The global healthcare natural language processing market for text and voice processing technologies is projected to achieve a valuation of USD 3.5 billion by the end of 2023, with an impressive compound annual growth rate (CAGR) of 18.0%. This growth trajectory is expected to propel the market’s value to approximately USD 18.5 billion by 2033, according to a recent study by Future Market Insights.
Text and voice processing technologies are poised to dominate the market, anticipated to capture an estimated market share of around 34.7% in 2023. These technologies play a critical role in enhancing communication and streamlining operations across various industries, including customer service, healthcare, and education.
The surge in demand for advanced text and voice processing solutions is driven by the increasing reliance on automation and artificial intelligence to improve user experiences and operational efficiencies. Businesses are rapidly adopting these technologies to enhance their services, providing customers with faster and more accurate responses.
Moreover, the continuous advancements in machine learning and natural language processing are expected to further fuel market growth, enabling more sophisticated applications and solutions that cater to diverse needs.
In the realm of NLP, text and voice processing technologies emerge as the market vanguard, commanding a substantial share of approximately 34.7% within the global landscape throughout 2023. This shift is indicative of a paradigmatic transformation in the healthcare industry, driven by cutting-edge innovations in natural language processing.
The majority of large end-user firms in a variety of industries are primarily using these language processing technologies to improve their internal and external operations. Furthermore, because the return on investment in technology is not necessarily monetary, most small businesses consider it a dangerous investment.
A list of Key Players Covered in the Global Healthcare Natural Language Processing Industry Are:
- Apple Inc
- NLP Technologies
- NEC Corporation
- Microsoft Corporation
- IBM Corporation
Customers’ demand for better healthcare services is likely to positively impact the Global Healthcare Natural Language Processing Industry 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 Global Healthcare Natural Language Processing Industry 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.
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 Global Healthcare Natural Language Processing Industry 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.
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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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