Text Analytics Based Cloud NLP Market Trends

Growth Drivers

• Growing Integration in End User Sectors – There has been a rising implementation of cloud-based NLP applications, such as text analytics, in end user industries, such as the BFSI. Along with the growing adoption of these applications in commercial spaces so as to gain competitive advantage are some of the factors that are driving the growth of the global text analytics based cloud NLP market. The BFSI industry, amongst all other end-use industries, is highly benefitted from the implementation of cloud-based NLP applications as collaboration of text analytics along with cloud NLP provides the synchronization between the clients and the company along with smooth communication between man and machines. Moreover, utilization of these technologies helps to reduce cost, save time, improve performance, and add value to the market in the BFSI sector.
• Growing Penetration of Third-Party Solutions – There has been increasing utilization of numerous third-party solutions for text analytics-based cloud NLP application programming interface (API). This offers improved services pertaining to text analytics to small, medium, and large enterprises that help to enhance text analysis for these organizations.

Challenges

• Negative Affects of its Integration in Various Sectors - Affect on the adoption rate of text analytics and NLP in numerous industries owing to the complex government regulations and compliances based on privacy laws and other laws that prevent the disclosing of private or sensitive information are some of the factors expected to limit the growth of the global text analytics based cloud NLP market around the globe.
• Data Privacy and Security Concerns Associated with Text Analytics Based Cloud NLP is Set to Hamper the Market Expansion in the Forecast Period
• Lack of Awareness about Text Analytics Based Cloud NLP is Predicted to Pose Limitations on the Market Expansion in the Upcoming Period.