“Surge in clinical data, use of connected devices, and evolving consumer needs is expected to drive the growth in the market”
The global Natural Language Processing (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%. The market is growing rapidly because of the huge surge in clinical data, increasing use of connected devices, and evolving consumer needs. Limited access to clinical data and lack of institutional commitment are restraining the growth of the NLP market in healthcare and life sciences industry.
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“Pattern and image recognition is expected to grow at a higher CAGR”
The NLP in healthcare and life sciences market by technology consists of Interactive Voice Response (IVR), Optical Character Recognition (OCR), pattern and image recognition, auto coding, classification & categorization, text analytics, and speech analytics. Pattern and image recognition is expected to witness the highest CAGR. The technology is helpful in detecting images, pattern analysis, and gesture recognition. In the healthcare industry, it is used to interpret numerical data, such as blood test results. This technique is also used in processing non-numeric data, such as patient history.
“Cloud deployment mode is expected to have the largest market share”
The NLP in healthcare and life sciences market has been segmented by deployment mode into cloud and on-premise deployment mode. Both, on-premise and cloud-based solutions depend upon an organization’s requirements. The cloud-based deployment mode is gaining high traction in the market majorly due to its numerous advantages over the on-premise mode such as the high scalability, cost-effectiveness, simplified access, and ease of use.
Breakup of Primary Interviews:
By Company type – Tier 1- 30%, Tier 2- 40%, Tier 3- 30%
By Designation – C-Level- 72%, Director Level- 14% Others- 14%
By Region – North America- 57%, Europe- 14%, APAC- 29%
The report includes the study of key players offering NLP in healthcare and life sciences market: 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). Furthermore, the report also includes in-depth competitive analysis of the key players in the NLP in healthcare and life sciences market, with their company profiles, recent developments, and key market strategies.
Related Report:
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
The NLP market size is expected to grow from USD 7.63 billion in 2016 to USD 16.07 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1%. Major factors contributing to the growth of the NLP market are increasing smart device usage, demand for enhanced customer experience, and potential growth in machine-to-machine technology.
“On-demand deployment model to have the largest market size in 2016”
The growing demand of extracting and forming structured data sets from clusters of unstructured data online is driving the growth of the on-demand deployment model in the NLP market. This model aligns expenditure to business requirement and its growth is specifically high in enterprises, where low cost solutions are much required.
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