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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~25% |
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Base Year Market Size (2023) |
~USD 3 Billion |
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Forecast Year Market Size (2036) |
~USD 28 Billion |
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Regional Synopsis |
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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:
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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.
Author Credits: Abhishek Verma
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