Market Research Report
Healthcare Virtual Assistant Market By Product (Chatbot And Smart Speaker), Technology (Speech Recognition, Text-To-Speech, And Text Based), End User (Providers, Payers, And Other End User), And Geography-Global Forecast To 2025
|Published by||Meticulous Market Research Pvt. Ltd.||Product code||794548|
|Published||Content info||103 Pages
Delivery time: 1-2 business days
|Healthcare Virtual Assistant Market By Product (Chatbot And Smart Speaker), Technology (Speech Recognition, Text-To-Speech, And Text Based), End User (Providers, Payers, And Other End User), And Geography-Global Forecast To 2025|
|Published: February 20, 2019||Content info: 103 Pages||
Healthcare Virtual Assistants Market by Product (Chatbot and Smart Speaker), Technology (Speech Recognition, Text-to-Speech, and Text Based), End User (Providers, Payers, and Other End User), and Geography-Global Forecast to 2025
The global healthcare virtual assistant market is expected to grow at a CAGR of 24.7% from 2018 to reach USD 1.7 billion by 2025.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, opportunities, and challenges. The factors such as increasing adoption of IoT, growing internet connectivity and smart phone devices, increasing focus on patient engagement, shortage of healthcare professionals, and increasing burden of lifestyle diseases, and need of reducing healthcare costs are the major factors driving the growth of the healthcare virtual assistants market. However, lack of awareness among healthcare professionals and data privacy and security awareness may hamper the growth of the market to a certain extent.
Chatbot segment dominated the global healthcare virtual assistants market in 2018, owing to increasing advancement in natural language processing & machine learning models, rising demand for self-service, increasing availability, low-cost, and high demand in healthcare industry by physicians, nurses, and patients at various levels.
The speech recognition technology market for virtual assistants commanded the largest share of the global market in 2018. The highest share of this segment is primarily attributed to certain factors such as less paperwork, reduced time consumption, and improved workflow.
Based on end user, the providers segment held the major share in 2018. This is primarily attributed to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time.
An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global healthcare virtual assistants market in 2018, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to the factors such as growing healthcare sector, increasing need to reduce healthcare cost, increasing number of hospitals, and rising demand of the technological advancements by the hospitals. Furthermore, growing competition in the healthcare industry and rising pressure to develop cost-effective procedure is providing growth opportunities for the healthcare virtual assistants market.
The major players operating in the global healthcare virtual assistants market are Microsoft Corporation (US), Nuance Communications, Inc. (Ireland), Next IT Corp. (US), Medrespond (US), Welltok, Inc. (US), CSS Corp (US), Egain (US), Kognito (US), idAvatars (US), and True Image Interactive, Inc. (US) among many others.