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Natural Language Processing (NLP) Market for Healthcare and Life Sciences Industry worth 2.67 Billion USD by 2020
The report “Natural Language Processing Market for Health Care and Life Sciences Industry by Type (Rule-Based, Statistical, & Hybrid NLP Solutions), Region (North America, Europe, Asia-Pacific, Middle East and Africa, Latin America) - Global Forecast to 2020”, defines and divides the NLP market into various segments with an in-depth analysis and forecasting of revenues.
Browse 39 tables and 36 figures spread through 134 pages and in-depth TOC on "Natural Language Processing Market for Health Care and Life Sciences Industry - Global forecast to 2020"
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Natural Language Processing (NLP) is the technology which assists machines in understanding both written and spoken human language by analyzing human to computer interaction. The NLP technologies are gaining traction in healthcare and life sciences industry as there is an explosive growth of unstructured clinical data available in Electronic Health Records (EHR). NLP techniques extract important information from the vast amount of clinical data and analyze it effectively for enhanced processing and analytics. Due to this, numerous healthcare providers are looking for solutions that incorporate high-end NLP technologies.
The demand in this market is highly driven by the tremendous increase in unstructured clinical data. Furthermore, the increase in the usage of internet and connected devices are some other factors pushing this market and creating value in the market. Many niche players such as 3M, IBM, Cerner Corporation, Nuance Communication, Microsoft, health Fidelity, Apixio, Dolbey Systems, and many others have emerged in this market and are expected to evolve in coming years.
The NLP market is broadly segmented by type of solutions into rule-based NLP, statistical NLP, and hybrid NLP; by type of technologies into recognition technologies and operational technologies; by type of services into professional services and support and maintenance services; by deployment model into on-premises and on-demand; and by region into North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA).
This research report also identifies the factors driving this market, restraints, challenges, and opportunities impacting it along with the future roadmaps. Additionally, the report emphasizes on key adoption trends, evolution of NLP techniques, attractive market opportunities, and business cases in this innovative market. MarketsandMarkets expects a significant growth trend of NLP solutions in various industries as there is a massive rise in the demand of enhancing the customer experience and Machine-to-Machine (M2M) techniques.
The rule-based NLP technologies in the healthcare and life sciences industry has high adoption rate as compared to other types of solutions in the NLP market. However, the statistical NLP type is expected to grow with higher Compound Annual Growth Rate (CAGR). Also, due to lower cost of integration and installation of NLP solutions, the professional services segment is holding the majority of market size as compared to support and maintenance services.
The global NLP market for health care and life sciences industry is expected to grow from USD 1.10 Billion in 2015 to USD 2.67 Billion by 2020, at a CAGR of 19.2%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of NLP solutions for the healthcare and life sciences industry.
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