Facts and Factors Market Research has published a new report titled “Cloud Natural Language Processing (NLP) Market By Type (Rule-Based, Statistical, and Hybrid), By Deployment Model (Public, Hybrid, and Private), By Technology (Recognition, Operation, and Analytics), By Application (Voice & Speech Recognition, Data Processing, Customer Service & Marketing Virtual Digital Assistants, and Content Generation), and By End-User (Media & Entertainment, Banking, Financial Services and Insurance (BFSI), Government, IT & Telecommunication, Healthcare, Automotive, Energy & Utilities, Retail, and Education): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global cloud natural language processing (NLP) market was valued at approximately USD 2,379 million in 2018 and is expected to reach a value of around USD 9,985 million by 2027, at a CAGR of around 17.3 % between 2019 and 2027.
Natural language processing (NLP) is the ability of a computer program to understand human language as it is spoken and it is the part of artificial intelligence. The cloud natural languages processing (NLP) assists the firms in their business decision-making process and helps them in deriving in-depth insights in eCommerce, marketing, product management, competitive intelligence, and various other business domains.
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Massive investments in AI technology to drive the market growth Escalating funding in artificial intelligence technology is predicted to impel the expansion of cloud natural language processing market during the forecast timespan. Moreover, AI has evolved as the powerful next-gen technology and finds myriad applications in robotics, machine learning, and analytics. With a view and aim to delve deep into the insights of human speech and immaculately examine data, various firms have been investing heavily in artificial intelligence technology to expand their product portfolio as well as application landscape. Such strategic moves & initiatives will have an enduring or long-term influence on the cloud natural language processing (NLP) market earnings over the forecast timeline.
Moreover, the cumulative growth of digital data is one of the major aspects that will contribute lucratively towards the cloud natural language processing (NLP) market expansion over the forecast timespan. Apart from this, the rapid acceptance of big data technology and the rise in cloud installations are some of the key factors augmenting the growth of digital data. This, in turn, is likely to scale up the market growth trends. Nonetheless, the requirement of proficient predictive analytics technique along with the low acceptance of cloud natural language processing systems will impede the progress of the industry over the forecast period.
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Statistical type segment to contribute a major market share over the forecast timeline
The growth of the market can be credited to its modern features and advantages as compared to other traditional methods. It helps machine learning algorithms in creating statistical models, thereby assisting in the process of concise as well as quick translation. Apart from this, the statistical method is information-driven and has the ability to proficiently manage ambiguity making it the best option for cloud NLP solutions.
Recognition to dominate the technology segment over the forecast period
The growth of the recognition segment can be attributed to extensive use of image recognition, optical character recognition, and interactive voice recognition techniques in large as well as small firms for the purpose of extracting data and machine translation. Apart from this, demand for the recognition technology to improve customer experience through capturing & analyzing of customer’s voice will also expedite the segment growth.
North America to lead the regional market growth over the forecast timespan
The growth of the market in North America can be credited to the huge presence of a large number of players in the countries like the U.S. Apart from this, high funding of AI technology and swift acceptance of smart equipment will contribute hugely towards the regional market growth.
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Key players in the cloud natural language processing (NLP) industry include 7.ai, Inc., 3M, Abe AI Inc. , Amazon Web Services, Inc., Apple Inc., Aylien Ltd., Cortical.io, Digital Reasoning Systems, Inc., Expert System S.p.A., Explosion AI (spaCy), Flamingo.ai, Google LLC, IBM Corporation, Lexalytics, Microsoft, MonkeyLearn Inc., Mya Systems, Inc., QSR International Pty Ltd. (NVIVO), Smartsheet Inc., Softweb Solutions Inc. (An Avnet Company), Sonix, Inc., TextRazor Ltd., and Twiggle.
This report segments the cloud natural language processing (NLP) market as follows:
Global Cloud Natural Language Processing (NLP) Market: By Type Segment Analysis
Global Cloud Natural Language Processing (NLP) Market: Deployment Model Segment Analysis
Global Cloud Natural Language Processing (NLP) Market: By Technology Segment Analysis
Global Cloud Natural Language Processing (NLP) Market: By Application Segment Analysis
- Voice & Speech Recognition
- Data Processing
- Customer Service & Marketing Virtual Digital Assistants
- Content Generation
Global Cloud Natural Language Processing (NLP) Market: By End-User Segment Analysis
- Media & Entertainment
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecommunication
- Energy & Utilities
Global Cloud Natural Language Processing (NLP) Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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