Natural Language Processing (NLP) in Healthcare and Life Sciences Market Size RePosted by Rajkumar on July 5th, 2019 Integrating Natural Language Processing (NLP) platform helps both customer as well as service provider to easy the workflow. Voice assistants and messaging platforms used by consumers help in reducing time required for different services as patient documentation. NLP is the ability of a computer program to understand human languages and promotes human-machine interaction. Increasing adoption of digital technology in the healthcare industry and customer demand for better healthcare services is expected to drive growth of the market. Browse Complete Report For More Information @ https://www.coherentmarketinsights.com/market-insight/natural-language-processing-nlp-in-healthcare-and-life-sciences-market-2798 The global natural language processing (NLP) in healthcare and life sciences market size was valued at US$ 1,497.89 million in 2018, and is expected to witness a CAGR of 26.8% over the forecast period (2019 – 2026). Increasing data operations and use of smart devices is expected to drive growth of the Natural Language Processing (NLP) in healthcare and life sciences market Healthcare and life sciences industry generates large amount of data, which is driven by compliance & regulatory requirements, record keeping, and patient care. Growing trend of digitization and data driven solutions to improve healthcare delivery system is driving growth of the market. Therefore, increasing data-driven operations and decision-making is a major factor driving growth of the market. For instance, in May 2018, Google AI collaborated with University of California, San Francisco, Stanford Medicine, and The University of Chicago Medical Center to integrate Machine Learning in Electronic Health Records (EHR) in order to achieve scalable and accurate results and develop a data processing pipeline for transforming EHR files into a standardized format. Market Dynamics The NLP in healthcare and life sciences market is expected to witness significant growth during the forecast period, owing to increasing adoption of Artificial Intelligence (AI) in the healthcare and life sciences industry. The use of NLP platform in the industry is primarily attributed to the need to generate valuable insights from unstructured clinical data. The healthcare industry is focused on better customer experience, cost reduction through use of NLP in information extraction, and unstructured data conversion and summarization. Furthermore, NLP also helps for efficient billing by extracting relevant information from unstructured physician notes and appropriately assigns medical codes to facilitate billing process. Get Sample Copy At: https://www.coherentmarketinsights.com/insight/request-sample/2798 Natural Language Processing (NLP) in Healthcare and Life Sciences Market - Competitive Landscape Key players operating in the global Natural Language Processing (NLP) in healthcare and life sciences market include, 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Heath Fidelity, Linguamatics, Dolbey Systems Inc., and Apixio Inc. About Coherent Market Insights Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1-206-701-6702 Like it? Share it! More by this author |