthcare applications are estimated to exhibit higher growth rate than other industry verticals. Healthcare organizations are widely adopting NLP solutions for analyzing clinical transcriptions, managing medical notes, and documentation purposes. Furthermore, these solutions also assist in reducing medication errors and adverse drug events by managing Health Information Management (HIM) systems. In addition, implementation of ICD-10 regulation and adoption of auto-coding technology in healthcare is further estimated to fuel the demand in the healthcare sector.Media & advertisement and the retail sector is also one of the major end-users of the cloud natural language processing market. They are leveraging NLP capabilities along with social media analytics modules and CRM solutions for lead generation and brand recognition. Furthermore, increasing interest of the market players towards these industry verticals is also backing the growth of the market. For instance, IBM, HP, SAS and EasyAsk are providing NLP tools such as sentiment analysis and text analysis to these industry sectors.
As the elbowroom for technology transcends boundaries in the future, cloud natural language processing industry outlook is likely to witness a dynamic transformation, given the contribution of big data and IoT toward deriving powerful insights to ensure quicker decision-making in the fields of marketing, product management, competitive intelligence, etc. The robustly growing demand for content localization would also massively fuel the requirement of NLP services, thereby augmenting the revenue graph of cloud natural language processing industry. With major vendors attempting to launch extensively innovative products for a widespread application spectrum, and the increasing demand for ingenious analytics software that would command the deployment of the cloud space to derive business insights.