Natural language processing (NLP) is a process by which computers understand and interact with the user. The technology like Google Search, Alexa, Siri, or Google Assistant operates on NLP process. Software developers are constantly focusing on incorporating NLP in many applications such as speech recognition, machine translation, sentiment analysis, market intelligence, chatbots, spell checking, and text classification. There is rapid increase in adoption of NLP services due to the ability of natural language processing (NLP) to organize data at the time of addressing the feedbacks and queries from customers with the help of chatbots.

Market Dynamics

Rising emphasis on clinical documentation improvement (CDI) by health organizations is driving the market growth during the forecast period. Health organizations are emphasizing on clinical documentation improvement in order to run their operations effectively and efficiently. Health systems across administrative, financial, operational and clinical delivery tasks, are increasingly using NLP to maintain proper record of medicines, patient profile including past medical history and other information. For instance, compliance and regulations such as health care access, portability, and renewability clauses have been developed in the Health Insurance Portability and Accountability Act (HIPAA), in order to protect the security and privacy of patients and customers, and these mandates a standard format for transactions among health organization to simplify administrative processes. The implementation of clinical documentation helps organizations eliminate incidental errors, financial losses, and improve patient care. Also, the adoption of clinical documentation helps enhance patient engagement and enable better patient outcomes.

Moreover, natural language processing (NLP) enables the processing of text directly with computer applications, which helps healthcare organizations enhance the value of patient information in clinical data and reduces the cost by eliminating the conventional clinical documentation process. It also allows healthcare professionals to cope with the clinical narratives, which is a form of clinical communication technique that helps enhance the overall performance of healthcare processes. The impact of this driver is expected to remain high throughout the forecast period, primarily due to rising emphasis on healthcare process enhancement and automation.

Key features of the study:

• This report provides in-depth analysis of the global natural language processing (NLP) market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2021– 2028), considering 2020 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading  market players
• It profiles leading players in the global natural language processing (NLP) market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
• Companies covered as a part of this study include IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., NetBase Quid
• Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
• The global natural language processing (NLP) market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global natural language processing (NLP) market

Detailed Segmentation

• Global Natural Language Processing (NLP) Market, By Component:
  • Platform/Solution
  • Services
• Global Natural Language Processing (NLP) Market, By Application:
  • Machine Translation
  •  Information Extraction
  •  Report Generation
  • Predictive Risk Analytics
• Global Natural Language Processing (NLP) Market, By Industry:
  • Automotive
  • BFSI
  • Government
  • Healthcare
  • Media and Entertainment
  • Retail &  E-commerce
  • Others
• Global Natural Language Processing (NLP) Market, By Deployment Type:
  • On-premise
  • Cloud
• Global Natural Language Processing (NLP) Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Europe
    • By Country:
      • Germany
      • U,K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Middle East and Africa
    • By Country/Region:
      • GCC Countries
      • South Africa
      • Rest of Middle East and Africa
• Company Profiles
  • IBM Corporation*
    • Company Overview
    • Product Portfolio
    • Financial Performance
    • Key Strategies
    • Recent Developments/ Updates
  • Microsoft Corporation
  • Dolbey Systems, Inc.
  • Google LLC, Apple Inc.
  • IQVIA Holdings Inc.
  • Inovalon
  • 3M
  • Hewlett-Packard Enterprise Company
  • SAS Institute Inc.
  • NetBase Quid

 “*” marked represents similar segmentation in other categories in the respective section.