Cloud Natural Language Processing Market to witness a double-digit growth rate over 2017-2024, driven by a flurry of rapidly advanced tech innovations. Cloud Natural Language Processing (NLP) Market was estimated to be over USD 1.5 billion in 2016 and is set to exceed USD 6 billion by 2024; according to a new research report by Global Market Insights, Inc. Exponential growth of the digital data is one of the major factors that is driving the growth of the cloud natural language processing market. Data/information has emerged as one of the most important assets of the organizations. Companies are collecting, analyzing, and reporting vast volume of data for extracting meaningful insights to get competitive edge.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Amazon Web Services
10. Nuance Communications
13. Verint Systems
14. Digital Reasoning
15. Interactions LLC
Growing adoption of the big data technologies such as Hadoop and IoT among organizations along with popularity of cloud deployment is one of the major factors that are fueling the growth of the digital data. Digital data is estimated to grow at a rate of 40% for next 10 years and by the year 2020 data generation is expected to reach 44 zettabytes per year. As the data increases, it leads to the requirement of an effective analytics solution to process the information, therefore, driving the cloud natural language processing market growth.
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Media & advertisement and the retail sector is also one of the major end-users of the 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. IBM, HP, SAS and EasyAsk are providing NLP tools such as sentiment analysis and text analysis to these industry sectors.
the cloud natural language processing market in healthcare applications are estimated to exhibit higher growth rate than other industry verticals. Healthcare organizations are widely adopting NLP solutions for analyzing clinical transcriptions, managing medical notes, and documentation purposes. Furthermore, these solutions also assist in reducing medication errors and adverse drug events by managing Health Information Management (HIM) systems. In addition, implementation of ICD-10 regulation and adoption of auto-coding technology in healthcare is further estimated to fuel the demand in the healthcare sector.
t 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.
Browse key industry insights spread across 230 pages with 348 market data tables & 42 figures & charts from the report, Cloud Natural Language Processing (NLP) Market in detail along with the table of contents:
Alternatively, global AI industry has been a witness to a plethora of lucrative ventures, the impact of which has been depicted on the revenue potential of cloud NLP market – numerous technology giants, since the last half a decade, have been involved in rather enormous deals riding on the base of strongly developing tech based machine learning, image processing, and translation. For instance, DNNresearch, a deep-learning startup had been purchased by Google in 2013 from the University of Toronto, and enabled Google to bring about an improvisation in its image search features. A leading survey reports that nearly 30 AI startups have been purchased by accomplished players such as Twitter, Facebook, Google, IBM, AOL, Intel, Apple, Yahoo, and Salesforce since 2012 – which has no doubt, had quite some impact on cloud NLP market share. Google, in 2014, also acquired the DeepMind Technologies, while Twitter, in 2016, paid up USD 150 million for Magic Pony, an image-processing start-up based in UK.
U.S. is estimated to be the leading regional segment in the global the cloud natural language processing market owing to the presence of the large number of players. Increasing investment in the AI technology is also estimated to be one of the major factor backing the growth of the market. Furthermore, rapid adoption of the smart device is also estimated to contribute significantly towards the growth.
Asia Pacific is estimated to be the fastest growing region in the global cloud natural language processing market owing to the increasing adoption of the smart devices. Moreover, increasing investment in AI by Chinese players such as Baidu and Alibaba are also contributing significantly towards the revenue growth.
Some of the vendors offering the cloud natural language processing market are 3M, Apple, Amazon Web Services, Convergys, Digital Reasoning, Dolbey, Facebook, Fuji Xerox, Google, HP, IBM, Interactions LLC, Lexalytics Inc., Microsoft, Netbase Solutions Pty Ltd, Nuance Communications, SAP, SAS, and Verint Systems.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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