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. Furthermore, increasing adoption of the cloud services in the region is also estimated to back the growth of the market.
The competitive spectrum of cloud natural language processing market is indeed enviable, as it encompasses a group of some of the highly established tech shots that have the resources and the zeal to further unearth the application scope of top-grade technologies. As the cloud paves its way amidst practically every end-use domain, companies in cloud NLP market undoubtedly have had to realign their strategies to bring about novel product development. As per reliable estimates, cloud computing industry is likely to cross a massive valuation in the next couple of years. More than 70% of tech CFOs claim that the cloud will have a highly profitable impact on most business verticals, NLP being one of the foremost ones.
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The expeditious advancements in AI & cloud tech, in tandem with the rising demand for deriving powerful insights is certain to push cloud natural language processing market trends in the many years to come. With globalization ruling the charts, and the growing business applications of AI, cloud natural language processing industry has indeed taken on a new dimension, driven by the technology’s ability to interpret the massive amount of information stored in free text files and make it worthy of a detailed analysis. In a quest to simplify the perception of human speech and flawlessly analyze data, companies have been persistently investing in artificial intelligence technology to expand its product and application landscapes, which has had a tremendous impact on the revenue graph of cloud NLP market.
Facebook, one of the most prominent cloud NLP industry players, recently declared the development of an innovative neural network that apparently translates languages more accurately than most other systems that used standardized machine translation, and in addition, conducts the translation at a speed that is nine time faster than the conventional speed. Undeniably, researchers at the Facebook AI Research (FAIR) have gone one step ahead of the expected output, by tapping the CNN (convolutional neural network), a technique that reads words in groups and enables the system to conduct parallel operations with itself. As rumors fly afloat, in appreciation of the company’s efforts to extend its internal support for translating more than 45 different languages, analysts affirm that this would catapult Facebook’s position in cloud natural language processing market in the years ahead.
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 natural language processing 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.
It is indeed irrefutable that companies partaking in cloud natural language processing market share have spared no expense as far as product innovation and R&D activities are concerned. Given the vast expanse of the cloud sphere, it is overt that companies pour in enormous investments in order to bring forth a plethora of innovative NLP products based on distinguished technologies and deployment modes. As the years roll on, cloud natural language processing industry share is forecast to grow at a CAGR of 17% over 2017-2024, driven by the fact that this technology successfully closes the gap between insights and action across numerous businesses and assists in quicker decision-making in marketing and product management.
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