Companies Profiled in Healthcare Natural Language Processing Market are Apple Inc, NLP Technologies, NEC Corporation, Microsoft Corporation, IBM Corporation
NEWARK, N.J., April 25, 2022 (GLOBE NEWSWIRE) -- The healthcare natural language processing market is expected to rise at a CAGR of 16.7%, with the market valuation reaching US$ 14.6 Bn by the end of 2032.
One of the key drivers and investors in the natural language processing business is large corporations. The usage of natural language is projected to expand as these firms adopt deep learning, as well as supervised and unsupervised machine learning technologies for various applications. Large enterprises are adopting these technologies for a variety of reasons, including cost and risk.
The majority of large end-user firms in a variety of industries are primarily using these language processing technologies to improve their internal and external operations. Furthermore, because the return on investment in technology is not necessarily monetary, most small businesses consider it a dangerous investment.
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A list of Key Players Covered in the Healthcare Natural Language Processing Market Are:
- Apple Inc
- NLP Technologies
- NEC Corporation
- Microsoft Corporation
- IBM Corporation
Customers' demand for better healthcare services is likely to positively impact the healthcare natural language processing market adoption trends. The top companies in the global natural language processing in healthcare and life sciences business are concentrating their efforts on increasing the integration of digital innovations in the healthcare sector. Language processing is an artificial intelligence (AI) subset that promotes human-machine interaction.
Text analytics and natural language processing (NLP) technology are also being used by large-scale social media platforms to measure and supervise social media activity such as political evaluations and hate speeches. These tools are used by platforms such as Facebook and Twitter to manage published material.
The increased importance of web data for successful marketing and decision-making is expected to drive up demand for information extraction product applications. Mobile chatbots are expected to change the marketing and commerce industries in the coming years.
As per the healthcare natural language processing market study by Future Market Insights, because key players are focused on research and development in natural language processing platforms used in the healthcare industry, the global natural language processing (NLP) in the healthcare and life sciences market is predicted to rise significantly.
Regulatory barriers to the language processing deployment and high training costs for NLP models are two main problems limiting the healthcare natural language processing market share's growth.
The Health Insurance Portability and Accountability Act Rules of India state that healthcare data security is the most important element in the healthcare and life sciences industry, citing an increase in cyber-attacks on healthcare organisations and cybercriminals developing increasingly sophisticated tools and methods to attack healthcare natural language processing organisations.
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Key Takeaways
- The rising demand for predictive analytics technology to reduce risks and improve substantial medical issues, increasing demands for improving EHR data usability to improve healthcare delivery and outcomes, and an increasing need to analyse and extract insights from narrative text and huge amounts of clinical data are all driving the demand of healthcare natural language processing.
- The US healthcare natural language processing market size is expected to reach US$ 3 Bn by 2032.
- The information extraction segment is expected to grow at a modest CAGR of 17.3% throughout the forecast period.
- During the forecast period, the hybrid cloud category is predicted to develop at the quickest rate in the natural language processing market.
- The healthcare natural language processing market share is valued at US$ 3.1 Bn in 2022, and it is expected to reach US$ 14.6 Bn by 2032.
Competitive Landscape
The healthcare natural language processing market is fiercely competitive, with several significant competitors vying for more market share. These market leaders have been concentrating on growing their customer bases in international nations, as well as creating new inventive solutions, as well as pursuing agreements and mergers to enhance their market share and profitability.
Major players operating in the global natural language processing in the healthcare and life sciences market include 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Hewlett Packard Enterprise Development LP, Health Fidelity, Inc., Centene Corporation, Inovalon, Amazon.com, Inc., Averbis GmbH, Clinithink, Wave Health Technologies, SparkCognition, Lexalytics, Conversica Inc., Dolbey Systems, Inc., and Alphabet Inc.
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Recent Developments
Baidu Inc. announced Ernie-M, a multilingual model that can analyse 96 languages, in February 2021. It's a training model with the potential to increase cross-lingual transferability in data-scarce language processing.
The Royal Wolverhampton NHS Trust and Babylon announced a 10-year agreement in January 2020 to build an integrated digital health system for Wolverhampton's population. Babylon's Artificial Intelligence is likely to assist in providing real-time monitoring and individualised care plans for patients with chronic illnesses.
Table of Content
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Healthcare Natural Language Processing (NLP) Market
4. Market Overview
4.1. Introduction
4.1.1. Evolution/Development
4.2. Key Market Indicators
4.2.1. Growth in Healthcare AI
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Techniques Overview: Natural Language Processing (NLP)
4.4.1. Word or Entity Analysis
4.4.2. Relationship and Event Analysis
4.4.3. Syntactic Analysis
4.4.4. Document Analysis
4.5. Global Healthcare NLP Market Analysis and Forecasts, 2022 - 2032
4.5.1. Market Revenue Projections (US$ Mn)
4.6. Ecosystem Analysis
4.7. Market Outlook
5. Global Healthcare NLP Market Analysis and Forecasts, By Technology
5.1. Definitions
5.2. Key Findings
5.3. Key Trends
5.4. Healthcare NLP Market Size Forecast By Technology, 2022 - 2032 (US$ Mn)
5.4.1. Machine Translation
5.4.2. Information Extraction
5.4.3. Automatic Summarization
5.4.4. Text and Voice Processing
5.5. Technology Comparison Matrix
5.6. Market Attractiveness By Technology
TOC Continued…!
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