Cloud natural language processing market to witness a double-digit growth rate over 2017-2024, driven by a flurry of rapidly advanced tech innovations
The competitive spectrum of cloud natural language processing market proudly boasts of some of most acclaimed top-shots, such as Amazon Web Services, Fuji Xerox, Baidu, Google, Netbase Solutions, IBM, Microsoft, Verint Systems, Apple Inc., SAP SE, Dolbey Systems, HPE, Facebook, and Nuance Communication. Given the distinguished stance these firms have in the tech cosmos, it comes as no surprise that these companies have been going the whole hog to bring forth a range of highly innovative products that would benefit the cloud NLP industry. The intensely fierce combative environment has made it even more mandatory for companies to adopt tried-and-tested as well as unique, out-of-the-box growth strategies to sustain in cloud NLP market. For instance, tech giant Google, in March this year, had announced the acquisition of Kaggle, a platform hosting machine learning and data science competitions. Through this takeover, Google plausibly aims to acquire one of the most active communities for data scientists, taking a step further toward establishing external integrations with its cloud platform and strengthening its position in cloud natural language processing market.
U.S. Cloud NLP Market Size, By Product, 2016 & 2024 (USD Million)
It is prudent to mention that prior to this acquisition, Google and Kaggle had also joined forces to host a machine learning competition worth USD 100,000, revolving around YouTube video classification. It is thus undeniable that similar to Google, numerous other tech companies have been going the whole nine yards to exploit IoT and big data technology, both which work in tandem with NLP, the result of which would be explicitly visible from the commercialization potential of cloud NLP industry. As per estimates, cloud natural language processing market size was pegged at USD 1.5 billion in 2016, primarily driven by the robust investments in artificial intelligence, that is deployed across a plethora of applications such as machine learning, advanced analytics, robotics, and more.
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One of the most noteworthy instances that affirms the participation of tech giants in cloud NLP industry is the plethora of services that Amazon Web Services has announced to provide this year. Reportedly, the retail behemoth that holds a fair proportion of cloud natural language processing market share, has launched a wide-ranging series spanning 22 all-new services that comprise everything – right from data storage to analysis, and machine learning to convenient cloud transition. Amazon’s prodigious expertise in tapping the cloud, big data tech, IoT, and other innovations to make technology access convenient and flexible for software developers is indeed commendable. The e-commerce player, through this mega launch, has indeed consolidated its presence in numerous business verticals, cloud NLP industry being one of the most prominent ones. Furthermore, it is unquestionable that Amazon’s move would prompt dexterous rivals to break barriers and come up with intensely unique service portfolios of their own, which in consequence, would have a rather lucrative impact on cloud NLP market trends. As the resultant products and services would find pertinent utilization across myriad end-use sectors, such as the BFSI domain, for cross boarder payments, customer documentation, foreign exchange, customer voice processing, solving insurance queries, and text mining, cloud natural language processing market share would traverse a highly profitable growth path in the years ahead. The insights provided by Global Market Insights, Inc., with regards to the same, affirm the authenticity of the declaration – as per the firm’s analysis report, cloud natural language processing market size is likely to cross a valuation of USD 6 billion by 2024, making this business vertical one of most remunerative spaces for potential investors.
As the elbowroom for technology transcends boundaries in the future, cloud natural language processing industry outlook is likely to witness a dynamic transformation, given the contribution of big data and IoT toward deriving powerful insights to ensure quicker decision-making in the fields of marketing, product management, competitive intelligence, etc. The robustly growing demand for content localization would also massively fuel the requirement of NLP services, thereby augmenting the revenue graph of cloud natural language processing industry. With major vendors attempting to launch extensively innovative products for a widespread application spectrum, and the increasing demand for ingenious analytics software that would command the deployment of the cloud space to derive business insights, cloud NLP market size is forecast to grow at an appreciable CAGR of 17% over 2017-2024, as per a report put together by Global Market Insights, Inc.
Author Name : Saipriya Iyer
Automotive robotics market to amass huge gains via assembly applications over 2017 -2024, Europe to influence the regional demand
Having garnered the reputation of being highly technology-driven, automotive robotics industry thrives on the product innovations brought forth by leading business players. A recent instance citing the validity of the aforementioned declaration is Rimac’s collaboration with Dassault Systèmes. Elaborating further, the September of 2017 saw Rimac Automobili, a key manufacturer of high performance electric vehicles, battery systems, and drivetrains, join forces with Dassault Systèmes, a software firm based in France, to acquire the product lifecycle management digital platform from the latter to scale up its business growth. The latter’s 3D experience platform referred as electro mobility accelerator will help the former increase its production capacity and connect with its employees across 11 countries. This deal is an apt example that underscores the developments prevalent in automotive robotics industry. The continued trend of similar alliances are likely to encourage entrants explore newer markets – the autonomous car sharing market , for instance.
U.S. Automotive Robotics Market Size, By Product, 2013 – 2024 (USD Million)
Pertaining to the stiff competition prevalent in the automotive robotics market space, companies have been devising a number of business tactics to consolidate their position. In September 2017, for example, Avnet Incorporation, a major participant across information technology and services industry, acquired Dragon innovation, a major producer of consumer electronics products. The acquisition is expected to assist both the firms add to their existing product line and expand their presence in automotive robotics market.
The month of September has also witnessed Technion – an Israeli tech institute, Korean Advanced Institute of Science and Technology, and Hyundai Motor Group forming an alliance to jointly complete the projects on artificial intelligence, autonomous driving, and cyber security. The collaboration has been touted to help the emerging automotive firms and startups in Israel to launch their products with Hyundai’s vehicle product line. Vice-versa, the initiative is expected to aid Hyundai Motors establish itself as a leader in automotive robotics market, having experimented with next generation of automotive technologies equipped with artificial intelligence and robotics. The alliance signifies a paradigm shift toward the fourth industrial revolution and new vehicle technology, thereby pushing automotive robotics industry trends.
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Robotics has established itself as a principal technology across major end-use domains in the developed geographies such as UK, Germany, and Italy. The surging requirement to achieve time consistency and a higher level of production has led to escalating demand for robotic body assemblies in the country. The deployment of these assemblies to improve the proficiency of the supply chain activities across the automotive sector is likely to impel UK automotive robotics industry expansion.
Germany has a powerful base of automakers, on the grounds of which it has been forecast that robotic applications would be deployed heavily across the automotive sector in the region. Subject to the extensive implementation of robotics, Germany automotive robotics industry is likely to gain a strong ground in the ensuing years. The expansion of this business space across Germany, UK, and Italy is certain to boost Europe automotive robotics market, which contributed nearly 25% toward the overall industry share in 2016.
As per estimates, the demand for robots from vehicle component suppliers increased by 53% in 2016, and that from automotive original equipment manufacturers rose by 32% in the same year. This goes to prove that automotive robotics industry has bright prospects across North America. In fact, research reports claim that North America automotive robotics market is expected to witness a lucrative growth over the coming years, having held a valuation of USD 1 billion in 2016.
A currently compiled market study claims that automotive robotics industry revenue is anticipated to surpass USD 5.96 billion by 2024. Considering the notable contributions made by the automotive giants such as Rockwell Automation, Omron Corporation, The Yaskawa Electric Corporation, and ABB Group, it is no longer a supposition that automotive robotics market will indeed experience a commendable expansion in the years ahead.
Author Name : Dhananjay Punekar