North America holds majority of the global Cloud Natural Language Processing Market, as it is one of the early adopters of the technology
Selbyville, United States - September 12, 2019 /MarketersMedia/ —
The competitive spectrum of cloud natural language processing 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 Natural Language Processing Industry.
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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 market.
The global Cloud Natural Language Processing Market is revolving around the revenues of some of the major players such as Google, Microsoft, IBM, Facebook, Amazon and Apple. However, some start-ups and regional players such as Klevu, Fort Scale, Inbenta are contributing towards the market. The market in quite competitive and companies are using M&A has their strategy to gain competitive edge and acquire talent and expertise. For instance, since 2012, Google has acquired more than 25 AI based companies to enhance their capabilities and expand product portfolio. Similarly, Apple has also acquired 8 AI based start-ups in the past five years. These indicates the intensity of the competitive rivalry among market players, driving the growth of the market.
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.
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The robustly growing demand for content localization would also massively fuel the requirement of NLP services, thereby augmenting the revenue graph of cloud natural language processing industry. With major vendors attempting to launch extensively innovative products for a widespread application spectrum, and the increasing demand for ingenious analytics software that would command the deployment of the cloud space to derive business insights, Cloud Natural Language Processing Market size is forecast to grow at an appreciable CAGR of 17% over 2017-2024, as per a report put together by Global Market Insights, Inc.
Some Points From Table Of Content: -
Chapter 5. Cloud Natural Language Processing Market, By Product
5.1. Cloud Natural Language Processing Market share by product, 2016 & 2024
5.2. Rule based
5.2.1. Rule based NLP, by region, 2013-2024
5.3. Statistical
5.3.1. Statistical NLP, by region, 2013-2024
5.4. Hybrid
5.4.1. Hybrid NLP, by region, 2013-2024
Chapter 6. Cloud Natural Language Processing Market, By Deployment Model
6.1. Cloud Natural Language Processing Market share by deployment model, 2016 & 2024
6.2. Public cloud
6.2.1. Public cloud market, by region, 2013-2024
6.3. Private cloud
6.3.1. Private cloud market, by region, 2013-2024
6.4. Hybrid cloud
6.4.1. Hybrid cloud market, by region, 2013-2024
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