Research Nester released a report titled “North America NLP in Healthcare and Life Sciences Market: Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the North America NLP in healthcare and life sciences market in terms of market segmentation by component, by type, by application, by deployment and by countries.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Natural Language Processing (NLP) is a technology that provides the computers the ability to comprehend the spoken human language and interpret it through artificial intelligence, computational linguistics and computer science. The market for NLP in healthcare and life sciences in North America is projected to record a CAGR of 23.60% during the forecast period, i.e., 2019-2027.
The market is segmented by component, by type, by application, by deployment and by country. On the basis of component, the market is further segmented into technology and services. Based on technology, the market is sub-segmented into speech recognition, text mining, cognitive analytics and others; and on the basis of services, the market is sub-segmented into professional services and managed services. The segment for speech recognition is predicted to hold the leading market share on account of availability of large amounts of data that is generated in the form of voice and used in the analysis of remedies and for research purposes.
In North America, the market in Canada is anticipated to grow at the highest rate over the forecast period. On the other hand, the market in the United States is estimated to hold the largest share by 2027. This can be attributed to rising technological advancements in the healthcare sector that allow maintenance of data in a structured format which can be easily accessed. As a result of this, the market in the United States was estimated to hold a share of 83.26% in North America in the year 2018.
Effective Management of Health Data though NLP to Drive the Market Growth
NLP in healthcare and life sciences market is estimated to observe a substantial growth on the back of growing usage of patient health record systems and digital transformations in the industry. The technology for natural language processing supports value-based care and health management. The advanced systems for management of patient health records are based on machine learning and NLP, which further provides managed care, PHM applications, analytics and reporting. However, the strict regulations and compliances related to cyber security is anticipated to become a major growth hampering factor for the market.
This report also provides the existing competitive scenario of some of the key players of the North America NLP in healthcare and life sciences market which includes company profiling of IBM, 3M, Microsoft, Cerner Corporation, Health Fidelity, Inc., Linguamatics, Dolbey and Apixio. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America NLP in healthcare and life sciences market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.