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Cloud NLP as a service Market will positively impacted by increasing use of NLP technology across several industries

Author : Ronak Bora | Published Date : 2019-05-02 

Cloud NLP as a Service Market growth 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. 

The increase in investment in the AI technology is also significantly impacting the growth of the 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 cloud NLP as a service 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 NLP as a service 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.

The competitive spectrum of cloud NLP as a service 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 NLP as a service 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 market.

One of the most noteworthy instances that affirms the participation of tech giants in cloud NLP as a service market is the plethora of services that Amazon Web Services has announced to provide this year. Reportedly, the retail behemoth that holds a fair proportion of cloud natural language processing market share, has launched a wide-ranging series spanning 22 all-new services that comprise everything – right from data storage to analysis, and machine learning to convenient cloud transition. Amazons prodigious expertise in tapping the cloud, big data tech, IoT, and other innovations to make technology access convenient and flexible for software developers is indeed commendable. 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. 

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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 NLP as a service market trends. 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. 

cloud NLP as a service 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.

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. The same year witnessed the Harvard NLP Group declare their OpenNMT project – an open-source software for machine translation that accepts aligned sentences in the source language and translates them to the target language through neural networks, and is equipped with additional features such as entity extraction, document filtering, and language detection. The involvement of numerous companies and academic institutions to bolster the application of AI in NLP through various product innovations is certain to chart out a profitable growth path for cloud NLP as a service market.

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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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