Healthcare Natural Language Processing Market is anticipated to culminate at approximately US$ 3.5 Billion by the culmination of 2023, the worldwide market is poised for a compelling trajectory, exhibiting a robust CAGR of 18.0% that is set to propel its valuation to around US$ 18.5 Billion by 2033. Illuminated through an in-depth analysis conducted by Future Market Insights, the sphere of text and voice processing technologies emerges as the market vanguard, poised to command a substantial share of approximately 34.7% within the global landscape throughout the year 2023.
One of the key drivers and investors in the natural language processing business is large corporations. The usage of natural language is projected to expand as these firms adopt deep learning, as well as supervised and unsupervised machine learning technologies for various applications. Large enterprises are adopting these technologies for a variety of reasons, including cost and risk.
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.
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A list of Key Players Covered in the Healthcare Natural Language Processing Market Are:
- Apple Inc
- NLP Technologies
- NEC Corporation
- Microsoft Corporation
- IBM Corporation
Customers’ demand for better healthcare services is likely to positively impact the healthcare natural language processing market 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 healthcare natural language processing market 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
USA’s Dominance: The USA holds a substantial market share of approximately 36.4% in the healthcare natural language processing (NLP) market in 2023. This dominance is attributed to the increasing adoption of patient health record systems and the ongoing digital transformation in the healthcare and life sciences sectors.
Innovation with NLP: The growth of the US market is significantly driven by the innovative use of machine learning and NLP in managing health records. These advanced systems enhance the administration of healthcare data, contributing to market expansion.
Germany’s NLP Outlook: Germany, with a market share of nearly 6.7% in 2023, is adopting electronic medical information systems. However, a substantial portion of clinical data remains unstructured. NLP is key to extracting and organizing this data, fueling market growth.
China’s Rapid Expansion: China is projected to experience remarkable growth with a Compound Annual Growth Rate (CAGR) of 17.6%. This growth is fueled by increasing AI awareness and investments in healthcare AI. The adoption of cloud-based NLP solutions is gaining traction, enhancing efficiency and accessibility.
Untapped Potential in China: China is emerging as a significant player in the healthcare NLP sector, with substantial untapped potential. The application of NLP technologies in healthcare and life sciences is driving commercial operations and revenue growth, making it a lucrative market for innovation and investment.
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Competitive Landscape
The healthcare natural language processing market 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
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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