Cloud Natural Language Processing (NLP) Market Size

Cloud Natural Language Processing Market Size

Cloud Natural Language Processing (NLP) Market size was estimated to be over USD 1.5 billion in 2016 and is estimated to grow with around 17% CAGR from 2017 to 2024.

Cloud natural language processing 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.

The investment landscape is led by the digital native companies and tech giants such as Google, Baidu, Amazon and Apple. They are collectively investing billions of dollars in a wide range of AI applications ranging from robotics, machine learning, virtual assistance technology, autonomous vehicles, natural language and computer vision. Internal investments by the technology companies in R&D for enhancing AI capabilities accounts for a major share in the investment in AI. For instance, Google and Baidu have invested approximately USD 20 billion in AI in 2016.