Natural Language Processing (NLP) In Healthcare And Life Sciences Market, by Component Type (Technology (Interactive Voice Response, Optical Character Recognition, Pattern and Image Recognition, Auto Coding, Text Analytics, Speech Analytics) and Services)

Natural Language Processing (NLP) In Healthcare And Life Sciences Market, by Component Type (Technology (Interactive Voice Response, Optical Character Recognition, Pattern and Image Recognition, Auto Coding, Text Analytics, Speech Analytics) and Services), by Application (Drug Discovery, EHRs, Clinical Trial Analytics, Adverse Event Reporting, and Others), by Deployment Mode (On-premise and Cloud), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Natural language processing (NLP) is a process by which computers understand and interact with the user. The technology like Google Search, Alexa, Siri, or Google Assistant operates on NLP process. Software developers are constantly focusing on incorporating NLP in many applications such as speech recognition, machine translation, sentiment analysis, market intelligence, chatbots, spell checking, and text classification. There is rapid increase in adoption of NLP services due to the ability of natural language processing (NLP) to organize data at the time of addressing the feedbacks and queries from customers with the help of chatbots.
Market Dynamics
Rising emphasis on clinical documentation improvement (CDI) by health organizations is driving the market growth during the forecast period. Health organizations are emphasizing on clinical documentation improvement in order to run their operations effectively and efficiently. Health systems across administrative, financial, operational and clinical delivery tasks, are increasingly using NLP to maintain proper record of medicines, patient profile including past medical history and other information. For instance, compliance and regulations such as health care access, portability, and renewability clauses have been developed in the Health Insurance Portability and Accountability Act (HIPAA), in order to protect the security and privacy of patients and customers, and these mandates a standard format for transactions among health organization to simplify administrative processes. The implementation of clinical documentation helps organizations eliminate incidental errors, financial losses, and improve patient care. Also, the adoption of clinical documentation helps enhance patient engagement and enable better patient outcomes.
Moreover, natural language processing (NLP) enables the processing of text directly with computer applications, which helps healthcare organizations enhance the value of patient information in clinical data and reduces the cost by eliminating the conventional clinical documentation process. It also allows healthcare professionals to cope with the clinical narratives, which is a form of clinical communication technique that helps enhance the overall performance of healthcare processes. The impact of this driver is expected to remain high throughout the forecast period, primarily due to rising emphasis on healthcare process enhancement and automation.
Key features of the study:
This report provides in-depth analysis of the global natural language processing (NLP) market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022 - 2028), considering 2021 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
It profiles leading players in the global natural language processing (NLP) market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
Companies covered as a part of this study include IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., NetBase Quid
Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
The global natural language processing (NLP) market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global natural language processing (NLP) market
Detailed Segmentation
Global Natural Language Processing (NLP) Market, By Component:
Platform/Solution
Services
Global Natural Language Processing (NLP) Market, By Application:
Machine Translation
Information Extraction
Report Generation
Predictive Risk Analytics
Global Natural Language Processing (NLP) Market, By Industry:
Automotive
BFSI
Government
Healthcare
Media and Entertainment
Retail & E-commerce
Others
Global Natural Language Processing (NLP) Market, By Deployment Type:
On-premise
Cloud
Global Natural Language Processing (NLP) Market, By Region:
North America
By Country:
U.S.
Canada
Europe
By Country:
Germany
U,K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
By Country:
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Latin America
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa
By Country/Region:
GCC Countries
South Africa
Rest of Middle East and Africa
Company Profiles
IBM Corporation*
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments/ Updates
Microsoft Corporation
Dolbey Systems, Inc.
Google LLC, Apple Inc.
IQVIA Holdings Inc.
Inovalon
3M
Hewlett-Packard Enterprise Company
SAS Institute Inc.
NetBase Quid
“*” marked represents similar segmentation in other categories in the respective section.