Asia Pacific is estimated to be the fastest growing region in the global cloud NLP market owing to the increasing adoption of the smart devices.

Sellbyville, DE -- (SBWire) -- 01/17/2019 --Global Cloud NLP Market is anticipated to experience substantial growth owing to the increasing investment in AI technology. AI has emerged as one of the most advanced technologies in the wide range of applications ranging from robotics to machine learning to advanced analytics.

The technology assists organizations in extracting powerful insights to drive faster business decisions in e-commerce, marketing, competitive intelligence, product management and several other areas of business to close the gap between insights and action. As AI matures, vendors will shift more towards the technology along with the conventional analytics platform, which is estimated to fuel investments.

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Cloud NLP market is estimated to reach USD 6.1 billion by the year 2024. The growth of the market is driven by the increasing use of NLP technology across several industries such as BFSI, IT & telecommunication, media & advertisement and healthcare. Besides, they also assist in reducing medication errors and manages Health Information Management systems for large hospitals.

The increase in investment in the AI technology is also significantly impacting the growth of the 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, for instance, in 2017 there has been more than 300% increase in investment in AI.

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 the market.

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North America holds majority of the cloud NLP market, as it is one of the early adopters of the technology. One of the primary factor that is backing the growth of the 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.

Cloud NLP market revolves around the market of some multinational players. However, some regional players are also contributing towards the growth of the market. Major vendors of the cloud NLP market are Google, IBM, Microsoft, Facebook, Apple, AWS, HPE, Nuance Communication, SAP SE, SAS, Baidu Inc., Netbase Solutions, Dolbey Systems, Lexalytics, Fuji Xerox, and Verint systems.

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