Exponential growth of the digital data is one of the major factors that is driving the growth of the cloud natural language processing 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. Global cloud Natural Language Processing (NLP) market is set to exceed USD 6 billion by 2024, according to this new research report.
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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 market growth.
Asia Pacific is estimated to be the fastest growing region in the global cloud natural language processing market owing to the increasing adoption of the smart devices. Moreover, increasing investment in AI by Chinese players such as Baidu and Alibaba are also contributing significantly towards the revenue growth.
Some of the vendors offering NLP solutions are Google, Microsoft, IBM, HP, AWS, Baidu, Dolbey Systems, Facebook, Netbase Solutions, Fuji Xerox, Lexalytics, SAS, and Verint Systems. Vendors are trying to capture the market with customized product portfolio, that will help them in gaining more market share. Also, they are collaborating with cloud providers to offer products and services especially, to SMEs. The market is quite attractive as majority of the players are ready to invest in technologies such as AI, deep learning, and machine learning.