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Text Analytics Based Cloud NLP Market Segmentation By Component (Solutions and Services); By Type (Rule Based, Statistical and Hybrid); By Deployment Model (Public, Hybrid and Private); By Technology (Recognition, Operation and Analytics); By Organization Size (SMEs and Large Enterprises) and By End User (Media & Entertainment, BFSI, Government, IT & Telecommunications, Healthcare, Automotive, Energy & Utilities and Others) – Global Industry Demand Analysis & Opportunity Assessment 2018-2027

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Extensive insights into the Growth of Text Analytics Based Cloud NLP Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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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.

Market Overview

The global text analytics based cloud NLP market is thriving on the back of 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, followed by the rising utilization of pre-trained NLP models by application developers to develop applications that can perform tasks such as sentiment analysis and text classification.

The global text analytics based cloud NLP market reached USD 407.96 million in the year 2018 and is expected to garner USD 3001.64 million in the year 2027 by registering a CAGR of 24.13% across the globe over the forecast period 2019-2027.

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).

Share of text Analytics Graph

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. CLICK TO DOWNLOAD FREE SAMPLE

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

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.

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.

FREQUENTLY ASKED QUESTIONS

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)


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