QY Research has recently published a new report, titled “Global Natural Language Processing (NLP) in Healthcare Market Insights, Forecast to 2025”, which provides an in-depth analysis and fundamental insights into the NLP in healthcare Market. Analysts have examined every aspect of the report including revenue generation and sales. The report also provides a thorough analysis of the key market dynamics and the trends and opportunities that will come to determine advancement in every segment of the market.
QY Research states that the global natural language processing (NLP) in healthcare market will touch the valuation at US$1,756 mn by the end of 2025 from US$486 mn in the year 2018. The market is estimated to register a whopping CAGR of 20.1% over the anticipated period.
Global Natural Language Processing (NLP) in Healthcare Market: Drivers
NLP is has become popular for representing and analyzing human language computationally. The ability of artificial intelligence (AI) and computer science to interpret natural human languages has benefitted the healthcare industry tremendously. The use of an analytic tool and deep learning to interpret medical data and improving clinical decision-making is driving the growth of the global NLP in healthcare market. In addition, the engagement of the patients in the treatment process has also boosted the deployment of NLP in the healthcare sector. Therefore, it is expected that the demand for the NLP market would increase along with the growing use of clinical informatics in the healthcare sector.
Moreover, the emergence huge amount of unstructured clinical data and growing use of connected devices in the healthcare industry are some of the factors that create a positive impact on the growth of the market in the coming years.
Global Natural Language Processing (NLP) in Healthcare Market: Segment Analysis
The global NLP market is segmented into product type and application. The application segment consists of electronic health records (EHR), clinician document, computer-assisted coding (CAC), and others. The EHR is the leading segment in the global natural language processing in healthcare market because it is the easier and fastest way to organize the records of the patients with the use of NLP.
The product type segment includes machine translation, automatic summarization, text and voice processing, information extraction, and others.
Global Natural Language Processing (NLP) in Healthcare Market: Regional Analysis
North America is expected to hold the largest market share in the NLP in healthcare market due to increasing adoption of artificial intelligence (AI) technology across all verticals. Europe is also likely to grow rapid technological advancement in the region. Asia Pacific is also estimated to grab a remarkable market share for in the NLP in healthcare market as the region witness a massive overhaul in its healthcare sector.
Global Natural Language Processing (NLP) in Healthcare Market: Leading Manufacturers
Dolbey Systems, 3M, Health Fidelity, Linguamatics, Averbis, Amazon AWS, Microsoft Corporation, Nuance Communications, IBM, and SAS are the major players that are operating on the global NLP market.
Global Natural Language Processing (NLP) in Healthcare Market: Competitive Landscape
Companies are adopting strategies such as joint ventures, technology advancement, new product development, and mergers and acquisitions to attain a higher position in the market. The research report provides you the details pertaining to PESTEL analysis, Porters five force model, and SWOT analysis of these companies in order to serve as guiding document for making accurate business decisions.