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Natural Language Processing (NLP) in Healthcare and Life Sciences Market Worth 2.65 Billion USD by 2021
|By PR Newswire
|October 19, 2016 07:55 AM EDT
PUNE, India, October 19, 2016 /PRNewswire/ --
According to a new market research report "Natural Language Processing (NLP) in Healthcare and Life Sciences Market by Component (Technology and Services), Type (Rule-based, Statistical and Hybrid), Application, Deployment Mode (Cloud and On Premise) and Region - Global Forecast to 2021", published by MarketsandMarkets, the NLP in healthcare and life sciences market to grow from USD 1.03 Billion in 2016 to USD 2.65 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8%.
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Browse 66 market data Tables and 46 Figures spread through 132 Pages and in-depth TOC on "Natural Language Processing (NLP) in Healthcare and Life Sciences Market"
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The NLP in healthcare and life sciences market is growing rapidly because of the huge surge in clinical data, increase in the use of connected devices, and evolving consumer needs.
"Report generation application to grow at the highest CAGR"
The report segments the global market on the basis of applications that include machine translation, automated information extraction, report generation, predictive risk analytics, and others including question answering, dialogue systems, email filtering, spelling correction, and search engine. Report generation is expected to witness the highest growth rate. The report generation application is used to extract required specific information from database, XML, or spreadsheets, and use that information to generate the document as per the requirement of users. Health care organizations and clinics are in constant need for high quality clinical data and this can be achieved by using NLP technology. With the help of distinct automated semantic algorithm, report generation application reorganizes the document as per the human needs.
"Statistical NLP expected to have the largest market share in 2016"
The report segments the global market by type into rule-based NLP, statistical NLP, and hybrid NLP. Among these, hybrid NLP is expected to dominate the market in term of the market share. The statistical based NLP approach is one of the better approaches to generate results when large amount of data is involved. Due to huge volume availability of text and speech corpora, the statistical-NLP has shown remarkable success in the past few decades.
"North America to be the largest revenue generator"
The report has been segmented by region into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to continue being the largest revenue generator region for NLP in healthcare and life sciences vendors for the next five years, followed by Europe. Major initiatives taken for NLP technologies have their origin in this region. Increase in adoption and usage of smartphones and big data are a few of the major drivers of NLP solutions in North America. The market growth in developing regions can be attributed to the enhancements in technology.
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Major vendors that offer Natural Language Processing (NLP) in Healthcare and Life Sciences Market solutions are 3M (Minnesota), Cerner Corporation (Missouri), IBM Corporation (New York), Microsoft Corporation (Washington), Nuance Communications (Massachusetts), M*Modal (Tennessee), Health Fidelity (California), Dolbey Systems (Ohio), Linguamatics (Cambridge), and Apixio (San Mateo). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the NLP in healthcare and life sciences market.
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Natural Language Processing Market by Type (Rule-Based, Statistical, and Hybrid), Technologies (Recognition, IVR, OCR, Speech Recognition, Text Processing, Pattern & Image Recognition), by Deployment Type, Vertical & by Region - Global Forecast to 2021
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