The global healthcare and life sciences natural language processing (NLP) market is expected to grow from $1.1 billion this year to $2.67 billion in 2020, according to a new report from MarketsandMarkets.
Natural language processing 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), according to the report. 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 report found.
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, Europe, Latin America, and Middle East and Africa.