Dublin, Oct. 06, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/d969jt/natural_language) has announced the addition of the "Natural Language Processing Market for Health Care and Life Sciences Industry by Type (Rule-Based, Statistical, & Hybrid NLP Solutions), Region (North America, Europe, Asia-Pacific, Middle East and Africa, Latin America) - Global Forecast to 2020" report to their offering.
The NLP market for healthcare and life sciences industry is projected to grow to USD 2.67 Billion from USD 1.10 Billion in 2015, at a CAGR of 19.2% for the forecast period.
The NLP market for healthcare and life sciences industry is growing at a rapid rate and is being pushed by a variety of growth drivers such as explosive growth of clinical data, increase in utilization of the internet, and increase in usage of connected devices. The NLP market has been forecasted to have numerous opportunities for growth, such as the growing need for personalized medicine, need to raise disease awareness, and investment in the healthcare industry. However, the market is going to be hampered by a few restraints, such as lack of collaborative adoption. There are a few customer segments where the NLP techniques have missed its acceptance.
A major challenging factor which is being faced by the healthcare and life sciences include challenges posed by government rules and regulations. As healthcare organizations are looking for human-to-machine translation solutions to provide better access to important clinical data, the demand for NLP solutions are increasing at a high rate.
Globally, North America and Europe have shown the maximum respective market shares in the NLP market. However, regions such as Latin America, Middle East and Africa (MEA), and Asia-Pacific (APAC) are the faster growing regions.
Further, in the NLP market, the NLP techniques are getting deployed through two kinds of models, on-premises and on-demand (cloud-based), which are covered in this report.
In the Natural Language Processing (NLP) market for healthcare and life sciences industry, the solution vendors such as 3M, IBM Corp, Microsoft Corp., Nuance Communication, Cerner Corp., Health Fidelity, Apixio, Linguamatics Optum Inc., and Dolbey Systems offer high-end NLP solutions for the healthcare and life sciences industry. The HealthCare NLP Market has been segmented on the basis of type of NLP solutions into rule-based NLP, statistical NLP, and hybrid NLP. The NLP technologies are classified into broader segments including recognition, operational, and analytics, which are further spilt into their respective sub-segments.
For more information visit http://www.researchandmarkets.com/research/d969jt/natural_language