The global health intelligent virtual assistants market size is projected to touch USD 2.95 billion by the end of 2025, as per the report released by Million Insights. It is projected to ascend with a CAGR of 39.1% from 2018 to 2025. Factors such as technological advancement and increasing emphasis on patient engagement are projected to bode well for the market growth over the forecast years. Increasing penetration of IoT and growing preference for AI in the healthcare segment are further predicted to fuel the product demand in the upcoming years.
Smart virtual assistants, having capabilities to listen to voices of customers and respond consequently, are supporting in daily tasks. For example, virtual assistants aid customers to purchase a service or product and reduces the overall waiting time on the call for consumer service. Further, other abilities of virtual assistance can be used in various industries, thereby, enhancing customer experience in that specific industry.
For example, in insurance and healthcare sectors, technology such as IVA can prevent the waiting time for a customer or searching portals for queries. Virtual assistants can help customers in finding doctors, refill a prescription, payment reminders, and an office. Further, customers can seek IVA for enrolling in any new insurance or offer an update on their subscription.
Technological advancements from the past many years in automation, machine learning, AI, IoT, NLP, and conversation interface allowing health intelligent virtual assistance to become more useful and efficient. The use of these technologies is made accessible in virtual assistance by the key manufacturers such as Google, Amazon, and Apple. Products sold by these players work as intermediaries between enterprise and their several services to customers.
North America held the largest market share in 2017 due to the rising preference for IoT and the growing penetration of smartphones. Shortfall of physicians/clinicians and the need for an effective healthcare system owing to rapid urbanization in nations such as the U.S. is expected to bode well for the market growth over the estimated duration.
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Further key findings from the report suggest:
• The Automatic Speech Recognition (ASR) segment is predicted to foresee rapid growth from 2018 to 2025.
• Chatbot held the major share in the market in 2017. It is predicted to touch USD 2.16 billion by the end of 2025.
• North America occupied the largest revenue share in 2017 owing to the booming healthcare industry with the penetration of the IoT and AI.
• The leading players of the health intelligent virtual assistant market are Microsoft Corporation; EGain Corporation; Welltok, Inc.; Kognito; True Image Interactive, Inc.; Nuance Communications, Inc.; CSS Corporation; Next IT Corporation; CodeBaby Corporation; and MedRespond.
Million Insights has segmented the global health intelligent virtual assistants market on the basis of product, technology, end user, and region:
Health Intelligent Virtual Assistants Products Outlook (Revenue, USD Million, 2015 - 2025)
• Smart Speakers
Health Intelligent Virtual Assistants Technology Outlook (Revenue, USD Million, 2015 - 2025)
• Automatic Speech Recognition
• Text to Speech
• Text based
Health Intelligent Virtual Assistants End-User Outlook (Revenue, USD Million, 2015 - 2025)
Health Intelligent Virtual Assistants Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa