Cloud NLP as a service market, in the recent years, has attained remarkable growth chiefly due to the expeditious advancements in the cloud and AI technologies that are disrupting practically every industry vertical. The AI technology, of late, has been harnessed extensively to bridge the gap between the insights & actions, which is having a synonymous impact on cloud natural language processing (NLP) market size. Experts in fact, believe that the rising quest to flawlessly analyze data and simplify the perception of human speech has prompted several companies to go the whole hog to exploit AI and cloud technologies, the end-result of which is evident from the commercialization matrix of cloud NLP as a service market. A report compiled by Global Market Insights, Inc., reveals that cloud NLP market size was over USD 1.5 billion in 2016 and is poised to exceed USD 6 billion by 2024.
The aforementioned data goes on to validate that cloud NLP as a service industry exhibits huge opportunities for potential stakeholders to invest in this business sphere. Facebook, for instance, has recently announced that it is developing an innovative neural network that will translate languages more precisely than most of its contemporaries. In fact, according to sources, Facebook’s neural network is capable of conducting a translation at a speed that is nine folds faster than the standardized machine translation.
The report titled “Cloud Natural Language Processing (NLP) Market Size By Product, By Deployment Model, By Technology, By Application , By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” has been published in November 2017. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/2202
Another instance is of Google, which lately announced the acquisition of a platform – Kaggle, that apparently hosts machine learning and data science competitions. Experts deem that through this takeover, Google has already taken a step ahead in establishing its foothold in cloud NLP as a service market. Similar investment trends by other prominent industry giants such as Fuji Xerox, Microsoft, Amazon Web Services, Verint Systems, Baidu, Dolbey Systems, IBM, Netbase Solutions, and Apple Inc. are expected to profoundly boost the competitive landscape of cloud NLP as a service industry.
With the presence of such highly established tech giants, analysts deem the competitive landscape of cloud NLP as a service market to be indeed enviable. The contenders are further trying to expand their reach across myriad regions that exhibit potential growth opportunities. US, in this regard, is expected to be the leading region that is witnessing plethora of investments since the last few years. Rapid technological advancements and adoption of smart devices in the region have been the significant propeller of regional cloud NLP as a service industry share.
Apart from the US, the emerging economies of Asia Pacific are also touted as lucrative grounds for this business. In fact, APAC cloud NLP market is claimed to be the fastest growing region in the coming seven years. Reports reveal that the growing investments in big data and AI technologies by Chinese bigshots such as Alibaba and Baidu have immensely contributed toward regional market expansion.
Amidst such a backdrop where deployment of IoT and big data are forming the mandates to ensure quicker analysis and decision making, it is undeniable that the global cloud NLP market will be treading along a profitable roadmap in the ensuing years. With further advancements in the application portfolio of cloud NLP as a service market, it is rather overt for this sector to be one of the most innovative business domains, with massive potential for development in the ensuing years.