The factor substantially affecting the growth of Cloud Natural Language Processing Market is the rising investments in Artificial Intelligence (AI). AI has emerged as one of the major advancements in the technology landscape. It is widely used in a variety of applications ranging from robotics and machine learning to advanced analytics. It assists the companies in extracting informative data to make strategic decisions in sectors such as marketing, e-commerce, product management, and competitive intelligence. With advancements in AI technology, the market players will move the technology toward the conventional analytics platform along with high investments.
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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.
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 industry.
North America is leading the Cloud Natural Language Processing Market. The high investment in AI is a primary factor backing the growth of the market. The presence of the major market players such as IBM, AWS, Google, and Facebook along with the high adoption rate of the smart devices also supports the market. On the other hand, Asia Pacific is the predicted to attain a growth rate of over 18% during the forecast timespan. The market is driven by the growing adoption of the smart technology devices in the region. Moreover, rising investments in China by technology giants such as Alibaba and Baidu are also augmenting the market growth.
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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, Cloud Natural Language Processing Market size is forecast to grow at an appreciable CAGR of 17% over 2017-2024, as per a report put together by Global Market Insights, Inc.
Major Key Points from Table of Content:
Chapter 5. Cloud Natural Language Processing Market, By Product
5.1. Cloud Natural Language Processing Industry share by product, 2016 & 2024
5.2. Rule based
5.2.1. Rule based NLP, by region, 2013-2024
5.3.1. Statistical NLP, by region, 2013-2024
5.4.1. Hybrid NLP, by region, 2013-2024
Chapter 6. Cloud Natural Language Processing Market, By Deployment Model
6.1. Cloud Natural Language Processing Market share by deployment model, 2016 & 2024
6.2. Public cloud
6.2.1. Public cloud market, by region, 2013-2024
6.3. Private cloud
6.3.1. Private cloud market, by region, 2013-2024
6.4. Hybrid cloud
6.4.1. Hybrid cloud market, by region, 2013-2024
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