North America holds majority of the global cloud natural language processing (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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Cloud natural language processing (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 natural language processing (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.
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The global cloud natural language processing (NLP) 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.
The global cloud natural language processing (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 natural language processing (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.
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