Research Nester has released a report titled “Text Analytics Based Cloud NLP Market – Global Demand Analysis & Opportunity Outlook 2036” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
Natural language processing or NLP is a segment of artificial intelligence that deals with various unstructured human languages. The relevant analytical data received post processing and analyses of the raw data which are in the form of text inputs, are used to generate inferences and client handling among other applications. [Sample Copy Here]
As such, several business organizations around the globe are increasingly adopting to cloud based NLP applications and implementing tools such as text analytics to gain competitive advantage as these tools help businesses to synchronize processes between clients and the organization which not just helps in the smooth communication between man and machines, but also adds to the reduction in cost, saving of time, improvement of work performance and also adds value to the business. End user industries, such as BFSI, are one of the industry sectors that are benefitted from such text analytics based cloud NLP solutions. Moreover, numerous other small, medium and large enterprises are largely benefitted with the implementation of text analytics based cloud NLP solutions. Such factors are anticipated to drive the growth of the global text analytics based cloud NLP market.
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The global text analytics based cloud NLP market is anticipated to grow at a CAGR of 24.13% during the forecast period, i.e. 2020-2028. The market is thriving on the back of growing utilization of pre-trained NLP models by application developers to develop applications that can perform tasks such as sentiment analysis and text classification, followed by the rising trends for the adoption of text analytics based cloud NLP in the retail sector. The global text analytics based cloud NLP market is segmented by component into solutions and services, out of which, solutions segment, which had a market value of USD 281.75 million in the year 2018, is anticipated to hold the largest market share in the year 2027 by registering a CAGR of 23.72% over the forecast period. The market is also segmented by type into rule based, statistical and hybrid, out of which, statistical segment is anticipated to cross USD 1800.0 million by the end of 2027 by attaining a CAGR of 24.29% over the forecast period.
Geographically, the global text analytics based cloud NLP market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America, which held the largest market share of around 37% in the year 2018, is anticipated to grow with a CAGR of 23.74% over the forecast period on account of the presence of major service providers in nations such as U.S. and Canada, coupled with the rapid technological advancements and the growing demand for better customer experience in the region.
However, concerns for the effect on the adoption rate of text analytics and NLP in numerous industries owing to the complex government regulations and compliances based on privacy laws and other laws that prevent the disclosing of private or sensitive information are some of the factors estimated to act as a barrier to the growth of the global text analytics based cloud NLP market.
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