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Cloud Natural Language Processing Market to showcase significant growth via machine learning sector, North America to emerge as the pioneering regional contenders

Author : Ronak Bora | Published Date : 2019-03-19 

Cloud Natural Language Processing 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.

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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 industry. As per estimates, cloud natural language processing market size 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.

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 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 market.

cloud natural language processing market growth is driven by the 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.

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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.

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.

The global cloud natural language processing market revolves around the market of some multinational players. However, some regional players are also contributing towards the growth of the market. Major vendors of the cloud NLP market are Google, IBM, Microsoft, Facebook, Apple, AWS, HPE, Nuance Communication, SAP SE, SAS, Baidu Inc., Netbase Solutions, Dolbey Systems, Lexalytics, Fuji Xerox, and Verint systems.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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