According to a report,“Health Intelligent Virtual Assistant Market Size, Share & Trends Analysis Report By Technology (ASR, Text to Speech), By Product (Chatbots, Smart Speakers), By End User, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The global health intelligent virtual assistants market size is projected to reach USD 2.95 billion by 2025, exhibiting a CAGR of 39.1% during the forecast period. With evolution of IoT and increasing focus on patient engagement, the market is anticipated to tread along a healthy growth track. Increasing adoption of IoT and rising integration of AI in the healthcare industry is expected to boost the growth of the market during the forecast period.
Intelligent virtual assistants, owing to their ability to listen to consumers’ inquiries and respond accordingly, are rendering daily tasks more convenient. For instance, virtual assistants help users with assistance to purchase a product or services and reduce wait times over a call for customer service. Moreover, capabilities of a virtual assistant can be tailored to several industries, thereby improving customer experience in that particular industry.
For instance, in the healthcare and insurance sector, an IVA can potentially eliminate the waiting period for a customer in queue or searching website for queries. With the help of virtual assistants, customers can find out a doctor’s office, fill and refill a prescription, and receive payment reminders. Moreover, customers can ask an IVA for the process to enroll in a new or different insurance program or provide an update on their coverage.
Technological development in the past few years in the field of NLP, conversation interface, automation, AI, and deep and machine learning processes are enabling health intelligent virtual assistants to become more efficient and useful. Application of these technologies is made available in the form of virtual assistants by leading firms such as Amazon, Apple, and Google. Products offered by such companies operate as intermediaries between customers, enterprise, and their services.
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Key Takeaways from the report:
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The automatic Speech Recognition (ASR) technology segment experienced the fastest growth over the forecast period
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Chatbot emerged as the largest segment in 2017. It is estimated to generate revenue of over USD 2.16 billion by 2025
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North America was the leading revenue contributor in the global market in 2017. The healthcare industry in the region is booming after the emergence of AI and IoT, which is working in favor of the market
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Key players including CodeBaby Corporation; eGain Corporation; MedRespond; Microsoft; Next IT Corporation; Nuance Communications, Inc.; and True Image Interactive Inc. accounted for a sizeable share in the global market in 2017.
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Grand View Research 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)
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Chatbots
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Smart Speakers
Health Intelligent Virtual Assistants Technology Outlook (Revenue, USD Million, 2015 – 2025)
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Automatic Speech Recognition
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Text to Speech
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Text based
Health Intelligent Virtual Assistants End-User Outlook (Revenue, USD Million, 2015 – 2025)
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Payers
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Providers
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Others
Health Intelligent Virtual Assistants Regional Outlook (Revenue, USD Million, 2015 – 2025)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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Middle East & Africa
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About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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