The Natural Language Processing market is expected to grow to $13.4 billion
The Natural Language Processing market is expected to grow from $5.7 billion in 2015 to $13.4 billion in 2020 at a CAGR of 18.4% for the forecast period
The explosion of unstructured clinical data and its increased usage among the healthcare service providers and consumers has escalated the need of refining, managing and analyzing the data for enhanced health-related services.
Hence, Natural Language Processing (NLP) technologies for healthcare and life sciences industry is gaining traction due to the explosive growth of clinical unstructured data, increased utilization of internet and increase in the usage of mobile apps. The growing demand have enlarged the outreach of NLP technologies in the healthcare industry. The provider, patients, payers and physicians have recognized the benefit hidden in analyzing the online Electronic Health Records (EHRs) which is providing a quick and real time access to the clinical data with the help of advanced technologies backed with NLP.
The manifold increase in clinical data generation amongst the healthcare industry and the demand of analyzing the data for quick decision process, reduced readmissions and real-time access has propelled the growth of NLP technologies for the industry.
Also, the increase in usage of mobile apps backed with NLP technology being used by most of the pharmaceutical institutes is the other key factor driving the market growth. Doctors are using these technologies on their connected devices as well.
Hence, the vendors prevailing in this market space have introduced advanced mobile apps backed with NLP technologies which provides an easy access to use analysed data on the connected devices. The NLP market has been witnessed to provide numerous opportunities for stake holders (Natural Language Understanding (NLU) solution vendors and Natural Language Generation (NLG) vendors) with the growing need of “personalized medicine”, “disease awareness”, “reach at rural areas” and “increase in the investment of healthcare industry”.
In the coming years, the NLP technology providers will focus more on the cloud-based deployment model due to tremendous increase in unstructured clinical data over the cloud. The market report “Natural Language Processing Market for Health Care and Life Sciences Industry“ analyzes the way NLP market for healthcare and life sciences industry has been evolved and exhibits its growth rate, prevailing vendors and their growth strategies, and implementation across various geographies.