The Global Healthcare Natural Language Processing Industry is on an impressive trajectory, with expectations of reaching approximately US$3.5 billion by the close of 2023. A comprehensive analysis conducted by Future Market Insights predicts a robust Compound Annual Growth Rate (CAGR) of 18.0%, propelling the industry to soar to around US$18.5 billion by 2033. Notably, within this global landscape, the sphere of text and voice processing technologies emerges as the market leader, poised to command a substantial share of about 34.7% by the end of 2023.
One of the primary driving forces behind the natural language processing business is the involvement of large corporations. These firms are increasingly adopting deep learning, supervised, and unsupervised machine learning technologies for various applications, contributing to the projected expansion of natural language usage. Large enterprises are motivated by factors such as cost savings and risk management in their adoption of these technologies.
In a variety of industries, the majority of large end-user firms are leveraging language processing technologies to enhance both their internal and external operations. Although the return on investment in technology may not always be monetary, most small businesses are also recognizing the importance of these investments.
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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.
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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.
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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Key Players
- Apple Inc
- NLP Technologies
- NEC Corporation
- Microsoft Corporation
- IBM Corporation
Key Segments
By Technology:
- Machine Translation
- Information Extraction
- Automatic Summarization
- Text and Voice Processing
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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