May 05, 2020
According to the research report titled ‘Health Intelligent Virtual Assistant Market Size By Product, By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global health intelligent virtual assistant market is expected to cross USD 1.6 billion by the year 2024.
Rising penetration of IoT (Internet of Things) in healthcare sector has allowed for modernization of existing technology, which in turn is a major factor driving the growth of health intelligent virtual assistant market. IoT is applied in smart sensors for remote monitoring and is integrated in medical devices in order to enhance the physicians’ delivery care.
Shifting focus towards improving population health and enhancing patient experience is also fueling the market expansion. Health intelligent virtual assistant eliminates redundant tasks, reduces human error, provides innovative treatment options and aids in diagnosing illnesses.
As per the product type, voice recognition segment is predicted to amass USD 129.3 million by the year 2024. Voice recognition technology allows for efficient documentation of patient data in less time. Rising penetration of smartphones and other mobile platforms which are equipped with voice recognition technology will create lucrative growth prospects.
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Citing the end-use landscape, payers segment is expected to grow with a CAGR of 33.9% during 2018-2024. Increasing utilization of virtual assistant has allowed payers to measure and enhance the workflow of complete patient data. In addition, voice recognition technology is widely used by payers in order to provide efficient customer service.
As per the regional analysis, Germany health intelligent virtual assistant industry is expected to garner USD 129.1 million by the year 2024. Increasing popularity of health apps along with high occurrence of lifestyle and chronic diseases are facilitating the business outlook in Germany. High concentration of independent senior citizens, rising elderly population and preferred usage of virtual assistants to manage health records is also creating lucrative growth opportunities for Germany market.
Meanwhile, health intelligent virtual assistant market in Japan is set to record a y-o-y growth rate of 36.1% through 2024. Shifting focus towards using IoT among major companies to save HR cost is favoring the market outlook.
Major contenders in health intelligent virtual assistant industry are Welltok, Verint Systems, True Image Interactive Inc., Nuance Communications, Microsoft Corp., MedRespond, Kognito, idAvatars, eGain Corp. and CSS Corp. among others.