Natural Language Processing (NLP) in Healthcare and Life Sciences Market Worth 2.65 Billion USD by 2021

PUNE, India, October 19, 2016 /PRNewswire/ --

According to a new market research report "Natural Language Processing (NLP) in Healthcare and Life Sciences Market by Component (Technology and Services), Type (Rule-based, Statistical and Hybrid), Application, Deployment Mode (Cloud and On Premise) and Region - Global Forecast to 2021", published by MarketsandMarkets, the NLP in healthcare and life sciences market to grow from USD 1.03 Billion in 2016 to USD 2.65 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8%.

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Browse 66 market data Tables and 46 Figures spread through 132 Pages and in-depth TOC on "Natural Language Processing (NLP) in Healthcare and Life Sciences Market"

http://www.marketsandmarkets.com/Market-Reports/healthcare-lifesciences-nlp-market-131821021.html
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The NLP in healthcare and life sciences market is growing rapidly because of the huge surge in clinical data, increase in the use of connected devices, and evolving consumer needs.

"Report generation application to grow at the highest CAGR" 

The report segments the global market on the basis of applications that include machine translation, automated information extraction, report generation, predictive risk analytics, and others including question answering, dialogue systems, email filtering, spelling correction, and search engine. Report generation is expected to witness the highest growth rate. The report generation application is used to extract required specific information from database, XML, or spreadsheets, and use that information to generate the document as per the requirement of users. Health care organizations and clinics are in constant need for high quality clinical data and this can be achieved by using NLP technology. With the help of distinct automated semantic algorithm, report generation application reorganizes the document as per the human needs.

"Statistical NLP expected to have the largest market share in 2016" 

The report segments the global market by type into rule-based NLP, statistical NLP, and hybrid NLP. Among these, hybrid NLP is expected to dominate the market in term of the market share. The statistical based NLP approach is one of the better approaches to generate results when large amount of data is involved. Due to huge volume availability of text and speech corpora, the statistical-NLP has shown remarkable success in the past few decades.