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).
Market Segmentation Synopsis
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
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.
Market Drivers and Challenges
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.
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.
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.
Growing implementation of text analytics based cloud NLP in end user industries is a major factor that is driving the growth of the market.
The market is anticipated to attain a CAGR of 24.13% over the forecast period, i.e. 2019-2027.
North America is anticipated to hold the dominating share in the market.
Europe is anticipated to provide more business opportunities for the growth of the market in the future.
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.
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.
The market is majorly segmented by component, type, deployment model, technology, organization size, end user and by region.
The solutions segment, which is a sub-segment of the component segment, is anticipated to show significant growth opportunity in the market.
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.
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