Research Nester released a report titled “North America NLP in Healthcare and Life Sciences Market: Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the North America NLP in healthcare and life sciences market in terms of market segmentation by component, by type, by application, by deployment and by countries.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for Natural Language Processing (NLP) in healthcare and life sciences in North America is predicted to grow with a CAGR of about 23.60% during the forecast period, i.e., 2019-2027. NLP is a combination of language, computer science and artificial intelligence that processes unstructured data into a structured and standardized format. [Sample Copy Here]
NLP in healthcare and life sciences market in North America is segmented by component, by type, by application, by deployment and by country. Based on component, the market is bifurcated into technology and services, out of which, the technology segment is sub-segmented into speech recognition, text mining, cognitive analytics and others, while the services segment is sub-segmented into professional services and managed services.
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The segment for speech recognition is predicted to hold the leading market share on account of availability of large amounts of data that is generated in the form of voice and used in the analysis of remedies and for research purposes. On the basis of deployment, the market is segmented into cloud and on-premises, out of which, the on-premises segment is estimated to hold the largest share in the market and attain a value of USD 2,823.61 million by 2027. This can be attributed to the rising prevalence of on-premises solutions in the region.
The market in North America is segmented into the U.S. and Canada. The market in the U.S. was estimated to hold the largest share of 83.26% in 2018 on account of rising technological advancements in the healthcare sector that allow maintenance of data in a structured format which can be easily accessed.
Increasing Usage of Patient Health Record Systems and other Health Management Systems to Boost the Market Growth
NLP in healthcare and life sciences market in North America is anticipated to witness significant expansion in the upcoming years as a result of rising digital transformations in the healthcare and life sciences industries and growing usage of patient health record systems in the region. The management of these health records through machine learning and NLP based advanced systems is a leading factor responsible for the market growth. However, the strict regulations and compliances related to cyber security is anticipated to become a major growth hampering factor for the market.
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This report also provides the existing competitive scenario of some of the key players of the North America NLP in healthcare and life sciences market which includes company profiling of IBM, 3M, Microsoft, Cerner Corporation, Health Fidelity, Inc., Linguamatics, Dolbey and Apixio. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America NLP in healthcare and life sciences market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.