Text Analytics Based Cloud NLP Market Size & Share, by Component (Solutions, Services); Type (Rule Based, Statistical, Hybrid); Deployment Model (Public, Hybrid, Private); Technology (Recognition, Operation, Analytics); Organization (SMEs, Large Enterprises); End User (Media & Entertainment, BFSI, Government, IT & Telecommunication, Healthcare, Automotive, Energy & Utilities) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2344
  • Published Date: Dec 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Text Analytics Based Cloud NLP Market size is anticipated to surpass USD 28 Billion by the end of 2036, expanding around 25% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of text analytics based cloud NLP was over USD 3 Billion. The global 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 their customers. This is 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. Amazon utilized sentiment analysis on product reviews to anticipate return rates reducing return processing cost by 10%.

Factors include the increasing prevalence of mobile phones and tablets with internet access and the increasing number of users of social media platforms. Social media analysis includes analysis of customer surveys and feedback about various products. Using natural language processing and sentiment analysis, businesses can gain more meaningful insights. Social media platforms can help businesses identify the latest market trends and build their brand image, thereby expanding their existing customer base. This allows businesses to identify their customers' interests and needs and understand them better.


Text Analytics Based Cloud NLP Market
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Text Analytics Based Cloud NLP Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Integration in End User Sectors – There has been a 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 from 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 helps to reduce cost, save time, improve performance, and add value to the market in the BFSI sector.
  • Growing Penetration of Third-Party Solutions – There has been increasing utilization of numerous third-party solutions for text analytics-based cloud NLP application programming interface (API). This offers improved services pertaining to text analytics to small, medium, and large enterprises that help to enhance text analysis for these organizations.

Challenges

  • Negative Affects of its Integration in Various Sectors - 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.
  • Data Privacy and Security Concerns Associated with Text Analytics Based Cloud NLP is Set to Hamper the Market Expansion in the Forecast Period
  • Lack of Awareness about Text Analytics Based Cloud NLP is Predicted to Pose Limitations on the Market Expansion in the Upcoming Period.

Text Analytics Based Cloud NLP Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~25%

Base Year Market Size (2023)

~USD 3 Billion

Forecast Year Market Size (2036)

~USD 28 Billion

Regional Synopsis

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Text Analytics Based Cloud NLP Segmentation

Component (Solutions, Services)

The solution segment is anticipated to hold 60% share of the global text analytics based cloud NLP market by the end of 2036. Businesses across various industries seek ways to automate manual tasks and increase operational efficiency. Text-based NLP solutions offer efficient text analysis, extraction of key insights, and automation of tasks such as chatbots, document routing, and sentiment analysis. This slows the dependence on human resources and minimizes operational costs making it a suitable option for organizations.  Furthermore, increased integration of industry-specific solutions tailored to the unique needs of different verticals is driving the segment growth in the upcoming period during the anticipated period.  

Type (Rule Based, Statistical, Hybrid)

In terms of type, the hybrid segment in the text analytics based cloud NLP market is set to hold the highest CAGR of 40% during the forecast period. The hybrid deployments provide a balance between the scalability and cost-effectiveness of the public cloud and the security & control of the private cloud. Companies can leverage the public cloud for non-sensitive workloads and keep sensitive data on their private cloud for enhanced security. This flexibility allows companies to scale their NLP deployments seamlessly as their needs change. Furthermore, the segment is well suited for emerging technologies such as AI and machine learning that are heavily utilized in NLP applications. This enables organizations to leverage the latest innovations and capabilities in the field of NLP without compromising data security or compliance. Besides, increasing adoption of cloud-based solutions across various industries is also driving the growth of this segment in the projected period. There's 60% of global company data stored in the cloud. The revenues from cloud infrastructure services amount to US$ 177,8 billion a year. Multi-cloud infrastructure has been used by 90% of the largest companies.

Our in-depth analysis of the global market includes the following segments:

Component

  • Solutions
  • Services

Type

  • Rule Based
  • Statistical
  • Hybrid

 Deployment Model

  • Public
  • Hybrid
  • Private

Technology

  • Recognition
  • Operation
  •  Analytics

Organization

  • SMEs
  • Large Enterprises

End User

  • Media & Entertainment
  •  BFSI
  • Government
  •  IT & Telecommunication
  •  Healthcare
  • Automotive
  • Energy & Utilities

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Text Analytics Based Cloud NLP Industry - Regional Synopsis

North American Market Forecasts

The text analytics based cloud NLP market in North America region is set to hold the largest market share of 35% during the assessment period. 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. Growing demand for technologies such as AI and machine learning in the region drives the growth of market. In addition, innovation in the region leads to increased growth of the text analytics based cloud natural language processing sector as a result of the growing presence of key market participants in the United States. In addition, technologies such as AI, machine learning and natural language processing are increasingly being encouraged by local authorities to enable market players to grow their presence in the region. The value of the United States' artificial intelligence space is estimated to reach USD 299.64 billion in 2026.

Europe Market Statistics

The Europe market is set to grow significantly by the end of 2036. The 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. Furthermore, Europe businesses are placing a higher emphasis on enhancing customer experience to retain customers and gain a competitive edge.

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Text Analytics Based Cloud NLP Market size
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Companies Dominating the Text Analytics Based Cloud NLP Landscape

top-features-companies
    • Inbenta Technologies Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    •  IBM Corporation
    • Microsoft Corporation
    • Amazon Web Services, Inc.
    •  Lexalytics, Inc.
    • Aylien Ltd.
    • Softweb Solutions Inc.
    • Google LLC
    • Linguamatics

In-the-news

In The News

  • Inbenta Technologies Inc. announced the launch of an application called Inbenta Dictionary Builder that allows its user to optimize, manage and customize the dictionary used by natural language processing or NLP linguistic engine in the Inbenta fence.
  • 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.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 2344
  • Published Date: Dec 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in retail sector and growing demand in end user sector are some of the major factors anticipated to drive the growth of the text analytics based cloud NLP market.

The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2024-2036.

The major players in the market are of Amazon Web Services, Inc., Lexalytics, Inc., Aylien Ltd., Softweb Solutions Inc., Google LLC, Linguamatics, and others.

The hybrid segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Text Analytics Based Cloud NLP Market Report Scope
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