According to a new market research report “Natural Language Processing Market by Component, Deployment Mode, Organization Size, Type, Application (Sentiment Analysis and Text Classification), Vertical (Healthcare and Life Sciences, and BFSI), and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Natural Language Processing (NLP) market size is expected to grow from USD 10.2 billion in 2019 to USD 26.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period 2019–2024.
The major growth factors of the NLP market include the increase in smart device usage, the growth in the adoption of cloud-based solutions and NLP-based applications to improve customer service, as well as the increase in technological investments in the healthcare industry.
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Healthcare and life sciences vertical to grow at the highest CAGR during the forecast period
NLP technologies are proving to be one of the key revolutions in the healthcare industry; this technology automates the burdensome processes of transcription of spoken or written notes from clinical staff members, extracts key information, and provides an opportunity for clinicians to refine problem list, making it more accurate and complete. Filtering of clinically relevant data from unstructured patient-related documentation using NLP tools speeds up the reconciliation process by flagging any required update for the clinician to review, extract diagnosis, and cross-refer the same with current problem list. The demand for NLP solutions has grown within the industry, with the increase in the adoption of Electronic Health Records (EHR) that is readily implementing NLP solutions to remove the drawbacks of not being able to convert free text conversation into insights. This also helps improve patient interactions by bridging the gap between complex medical terms and patients’ understanding of their health. Patient care quality is also improved by aiding in value-based reimbursement by identifying gaps in physician performance and potential errors in care delivery.
Sentiment analysis application to grow at the highest CAGR during the forecast period
The sentiment analysis application is one of the most popular applications of NLP, with a vast number of tutorials, courses, and applications that focus on analyzing sentiments of diverse datasets, ranging from corporate surveys to movie reviews. It is the automated process that leverages AI to identify positive, negative, and neutral opinions from the text. Sentiment analysis is widely used for getting insights from social media comments, survey responses, and product reviews, and making data-driven decisions. The goal of sentiment analysis is to identify sentiment among several posts or even in the same post where emotion is not always explicitly expressed. The growing impact of opinions shared on social media, blogs, and other platforms impact a brand’s reputation. Companies use NLP applications to identify opinions and sentiments online to help them understand what customers think about their products and services and the overall indicators of their reputation. Apart from determining simple polarity, sentiment analysis understands sentiments in context to help companies better understand what’s behind an expressed opinion, which can be extremely relevant in understanding and driving purchasing decisions.
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North America to dominate the natural language processing market during the forecast period
North America is expected to account for the largest market size during the forecast period, while the region is witnessing rapid technological advancements; thus high adoption of digital technologies is one of the drivers of the NLP market growth in the region. Additionally, the region, a well-established economy, has seen large-scale investments in AI-enabled infrastructure, as a result of which, both start-ups and well-established companies are concentrating more on developing innovative NLP-enabled solutions to cater to the various verticals.
Some of the major solution providers of the NLP market are Google (US), IBM (US), Microsoft (US), Intel (US), Apple (US), AWS (US), Facebook (US), Inbenta Technologies (US), 3M (US), Veritone (US), Dolbey (US), Narrative Science (US), Bitext (US), Health Fidelity (US), Linguamatics (UK), Conversica (US), SparkCognition (US), Automated Insights (US), SAS Institute (US), and Baidu (China). It also includes an in-depth competitive analysis of the key players in the NLP market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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