According to a new report published by Research Dive, the global natural language processing (NLP) market in healthcare and life sciences market will reach $ 5.1 billion by 2027 and is expected to grow at a rapid pace remarkable throughout the forecast period 2019-2027. Global market segmentation is done on the basis of NLP type, mode of deployment, organization size, application, end-use industry and region. This report offers comprehensive information on the drivers, opportunities, restraints, segmentation, and major manufacturers of the global market. This report provides information on the impact of COVID-19 on the Global natural language processing (NLP) in the healthcare and life sciences market.

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Factors Affecting Market Growth

Growing advancements in the life sciences and healthcare industries due to growing consumer demand for well-organized healthcare services and risk minimization are the main driver of market growth, according to our analysts. But, the lack of health infrastructure, especially in underdeveloped economies, is a drag on market growth.

Rules-based NLP and On-Premises Segments held the size of the global market in 2019

Based on type, the global market has been categorized into Rules Based NLP, Statistical NLP, and Hybrid NLP. In these, the rule-based NLP segment has generated the obvious size of the market in previous years, due to the heavy use of rules-based NLP by healthcare professionals for identification. languages ​​or models that represent specific health concepts. In addition, the statistical segment of NLP will experience remarkable growth during the forecast years.

Based on the mode of deployment, the global market is segmented into local and cloud. In both of these cases, the deployment mode could experience remarkable growth and is expected to generate the highest revenues by the end of the forecast period. The increasing adoption of the cloud-based NLP process by most of the organizations across the world due to properties such as flexibility, cost-effectiveness, simple and efficient management, this factor increases the demand for cloud-based services in coming years. Premises have accounted for the highest market share in previous years and are expected to grow at a moderate pace over the forecast years.

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Large companies and pattern and image recognition segments account for a significant portion of revenue from previous years

Based on the size of the organization, the global market is segmented into large enterprises and small to medium enterprises. In both of these cases, the large enterprise segment held the size of the global market in the previous years and is expected to continue to dominate the global market in terms of revenue generation during the forecast period. Large companies have several health units and institutions, these units contain a large amount of data and information. For this reason, large companies apply NLP processes to deeper data analysis in order to save time and provide service to patients, this factor will drive the market growth.

Based on the application, the global market is categorized into interactive voice response, pattern and image recognition, automatic coding, classification and categorization, text and speech analysis, and others. Among these, the shape and image recognition applications market generated the highest share in 2019 and is expected to experience remarkable growth in the coming years. Wide use of NLP process for pattern and image recognition application to identify sentences of spoken languages, analyze lexicography and morphology as well as sentence semantics, these factors are expected to drive the market growth over the years forecast.

Researchers segment will be most profitable in forecast years

Based on the end user, the global market is divided into Physicians, Researchers, Patients, and Clinical Operators. Of these, the researcher segment accounted for a significant share of revenue in 2019 and is expected to grow at a faster rate over the forecast years. This expected growth is mainly due to the increasing application of NLP processes in healthcare studies by researchers to conduct a comprehensive study of inappropriate health data in order to find possible new treatment methods.

Natural Language Processing (NLP) In Healthcare & Life Sciences Market, Regional Insights

The North America region is expected to hold the largest natural language processing (NLP) market share in healthcare and life sciences in the previous years and is expected to maintain its growth in the forecast years. This dominance is attributed to significant innovations in the healthcare sector, such as the digitization and modernization of healthcare facilities in the North America region. In addition, Europe region has accounted for the subsequent position in terms of revenue share in the global market and is expected to generate huge growth opportunities in the global market.

Leading players in the global market

The major players in the Global Natural Language Processing (NLP) Market in the Healthcare and Life Sciences Market are Nuance Communications, Inc., 3M, Health Fidelity, Inc., Microsoft, Veritone, Dolbey, Google, Linguamatics, Apixio, Inbenta Technologies and Bitext, among others.

About Us:
Research Dive is a market research company based in Pune, India. By maintaining the integrity and authenticity of the services, the company provides services only based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees a complete and accurate analysis. With unprecedented access to multiple paid data resources, a team of expert researchers, and a strict work ethic, the company delivers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the services it needs to its clients on time. Its expertise is focused on examining niche markets, targeting its key drivers and detecting looming obstacles. Complementarily, he also maintains a transparent collaboration with the great aficionado of the industry, which offers an additional advantage to his research.

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