Text Analytics Based Cloud NLP Market Anticipated To Attain At A CAGR Of 24.13% By 2027

Global Text Analytics based Cloud NLP Market, 2018–2027

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Variables (Dependent and Independent)

2.2. Multi Factor Based Sensitivity Model

3. Executive Summary-

4. Assessments Of Use Cases In Text Analytics Based Cloud Natural Language Processing

5. Study On Role Of NLP In Text Analytics

6. Study On Text Analytics Process

7. Assessment of Applications of Natural Language Processing

8. Market Dynamics

8.1. Drivers

8.2. Challenges

8.3. Opportunities

8.4. Trends

9. Global Text Analytics based Cloud NLP Market Outlook

9.1. Market Size and Forecast, 2018-2027

9.1.1. By Value (USD Million)

By Component

• Solutions, 2018-2027F (USD Million)

• Services, 2018-2027F (USD Million)

By Type

• Rule Based, 2018-2027F (USD Million)

• Statistical, 2018-2027F (USD Million)

• Hybrid, 2018-2027F (USD Million)

By Deployment Model

• Public, 2018-2027F (USD Million)

• Hybrid, 2018-2027F (USD Million)

• Private, 2018-2027F (USD Million)

By Technology

• Recognition, 2018-2027F (USD Million)

• Operation, 2018-2027F (USD Million)

• Analytics, 2018-2027F (USD Million)

By Organization Size

• SMEs, 2018-2027F (USD Million)

• Large Enterprises, 2018-2027F (USD Million)

By End-User

• Media & Entertainment, 2018-2027F (USD Million)

• BFSI, 2018-2027F (USD Million)

• Government, 2018-2027F (USD Million)

• IT & Telecommunications, 2018-2027F (USD Million)

• Healthcare, 2018-2027F (USD Million)

• Automotive, 2018-2027F (USD Million)

• Energy & Utilities, 2018-2027F (USD Million)

• Automotive, 2018-2027F (USD Million)

• Education, 2018-2027F (USD Million)

• Others, 2018-2027F (USD Million)

By Region

• North America, 2018-2027F (USD Million)

• Latin America, 2018-2027F (USD Million)

• Europe, 2018-2027F (USD Million)

• Asia-Pacific, 2018-2027F (USD Million)

• Middle East & Africa, 2018-2027F (USD Million)

Market Segmentation Synopsis

By Component

The global text analytics based cloud NLP market has been segmented on the basis of component into solutions and services. 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. Additionally, the services segment is anticipated to grow by 7.8 times along with an absolute $ opportunity of USD 863.05 million during the period.

Text Analytics Based Cloud Graph

By Type

The global text analytics based cloud NLP market is also segmented by type into rule based, statistical and hybrid. Statistical segment, with around 60% share in 2018, occupied the largest market share of text analytics based cloud NLP around the globe. Additionally, the 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. Further, the hybrid segment is anticipated to grow with the highest CAGR of 25.89% over the forecast period.

Text Analytics Based Cloud NLP Market Share Graph

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Growth Highlights based on Region during 2018-2027

The global text analytics based cloud NLP market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America text analytics based cloud NLP is driven by U.S. and Canada, where U.S. held the largest market share on the back of presence of major service providers in the nation coupled with the rapid technological advancements as well as rising demand for better customer experience in the region. Additionally, the North America region held a market share of around 37% during the year 2018 and is anticipated to attain a CAGR of 23.74% over the forecast period.

The global text analytics based cloud NLP market in Europe is growing on the back of rising preference for text analytics based cloud NLP amongst the customers in the region, followed by growing acceptance of the technology.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Drivers and Challenges

Growth Indicators

The rising implementation of cloud based NLP applications, such as text analytics, in end user industries, such as the BFSI, along with the growing adoption of these applications in commercial spaces so as to gain competitive advantage are some of the factors that are driving the growth of the global text analytics based cloud NLP market. The BFSI industry, amongst all other end use industries, is highly benefitted with the implementation of cloud based NLP applications as collaboration of text analytics along with cloud NLP provides the synchronization between the clients and the company along with smooth communication between man and machines. Moreover, utilization of these technologies help to reduce cost, save time, improve performance and add value to the market in the BFSI sector. Additionally, the utilization of numerous third party solutions for text analytics based cloud NLP application programming interface (API), which offers improved services pertaining to text analytics to small, medium and large enterprises, and help to enhance text analysis for these organizations, leading to the rising adoption of cloud NLP applications are some of the factors which are anticipated to drive the growth of the global text analytics based cloud NLP market.

Barriers

Affect 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 expected to limit the growth of the global text analytics based cloud NLP market around the globe.

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Top Featured Competitive Landscape

Some of the affluent industry leaders in the global text analytics based cloud NLP market are Inbenta Technologies Inc., IBM, Microsoft Corporation, Amazon Web Services, Inc., Lexalytics, Inc., Aylien Ltd., Softweb Solutions Inc., Google LLC and Linguamatics.

In The News

October 2019: Inbenta Technologies Inc. announced the launch of an application called the Inbenta Dictionary Builder, which allows its user to optimize, manage and customize the dictionary used by natural language processing or NLP linguistic engine in the Inbenta portal.
August 2019: IBM announced the launch of Watson API Kit for IBM Cloud Private for Data Add-on, which provides users the capability to use Watson APIs, such as Watson Speech to Text, Watson Text to Speech, Watson NLU and Watson Knowledge Studio on any cloud or on premise environment.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the Text Analytics Based Cloud NLP market?

Ans: Growing implementation of text analytics based cloud NLP in end user industries is a major factor that is driving the growth of the market.

2) What would be the CAGR of Text Analytics Based Cloud NLP market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 24.13% over the forecast period, i.e. 2019-2027.

4) Which region will provide more business opportunities for growth of Text Analytics Based Cloud NLP market in future?

Ans: Europe is anticipated to provide more business opportunities for the growth of the market in the future.

5) Who are the major players dominating the Text Analytics Based Cloud NLP market?

Ans: The major players in the market are Inbenta Technologies Inc., IBM, Microsoft Corporation, Amazon Web Services, Inc., Lexalytics, Inc., Aylien Ltd., Softweb Solutions Inc., Google LLC and Linguamatics.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the major segments in the global text analytics based cloud NLP market?

Ans: The market is majorly segmented by component, type, deployment model, technology, organization size, end user and by region.

8) What can be the significant growth opportunity for the component segment in the global text analytics based cloud NLP market?

Ans: The solutions segment, which is a sub-segment of the component segment, is anticipated to show significant growth opportunity in the market.

8) What are the restraining factors for the market?

Ans: Effect on the adoption rate of text analytics and NLP in numerous end user industries is a major factor anticipated to act as a barrier towards the growth of the global text analytics based cloud NLP market.