Research Nester has released a report titled “Text Analytics Based Cloud NLP Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global text analytics based cloud NLP market in terms of market segmentation by component, by type, by deployment model, by technology, by organization size, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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 2019-2027. Additionally, the services segment is anticipated to have an absolute $ opportunity of USD 863.05 million and growth of 7.8 times during the period.
The global text analytics based cloud NLP market is also segmented by type into rule based, statistical and hybrid, out of which, statistical segment, which held the largest market share of 60% in the year 2018 is anticipated to cross USD 1800.0 million by the end of 2027 by registering a CAGR of 24.29% throughout the forecast period. Additionally, the hybrid segment is anticipated to grow with the highest CAGR of 25.89% during the forecast period.
The global text analytics based cloud NLP market is anticipated to achieve a CAGR of 24.13% during the forecast period. Growing trends for the adoption of text analytics based cloud NLP in the retail sector, especially for the analysis and prediction of consumer buying behavior that helps businesses to personalize discounts and other schemes to its customers, added with the growing utilization of pre-trained NLP models to develop applications by application developers to perform tasks such as sentiment analysis and text classification are some of the factors anticipated to promote significantly towards the growth of the global text analytics based cloud NLP market. Further, the global text analytics based cloud NLP market was valued at USD 407.96 million in the year 2018 and is expected to garner USD 3001.64 million in the year 2027.
Regionally, the global text analytics based cloud NLP market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America, which held a market share of around 37% during the year 2018 is anticipated to hold the largest market share by the end of the forecast period owing to the presence of major service providers in nations such as U.S. and Canada, along with the rapid technological advancements and the growing demand for better customer experience in the region. Moreover, the market of text analytics based cloud NLP in North America is anticipated to attain a CAGR of 23.74% over the forecast period.
Increasing Applications of Cloud Based NLP in End User Industries
Organizations across different industries are increasingly utilizing tools such as cloud based NLP applications for analyzing texts so as to provide greater buying experiences to consumers in terms of personalized discounts along and thereby gain a competitive edge into the market. Numerous benefits of adopting to cloud based NLP applications, which includes synchronization between the clients and the company along with smooth communication between man and machines, coupled with benefits to organizations in terms of cost reduction, saving of time, improvement in work performance and the added value received in business by the use of such tools and applications are raising the need amongst business organizations to adopt such tools. The text analytics based cloud NLP application programming interface (API), which offers improved services pertaining to text analytics to small, medium and large enterprises is thereby anticipated to drive the growth of the global text analytics based cloud NLP market in the upcoming years.
However, concerns regarding the complex government regulations and compliances based on privacy laws and other laws that prevent the disclosing of private or sensitive information that affects the adoption rate of text analytics and NLP in numerous industries are some of the factors anticipated to limit the growth of the global text analytics based cloud NLP market.
This report also provides the existing competitive scenario of some of the key players of the global text analytics based cloud NLP market, which includes company profiling of Inbenta Technologies Inc., IBM (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), Amazon Web Services, Inc. (NASDAQ: AMZN), Lexalytics, Inc., Aylien Ltd., Softweb Solutions Inc., Google LLC (NASDAQ: GOOGL) and Linguamatics. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global text analytics based cloud NLP market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.