The Global Natural Language Processing Market is forecast to reach USD 4,799.6 Million by 2028, according to a new report by Reports and Data. NLP can be referred to as a discipline of computer science that requires skills in computational linguistics, artificial intelligence, and other machine learning disciplines. The Natural Language Processing market is projected to witness significant growth during the forecast period, which is resultant of the combination of different market factors. One of the significant factors in this regards is the diverse applications of this technology in the health sector. As an instance, it contributes to the enhancement of patient health literacy, along with minimizing the issues of EHR processing on the part of care providers. NLP tools may contribute to effective interactions between care users and health IT tools. The mentioned effectiveness of interactions between health IT tools and care users would allow them to access health data and make informed decisions easily. Another essential benefit of NLP tools for healthcare organizations is that it contributes to improving the quality of care as these tools offer effective ways to assess the quality of care and develop it accordingly. In regards to region, Europe occupies a prominent market position. The market position held by Europe is resultant of the growing healthcare sector, increasing geriatric population, and resultant elevated demand for NLP tools.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Further key findings from the report suggest:
- The Natural Language Processing market held a market share of USD 1,805.5 Million in the year 2020 and forecasted to witness a CAGR of 13.5% during the forecast period.
- In context to Component, the Technology segment generated a higher revenue of USD 0.91 Billion in 2020, with a faster CAGR of 13.9% during the forecast period. High demand for Optical Character Recognition, Interactive Voice Response, Text Analytics technologies among care providing organizations for enhancing their EHR processing contributes to the revenue generated by the Technology segment.
- In regards to Type, the Rule-Based NLP segment generated the highest revenue of USD 0.67 Billion in 2020, with second-highest CAGR of 13.8% during the forecast period. This type of NLP focuses on pattern-matching, a trait beneficial for the healthcare sector in enhancing the EHR process by assisting in finding arbitrary words and increase the efficiency of data maintenance that results in its increased demand, which contributes to the revenue generated by the Rule-Based NLP segment.
- In context to Application, the Machine Translation [MT] segment held the largest market share of 40.0% in 2020, with a CAGR of 13.7% during the forecast period. The market share occupied by the MT segment is attributed to its extensive application in the healthcare sector for translating source content into target languages and help patients make informed decisions.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 14.6% during the forecast period, which occupied 24.0% of the market in 2020. The increasing expenditure in the healthcare sector and technological advancements contributes to the growth of the market in this region.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Natural Language Processing Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Cerner Corporation, 3M, Nuance Communications, Inc., IBM Corporation, Heath Fidelity, Microsoft Corporation, Linguamatics, Apixio, Clinithink Inc., and Mmodal IP PLC.
Natural Language Processing Market Segmentation:
Component Type Outlook (Revenue, USD Billion; 2018-2028)
- Service
- Support and Maintenance Services
- Professional Services
- Technology
- Optical Character Recognition
- Auto Coding
- Interactive Voice Response
- Pattern and Image Recognition
- Text Analytics
- Classification and Categorization
- Speech Analytics
Type Outlook (Revenue, USD Billion; 2018-2028)
- Statistical NLP
- Rule-Based NLP
- Hybrid NLP
Deployment Mode Type Outlook (Revenue, USD Billion; 2018-2028)
- On-Premise
- Cloud
Application Type Outlook (Revenue, USD Billion; 2018-2028)
- Machine Translation
- Predictive Risk Analytics
- Report Generation
- Automated Information Extraction
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Natural Language Processing market over the forecast period?
- What are the major factors driving the growth of the Global Natural Language Processing Market?
- What are the key challenges impacting the global Natural Language Processing market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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