The global natural language processing (NLP) market is expected to grow at a compound annual growth rate (CAGR) of 16.11% between 2015 and 2019, according to a new report from Technavio.
Growing use of text analytics in the healthcare industry is among the key trends in the market, the report says. Text analytics helps healthcare providers store comprehensive information about patients, which helps medical personnel gain a full understanding of a patient's health problems.
The market is growing at a fast rate because of factors such as the need to improve customer experience, the growth in machine-to-machine technologies, the implementation of big data analytics, and the need to convert manual documents into electronic records.
The market is expected to grow more in the healthcare industry, Technavio says, given that there is lot of manual data that needs to be converted into electronic data and medical professionals need a solution to help them become more connected to patients.
“One of the most interesting applications of NLP is the sentiment analysis of social media,” Faisal Ghaus, vice president of Technavio Research, said in a statement. “NLP identifies the sentiment words in the different languages used while generating reports and answering queries.”