Text Analytics Based Cloud NLP Market Size

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.