Cloud NLP as a Service Market 2024 | Global Key Players: Google, Microsoft, Amazon Web Services, Apple, IBM, HPE, SAP SE, and Nuance Communication, Baidu, Dolbey Systems, Facebook, Netbase Solutions, Fuji Xerox, Lexalytics, SAS, and Verint systems

Exponential growth of the digital data is one of the major factors that is driving the growth of the cloud NLP as a service market. Data/information has emerged as one of the most important assets of the organizations. Companies are collecting, analyzing, and reporting vast volume of data for extracting meaningful insights to get competitive edge. Growing adoption of the big data technologies such as Hadoop and IoT among organizations along with popularity of cloud deployment is one of the major factors that are fueling the growth of the digital data. Digital data is estimated to grow at a rate of 40% for next 10 years and by the year 2020 data generation is expected to reach 44 zettabytes per year. As the data increases, it leads to the requirement of an effective analytics solution to process the information, therefore, driving the cloud NLP as a service market growth.

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The increase in investment in the AI technology is also significantly impacting the growth of the cloud NLP as a service market. As AI technology is maturing, organizations are shifting more towards the technology along with the traditional analytics platforms. The advance feature and benefits offered by the technology is attracting more investments and fueling the adoption among organizations.

Media & advertisement and the retail sector is also one of the major end-users of the cloud NLP as a service market. They are leveraging NLP capabilities along with social media analytics modules and CRM solutions for lead generation and brand recognition. Furthermore, increasing interest of the market players towards these industry verticals is also backing the growth of the cloud NLP as a service market. The growing investment in the technology is attributed to the wide applications of the technology along with advanced analytics, machine learning and cognitive surface into the complex systems. The rapid adoption of smart devices, growth in digital data, and investment by technology providers is also fostering the growth of cloud NLP as a service market.

Healthcare applications are estimated to exhibit higher growth rate than other cloud NLP as a service market verticals. Healthcare organizations are widely adopting NLP solutions for analyzing clinical transcriptions, managing medical notes, and documentation purposes. Furthermore, these solutions also assist in reducing medication errors and adverse drug events by managing Health Information Management (HIM) systems. In addition, implementation of ICD-10 regulation and adoption of auto-coding technology in healthcare is further estimated to fuel the demand in the healthcare sector.

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North America holds majority of the global cloud NLP as a service market, as it is one of the early adopters of the technology. One of the primary factor that is backing the growth of the cloud NLP as a service market in the region is investment in machine learning, analytics, and deep learning and presence of large number of players in the market including Google, IBM, Microsoft and start-ups such as Interactions LLC and Lexalytics. Furthermore, increasing adoption of the cloud services in the region is also estimated to back the growth of the market.

Some of the cloud NLP as a service market offering NLP solutions are Google, Microsoft, IBM, HP, AWS, Baidu, Dolbey Systems, Facebook, Netbase Solutions, Fuji Xerox, Lexalytics, SAS, and Verint Systems.

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