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Press Release

NLP in Healthcare Market and Life Sciences: 20.8% CAGR to 2021 led by Cloud Deployment

Posted on: 24 Oct 16

PUNE, India, October 24, 2016 /PRNewswire/ --

The Natural Language Processing (NLP) in healthcare and life sciences market is set to grow from USD 1.03 billion in 2016 to USD 2.65 billion by 2021 with pattern and image recognition expected to grow at a higher CAGR and cloud deployment mode to have the largest market share.

Complete report on NLP in healthcare and life sciences market spread across 132 pages, profiling 11 companies and supported with 66 tables and 46 figures is now available at .

The market is growing rapidly because of the huge surge in clinical data, increasing use of connected devices, and evolving consumer needs. Limited access to clinical data and lack of institutional commitment are restraining the growth of the NLP market in healthcare and life sciences industry.

The NLP in healthcare and life sciences market by technology consists of Interactive Voice Response (IVR), Optical Character Recognition (OCR), pattern and image recognition, auto coding, classification &categorization, text analytics, and speech analytics. Pattern and image recognition is expected to witness the highest CAGR. The technology is helpful in detecting images, pattern analysis, and gesture recognition. In the healthcare industry, it is used to interpret numerical data, such as blood test results. This technique is also used in processing non-numeric data, such as patient history.

The NLP in healthcare and life sciences market has been segmented by deployment mode into cloud and on-premise deployment mode. Both, on-premise and cloud-based solutions depend upon an organization's requirements. The cloud-based deployment mode is gaining high traction in the market majorly due to its numerous advantages over the on-premise mode such as the high scalability, cost-effectiveness, simplified access, and ease of use.

The report includes the study of key players offering natural language processing (NLP) in healthcare and life sciences market:3M (Minnesota), Cerner Corporation (Missouri), IBM Corporation (New York), Microsoft Corporation (Washington), Nuance Communications (Massachusetts), M*Modal (Tennessee), Health Fidelity (California), Dolbey Systems (Ohio), Linguamatics (Cambridge), and Apixio (San Mateo). Order a copy of Natural Language Processing (NLP) in Healthcare and Life Sciences Market by Component (Technology and Services), Type (Rule-based, Statistical and Hybrid), Application, Deployment Mode (Cloud and On Premise) and Region - Global Forecast to 2021 research report at .

Furthermore, the report also includes in-depth competitive analysis of the key players in the NLP in healthcare and life sciences market, with their company profiles, recent developments, and key market strategies. In the process of determining and verifying, the global NLP in healthcare and life sciences market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (30%), Tier 2 (40%) and Tier 3 (30%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (72%), Director Level (14%) and others (14%) from various key organizations operating in the global NLP in healthcare and life sciences market. The primary interviews were conducted worldwide covering regions such as North Americas (57%), Europe (14%) and APAC (29%).

On a related note, another research on Natural Language Processing Market by Type, by Technologies by Deployment Type, Vertical & by Region - Global Forecast to 2021 says, media & entertainment and research & education verticals are expected to play a key role in the NLP market to gain maximum traction during the forecast period. The overall market is expected to grow from USD 7.63 billion in 2016 to USD 16.07 billion by 2021, at a CAGR of 16.1%. Professional services to grow at the highest CAGR from 2016-2021. Companies like 3M, Apple Incorporation, Dolbey Systems, Google, HP, IBM Incorporation, Microsoft Corporation, NetBase Solutions, SAS Institute Inc., and Verint Systems have been profiled in this 140 pages research report available at .

Explore more reports on the IT & telecommunication market at .

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Editor's Details

Mike Wood

Last updated on: 24/10/2016

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