Cloud Natural Language Processing Market growth is driven by increasing use of NLP technology across several industries such as BFSI, IT & telecommunication, media & advertisement and healthcare. For instance, BFSI sector is utilizing NLP technology for text mining, solving queries, machine translation applications for cross boarder payments, and foreign exchange. Similarly, hospitals, diagnostic and daycare centers are also widely adopting these solutions for managing notes and documents, analyzing transcriptions, and reduce human error. Besides, they also assist in reducing medication errors and manages Health Information Management systems for large hospitals.
The e-commerce player, through this mega launch, has indeed consolidated its presence in numerous business verticals, cloud NLP industry being one of the most prominent ones. Furthermore, it is unquestionable that Amazon’s move would prompt dexterous rivals to break barriers and come up with intensely unique service portfolios of their own, which in consequence, would have a rather lucrative impact on cloud natural language processing market trends.
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As the resultant products and services would find pertinent utilization across myriad end-use sectors, such as the BFSI domain, for cross boarder payments, customer documentation, foreign exchange, customer voice processing, solving insurance queries, and text mining, cloud natural language processing market share would traverse a highly profitable growth path in the years ahead. The insights provided by Global Market Insights, Inc., with regards to the same, affirm the authenticity of the declaration – as per the firm’s analysis report, cloud natural language processing market size is likely to cross a valuation of USD 6 billion by 2024, making this business vertical one of most remunerative spaces for potential investors.
The increase in investment in the AI technology is also significantly impacting the growth of the cloud natural language processing market. As AI technology is maturing, organizations are shifting more towards the technology along with the traditional analytics platforms. The advance feature and benefits offered by the technology is attracting more investments and fueling the adoption among organizations, for instance, in 2017 there has been more than 300% increase in investment in AI.
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 natural language processing market.
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North America holds majority of the global cloud natural language processing market, as it is one of the early adopters of the technology. One of the primary factor that is backing the growth of the market in the region is investment in machine learning, analytics, and deep learning and presence of large number of players in the market including Google, IBM, Microsoft and start-ups such as Interactions LLC and Lexalytics.
As the elbowroom for technology transcends boundaries in the future, cloud natural language processing market 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. 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 Point From Table Of Content:
Chapter 5. Cloud Natural Language Processing Market, By Product
5.1. Cloud natural language processing market 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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