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Global Cloud NLP Market 2020: In-Depth Industry Analysis on Size, Cost Structure and Prominent Key Players Analysis

Author : Ronak Bora | Published Date : 2020-09-11 

One of the most noteworthy instances that affirms the participation of tech giants in cloud NLP 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. Amazon’s 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.

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 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.

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Cloud NLP Market is estimated to reach USD 6.1 billion by the year 2024. The growth of the market 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.

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

North America holds majority of the global cloud NLP 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.

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The global cloud NLP 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.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and research parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  industry 360º synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product trends

2.1.4. Deployment model trends

2.1.5. Technology trends

2.1.6. Application trends

2.1.7. End-use trends

Chapter 3.   Cloud NLP Market Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2013-2024

3.4.  Industry ecosystem analysis

3.5.  Cloud natural language processing architecture analysis

3.6.  Cloud natural language processing features

3.7.  Technology & innovation landscape

3.8.  Regulatory landscape

3.9.  Industry impact forces

3.9.1. Growth drivers

3.9.1.1.     Increasing investment in AI in North America

3.9.1.2.     Rising demand to improve customer experience

3.9.1.3.     Growing digital data

3.9.1.4.     Rapid adoption of smart devices

3.9.2. Industry pitfalls & challenges

3.9.2.1.     Requirement for effective predictive technology

3.9.2.2.     Low adoption trends

3.10.    Growth potential analysis

3.11.       Porter's analysis

3.12.       PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/cloud-natural-language-processing-nlp-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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