Cloud NLP Market size will be driven by increasing investment in the AI technology over the coming year. 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 growing investment in the technology is attributed to the wide applications of the technology along with advanced analytics, machine learning and cognitive surface into the complex systems. The rapid adoption of smart devices, growth in digital data, and investment by technology providers is also fostering the growth of the cloud natural language processing market.
It is vitally imperative to mention that in the current era of extensive globalization, the necessity for machine translation stands as one of most pivotal driving forces for the growth of cloud NLP market. Renowned giants such as Google, Facebook, and Amazon have been significantly investing in machine learning technologies, which has indeed come a long way from inaccurate output processed by humans to the neural networks of today. In 2016 for instance, Microsoft provided an exhibition of how four computers helped translate Leo Tolstoy’s novel – War and Peace, comprising 1,440 pages, from Russian into English.
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Cloud NLP market size is driven by rising 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.
It is prudent to mention that prior to this acquisition, Google and Kaggle had also joined forces to host a machine learning competition worth USD 100,000, revolving around YouTube video classification. It is thus undeniable that similar to Google, numerous other tech companies have been going the whole nine yards to exploit IoT and big data technology, both which work in tandem with NLP, the result of which would be explicitly visible from the commercialization potential of cloud NLP market. As per estimates, cloud natural language processing market was pegged at USD 1.5 billion in 2016, primarily driven by the robust investments in artificial intelligence, that is deployed across a plethora of applications such as machine learning, advanced analytics, robotics, and more.
Cloud NLP Market, By Product
- Rule Based
Cloud NLP Market, By Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
Cloud NLP Market, By Technology
Cloud NLP market in North America is estimated to grow rapidly during the forecast period. 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. Furthermore, increasing adoption of the cloud services in the region is also estimated to back the growth of the market.
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. 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 NLP 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.
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